WEST CHESTER, Pa., Nov. 2, 2023 /PRNewswire/ — Centinel Spine®LLC, (“the Company”), the leading global medical device company addressing cervical and lumbar spine diseases with the world’s most clinically proven total disc replacement (TDR) technology platform (prodisk®), today announced record third quarter 2023 prodisk TDR financial results. Strong operating performance combined with global revenue growth of 61% year-on-year in Q3 2023 saw the company achieve its second consecutive EBITDA-positive quarter. Centinel Spine’s strong quarterly results were driven by record numbers of professionalsdisk surgeon users, as well as accelerated procedure volume and user acceptance of the company’s new professionaldrive C I’m alive and prodisk C SK cervical TDR system.
According to one of the early adopters of the new prodisk cervical system neurosurgeon John S. Shiau, MD, of Maplewood, NJ and Manhattan, NY: “I believe in the benefits of cervical disc replacement over fusion in my patients. The functional recovery and long-term results are fantastic. I am very pleased with the various disc replacements available from Centinel Spine. I can choose the implant that best achieves my surgical goals of functional stabilization. In addition, I can choose the implant that fits the anatomy, instead of matching the anatomy to the implant. This maximizes the chance of successful results in my patients. For these reasons, depending on the clinical setting, I continue to use both the original prodisk C implant and the professionaldrive C I’m alive implant. For example, if the superior end plate is flat, then the prodisk C fits the anatomy better; if the end plate is concave, I choose the domed prodrive C I’m alive. The proffesionaldrive C I’m alive implant is an improvement in terms of ease of insertion.”
Centinel Spine CEO Steve Murray said: “We are pleased with the progress Centinel Spine is making in the overall disc replacement market this year. The company is exclusively and completely focused on becoming the unrivaled leader in TDR and expanding the market as we grow. In both cervical and lumbar disc replacement, surgeons see the benefit of our Match-the-Disc family of anatomic discs. The clinical benefits of total disc replacement are clearly and impeccably reported in the many studies examining its safety and effectiveness – and patients are increasingly seeking treatment options that preserve motion and reduce the likelihood of future surgery. We will continue to do our utmost to improve patient care in everything we do.”
Highlights third quarter 2023
Q3 2023 worldwide prodisk Franchise sales exceeded $17 million, up 61% from last year, with prodisk cervical growth 75% and prodisk lumbar increase by 43% compared to 2022.
American profdisk turnover grew by 71% in the third quarter compared to last year. Quarterly revenue reached a record $14 million, thanks to the continued success of the new professionaldrive C I’m alive and prodisk C SK cervical TDR system and almost 40% year-over-year prodisk lumbar growth. American profdisk Cervical cancer revenue grew by more than 100% in the third quarter of 2023 compared to last year.
The American Profdisk Surgeon user base grew more than 50% year-over-year, including 70% growth in prodisk cervical users. New professionaldisk the number of users has more than tripled from the third quarter of 2022. Additionally, the total number of US healthcare facilities that prodisk TDR products exceeded 465, up 45% year-over-year, and the number of distributors selling pro productsdisk almost 30% growth compared to the third quarter of 2022.
International Q3 2023 prodisk TDR’s revenue grew 30% from Q3 2022, driven by 85% growth in prodisk lumbar sales.
Highlights on new cervical prodisc TDR system One year after US launch
Acceptance by the American market of the new professionaldrive C I’m alive and prodisk S.K system remains strong, with nearly 380 surgeons now using the system – a sequential user growth of nearly 30% in the second quarter of 2023. The company reached the milestone of 2,500 procedures with the new prodrive C I’m alive and prodisk c S.K system in September, just five months after hitting 1,000e The case was announced in April 2023. In the third quarter of 2023, almost 900 procedures were completed with the new system, a volume growth of 15% over the second quarter of 2023.
The average monthly user base of US surgeons for the new professionaldrive C I’m alive and prodisk c S.K the system continued to grow in the third quarter of 2023, with an increase of almost 10% compared to the previous quarter. The proffesionaldrive C I’m alive and prodisk C S.K The surgeon user base also remains committed to the new system, with the majority being competitive conversions and returning users.
2023 performance to date
Year-to-date September 2023 worldwide prodisk TDR revenue of $49 million represents a 55% year-over-year increase. Record sales across all geographic segments were also strong through the first nine months of 2023, with year-over-year gains in the US.disk turnover is growing by 61% and international turnover is growing by 36%. The growth in the number of new surgeons has been driven by the company’s medical education programs, which have trained more than 750 surgeons to date.
Year-to-date Q3 US prodisk TDR’s revenue approached $38 million, driven by a rapidly growing user base of surgeons and repeat use within its existing customer base. Until the third quarter, the American prodisk The user base of TDR surgeons has increased by more than 50% year over year.
The year-over-year growth of the US prodisk The cervical surgeon base was particularly strong, growing over 65% through the end of the third quarter of 2023. Finally, more than 85% of the pro grewdisk The TDR cervical surgeon user base has seen repeated use since the beginning of the year compared to the same period in 2022.
Year-to-date Q3 International prodisk TDR revenues are up 36% in 2022, driven by 55% prodisk lumbar growth and prodisk sales growth of cervical products by 30% by 2022.
Outlook for the full year 2023
Looking ahead to full year 2023, the company has increased its projection and anticipates its global benefitsdisk TDR business will exceed 50% year-on-year, significantly exceeding expected market growth of 11% (source: Artificial Drives Market Insights, Competitive Landscape and Market Forecast-2027, DelveInsight Business Research LLP, 2022). The full year growth will come from the prosdisk global lumbar activities and continued expansion of the recently launched prodrive C I’m alive and prodisk c S.K cervical system.
About Centinel Spine, LLC
Centinel spine®LLC is the leading global medical device company addressing cervical and lumbar spine diseases with the world’s most clinically proven total disc replacement (TDR) technology platform (prodisk®). The company’s prodisk technology is the most studied and clinically proven TDR system in the world, validated by more than 540 published articles and more than 250,000 implantations worldwide.
Centinel Spine continues to advance its pioneering culture and corporate mission to become a catalyst for change in the spine industry and change the way spine surgery is experienced. The proffesionaldisk platform remains the only technology with multiple motion preservation solutions for both cervical and lumbar anterior column reconstruction.
For more information, please visit the company’s website at www.CentinelSpine.com or contact:
Varun Gandhi
Finance Director
900 Airport Road, Suite 3B
West Chester, PA 19380
Phone: 484-887-8871
Email: v.gandhi@centinelspine.com
SOURCE Centinel Spine, LLC
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