France-based Vexim, a company specializing in minimally invasive treatment of vertebral fractures, has announced its consolidated first-half results to June 30, 2012. In the first half of 2012, sales increased by 93% compared to the first half of 2011, reaching €1.1 million. As indicated by the company, this increase validates the relevance of the direct sales deployment of the SpineJack implant: French sales were multiplied by 3.5 over 12 months, while international sales recorded annual growth of 42%.
The company obtained CE marking in January 2012 for a new 4.2 mm diameter SpineJack implant has been added to the existing range of implants. Now, Vexim has a comprehensive range of implants enabling 95% of vertebral compression fractures to be treated. Additionally, in April 2012, Vexim successfully carried out its IPO on the NYSE Alternext in Paris, despite substantial financial market volatility during the placement period.
The following month Marie-Pierre Hontas was named Clinical Affairs Director. Also promising was the opening of two subsidiaries, one in Germany and another in Italy.
Vincent Gardès, CEO of Vexim, commented in the September 20, 2012 news release, “The 1st half of the current financial year saw rich and structuring events for Vexim in all areas of its activity: extension of its range of implants, success of its IPO and the raising of €11 million, strengthening of its management team and targeted international expansion. The 1st half financial performances, with sales and the gross margin both doubling, give us much confidence regarding the implementation of our business plan over the year as a whole.”
Regarding the most important area of growth, Gardès told OTW,
The Vertebral Augmentation Market (both Kyphoplasty and Vertebroplasty) is already worth +1b$ and keeps growing at a double digit pace. Our goal is to capture 10% of the existing European market by the end of 2014 in both segments.
Asked whether the company will to continue to expand its workforce, Gardès commented to OTW,
Absolutely. We are a growth company. In 2012, we opened subsidiaries in Germany and Italy with direct sales forces. For 2013, we will reinforce our position in France and seriously look at the UK and Spain. We will also prepare ourselves for the U.S. market.
He added, “With over 3, 000 SpineJack implanted worldwide and excellent clinical results we are showing a strong adoption of our innovation. The design and philosophy of our product perfectly matches the surgeons’ objective to restore the height of the vertebra instead of creating a cavity. We will soon start a new clinical study (European and multi-centric) to show the interest of this technology in more severe fresh trauma cases.”
