LYON, France & NEW YORK--(BUSINESS WIRE)--The Medicrea® Group (Euronext Growth Paris: FR0004178572 - ALMED), pioneering the convergence of healthcare IT and next-generation, outcome-centered spinal device design and manufacturing with UNiD ASI™ (Adaptive Spine Intelligence) technology, announced today that the Company has signed a joint-venture agreement with Motion Medical, Medicrea’s existing distribution partner, to accelerate the adoption of the Group’s products and technologies in Belgium.
Medicrea Belgium capitalizes on Medicrea’s long-standing relationship with its key distributor who has approximately a 15% market share. Motion Medical is headed by Steven Mesdom, who will remain on board with his team to lead the newly-formed subsidiary. Mr. Mesdom, who brings more than a decade of experience with Medicrea’s innovative family of products, stated, “We have had an exceptional track record introducing Medicrea’s flagship platforms to Belgium, including PASS® thoracolumbar fixation. This partnership marks an important step for our continued penetration of the Belgian market.”
Denys Sournac, President and Chief Executive Officer of Medicrea, added, “We are extremely pleased to have successfully negotiated this mutually-beneficial agreement with Mr. Mesdom and to announce the creation of Medicrea Belgium, a direct sales subsidiary. Our collective experience in this market will allow us to capitalize on a direct sales model and immediately generate additional revenue for the group. In addition, we will create new opportunities for growth with the latest patient-specific UNiD ASI™ technologies.”
Medicrea International holds a 51% majority stake in the Medicrea Belgium joint-venture and plans to transition the entity to a fully-owned Medicrea subsidiary over the next years. All revenue generated through the sale of Medicrea products in Belgium will be aggregated in Medicrea’s group consolidated numbers and reported effective from February 2018.
About Medicrea (www.medicrea.com)
Through the lens of predictive medicine, Medicrea leads the design, integrated manufacture, and distribution of 30+ FDA approved spinal implant technologies that have been utilized in over 150,000 spinal surgeries to date. By leveraging its proprietary software analysis tools with big data and machine learning technologies and supported by an expansive collection of clinical and scientific data, Medicrea is well-placed to streamline the efficiency of spinal care, reduce procedural complications and limit time spent in the operating room.
Operating in a $10 billion marketplace, Medicrea is a Small and Medium sized Enterprise (SME) with 175 employees worldwide, which includes 50 who are based in the U.S. The Company has an ultra-modern manufacturing facility in Lyon, France housing the development and production of 3D-printed titanium patient-specific implants.
For further information, please visit: Medicrea.com.
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Medicrea is listed on
EURONEXT Growth Paris
ISIN:
FR 0004178572
Ticker: ALMED
LEI:
969500BR1CPTYMTJBA37
