Frost & Sullivan recognized spine device company Baxano Surgical with the 2014 Product Line Strategy Leadership award for its minimally invasive products.
In 2013, Baxano and TranS1 merged to form the publicly-traded Baxano Surgical. The company's offerings include the AxiaLIF, VEO, iO-Flex and Avance MIS Pedicle Screw System to address a variety of spinal issues, including the iO-Flex's design to specifically treat lumbar spinal stenosis caused by bone and tissue overgrowth in the vertebra.
Frost & Sullivan recognized Baxano for expanding its product portfolio to cover such a broad range of spine surgery as well as its efforts to meet the evolving needs of hospitals and healthcare providers.
"The cost-efficient nature of Baxano's MIS products creates value for the payers in the form of a lower overall cost of treatment through less recovery time, shorter hospital stay and reduced need for excessive pain medicine," said Frost & Sullivan Consultant Imran Khan. "They also benefit hospitals as they aid in resource optimization, demonstrating significant overall value to the healthcare industry."
An economic analysis accepted by the Journal of Managed Care Medicine shows pre-sacral interbody fusion performed with AxiaLIF can save around $3,500 when compared with a transforaminal lumbar interbody fusion. The AxiaLIF procedure was also associated with shorter hospital stays, reduced hospital readmissions and faster patient return to work.
The company also trains surgeons in its techniques with a focus on lateral and presacral fusion approaches as well as decompression. Earlier this month, the company announced two patents for its VEO Direct Lateral and AxiaLIF Minimally Invasive Interbody Fusion systems. The company now has 92 patents in its portfolio in the United States.
During the second quarter, the company reported $4.7 million in net revenue and $5.9 million in net loss. The company expects third quarter revenue to reach $4.5 million to $5 million.