The lawsuit, filed July 25, alleges the company’s founder, president and CEO Michael Butler and Vice President of Business Development Richard Greiber paid surgeons kickbacks in the form of consulting fees, royalties and intellectual property acquisition fees in exchange for using Life Spine products and equipment.
In addition to reporting its revenue growth, Life Spine said its EBITDA grew 79 percent for the first half of the year when compared to the same period last year. CFO Omar Faruqi attributed the company’s growth to minimally invasive surgical innovation from its research and development team.
“Our continued growth is a testament of the market’s appetite for devices that are designed to reduce surgical time, accelerate patient recovery and reduce costs to the healthcare system,” said Mr. Faruqi.
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