PARSIPPANY, N.J.--(BUSINESS WIRE)--Precision Spine, Inc. today announced that it has finalized a major financial agreement that will enable the company to refinance its existing debt and pursue strategic acquisitions.
“The completion of this agreement caps five consecutive years of double-digit growth and represents the next phase in a business strategy designed to support our future growth,” said Jim Pastena, CEO and Chairman of the Board of Precision Spine, Inc. “Our full year sales increased 26% in 2014 over 2013, and 4th quarter 2014 sales alone grew 45% over the same period in 2013. With this financial agreement in place, we will be able to grow even more aggressively, not only by continuing organic product developments, surgeon training activities and expansion of our distributor network, but also by pursuing targeted acquisitions that will help position our company strategically in key markets.”
During 2014, Precision Spine expanded sales distribution and also released several innovative products, including the stand-alone Vault™ C Anterior Cervical Interbody Fusion Device, the Reform® Deformity (Adolescent) System, the MD-Max™ ULIF (Universal Lumbar Interbody Fusion) System, the extended tab SureLOK™ MIS Pedicle Screw System, and the ShurFit™ Oblique Lordotic TPLIF.
The company is off to a solid start in 2015. Recently, Precision Spine announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Reli™ SP Spinous Plating System, which provides surgeons with a variety of important features and benefits, including the ability to accommodate several techniques for spinous process distraction and insertion of the plate. The company also recently received expanded FDA indications for its Reform® Pedicle Screw System. The system has already been well-received in the surgeon community and is one of the fastest growing products in the industry. The expanded indications will help broaden its usage.
“We’re very confident that we will enjoy sustained success thanks to our aggressive product development plan that will continue to yield important enhancements to our product portfolio throughout 2015 and beyond,” said Rich Dickerson, President of Precision Spine. “It’s all part of our commitment to bringing our growing list of surgeon customers advancements that will help them achieve positive patient outcomes.”
About Precision Spine
Precision Spine, Inc. is a privately held company headquartered in Parsippany, New Jersey, with manufacturing facilities in Pearl, Mississippi. Precision Spine is dedicated to providing innovative, quality spine products that are designed to help treat serious medical conditions in a cost-effective manner. For more information, visit www.precisionspineinc.com.