Since acquiring Spinal Kinetics in May 2018, Orthofix has been focused on rolling out the M6-C cervical disc.
The company has trained 50 surgeons to use it. The training program has six people devoted to it and continues to ramp up efforts. However, the number of surgeons trained doesn't necessarily equal the number of surgeons using the product.
"It's important to note that there can be a lag between when a surgeon is trained and when they start performing cases, due to case timing and hospital approvals," said CEO of Orthofix Brad Mason during the conference call, as transcribed by Seeking Alpha. "By year-end, we expect to have over 150 surgeons trained."
There are now 17 surgeons trained and implanting the M6-C in the U.S., which generated $550,000 since the program launched earlier this year. As a result, Mr. Mason is confident the company will hit and potentially exceed it's $3 million to $4 million revenue target for 2019.
"Overall, we expect these spinal implants will grow [in the] high single to low double digits for the full year," he said. "Our biologics product lines had another outstanding quarter, reporting sales increase of 14.2 percent compared to the prior year. The performance continues to be driven by the contribution from new distribution added in the last year and a return to solid results in each of the three U.S. sales regions."
The company reported achieving the No. 1 sport in the cellular allograft market, conducting $100 million-plus in sales to hospitals over the past year.