Aurora Spine reported their 2014 financial report, calling the year "challenging and productive."
"Following the significant number of accomplishments of 2014, we are optimistic about 2015," said President and CEO Trent J. Northcutt. "We are adding new hospitals and surgeons to our customer base, entering new markets and are on our way to achieve our long-term growth profitability objectives."
Here are 10 things to know:
1. The company reported $2.5 million in total sales for 2014.
2. Sales outside of the United States were 25 percent of the revenue last year, and the company anticipates an ongoing international presence.
3. The ZIP ULTRA sales were up 52 percent each quarter last year, representing $1.8 million in revenue.
4. Last year the company launched the next generation cages featuring TiNano titanium spray coating technology. The TiNano interbody portfolio is now the company's fastest-growing product line.
5. Aurora Spine achieved nine FDA clearances for the ZIP ISP products last year, including lumbar interbody and cervical interbody cages.
6. The company's biologics offering is expected to grow to over $1 million in revenue for 2015, assuming growth in ZIP sales.
7. The company plans to continue driving growth by training surgeons and distributors on their technology and increasing the sales force reach.
8. There was a delay last year in manufacturing to fine-tune the manufacturing procedures, improve delivery timelines and validate processes. There was an impact on sales because of the delay, but the company was still able to launch most of the expected product initiatives.
9. Three areas of focus for the company to increase shareholder value in 2015 are:
• Building a strong revenue base in North America, Europe and the Middle East.
• Expanding the sales team in the United States.
• Lowering cost of goods.
10. In the future, Aurora plans to extend their technology position with minimally disruptive procedural solutions for spine.