Precision Spine entered into a financial agreement it hopes will open doors for future strategic acquisitions.
Here are five things to know about the agreement:
1. The agreement will allow the company to refinance its existing debt.
2. The company is expected to grow more aggressively through organic product development and surgeon training.
3. Precision Spine will expand its distributor network.
4. Now the company will begin to actively target and pursue acquisitions in strategic markets.
5. Prior to this agreement, the company had five consecutive years of double-digit growth with sales increasing 26 percent in 2014 over 2013. The fourth quarter sales were up 45 percent over the same period last year.
Already this year, Precision Spine achieved FDA clearance for the Reli SP Spinous Plating System and expanded indications for the Reform Pedicle Screw System.
"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 Precision Spine President Rich Dickerson.