Paris- and San Francisco-based SpineGuard reported financial results from 2014, which was a challenging year for the company's revenue.
"While improving our sales execution and marketing capabilities to address healthcare reforms, we accelerated deployment of our pipeline partnership strategy," said CEO Pierre Jerome. "Our most recent news release on the granting of EU patent for the 'smart screw,' the FDA clearance to market PediGuard in MIS and the two 'smart screw' partnerships are demonstrating SpineGuard's commitment to establish the Dynamic Surgical Guidance technology as a standard of care in spine and beyond."
Here are seven findings from the report:
1. The revenue for the second half of last year was up 10.4 percent over the first half of the year.
2. In 2014, there were 6,063 PediGuard units sold, compared with 6,308 in 2013.
3. Around 53 percent of the screws were sold in the United States.
4. SpineGuard's gross margin was 85.2 percent on Dec. 31, 2014, compared with 87.3 percent for the same time period in 2013.
5. The company reported a larger net loss last year than in 2013, driven by an investment in sales and marketing which the company says has started to positively impact revenue.
6. The company reported a flat workforce count of 25 at the end of the year, compared with the same period in 2013.
7. SpineGuard had a difficult first half of the year in the United States due to healthcare reform implementation, but recovered in the second half of the year with a more focused sales execution strategy toward hospitals and teaching institutions as well as improving the agent network with 74 in place by the end of the year.
8. Brazil altered the performance for the rest of the world, with positive growth in several countries:
• France: 21 percent
• Germany: 73 percent
• Switzerland: 43 percent
• Other Latin American countries: 30 percent
9. The company also reported a promising start in Japan.
10. There were two new hires to position the DSG platform and several initiatives are thriving on influential surgeons and robust clinical data.