Centinel Spine® Announces Record Revenue in Second Quarter 2024 as prodisc® Total Disc Replacement Momentum Continues
- Record worldwide prodisc® Total Disc Replacement (TDR) revenue exceeding $22 million in Q2 2024, growing almost 30% over prior year.
- Record U.S. prodisc Cervical TDR revenue growing over 40% in Q2 2024 versus prior year.
- Record EBITDA in Q2 2024.
- Record number of U.S. surgeons utilizing prodisc TDR products in Q2 2024, growing almost 40% over prior year.
WEST CHESTER, Pa., July 24, 2024 /PRNewswire/ — Centinel Spine®, LLC (“the Company”), the leading global medical device company focused exclusively on treating cervical and lumbar spinal disease with the most complete and clinically-proven total disc replacement (TDR) technology platform in the world (prodisc®), today announced achievement of record revenue in the second quarter of 2024—outperforming Q1 2024, its previous record quarter.
Centinel Spine remains the fastest growing company in the spine industry* and is dedicated exclusively to total disc replacement, one of the fastest growing segments in orthopedic implants.
The Company remains well-positioned from a profitability perspective, achieving a record EBITDA quarter in Q2 2024** and its fifth consecutive adjusted EBITDA positive quarter.
Second Quarter 2024 Highlights
- Record worldwide prodisc TDR revenue of $22.1 million, representing 26% year-over-year (YOY) growth.
- Record worldwide prodisc Cervical revenue of $14.6 million, with 32% YOY growth.
- Record U.S. prodisc Cervical revenue, with 42% YOY growth.
- Record U.S. prodisc total surgeon user-base of nearly 600 surgeons, representing almost 40% YOY growth and sequential quarterly user growth of 10%. Q2 2024 was the 8th consecutive quarter of surgeon user growth.
Highlights on the New Match-the-Disc™ prodisc C Vivo & prodisc C SK Cervical System
- Nearly 7,000 procedures have been completed with the new system since limited US release in Q3 2022.
- Record prodisc C Vivo and prodisc C SK revenue in Q2 2024, representing nearly 67% and 100% YOY growth, respectively.
- Added record number of new surgeons using the Match-the-Disc prodisc C Vivo and prodisc C SK cervical system in Q2 2024, increasing the total number of surgeons that have utilized the new system by nearly 140% YOY and almost 20% in sequential quarterly growth.
- Over 75% of the nearly 700 surgeons that have utilized the new system to date are repeat users and a strong majority of surgeon users come from competitive conversions.
Centinel Spine CEO Steve Murray adds, “The second quarter represents another record performance for Centinel Spine and these results demonstrate the continued strength behind our prodisc cervical and lumbar business in the rapidly expanding Total Disc Replacement market, worldwide. The prodisc portfolio leads the Total Disc Replacement market in growth and has a long history of reliability and long-term performance. The new prodisc C Vivo and prodisc C SK cervical system continues to excel, as exhibited by a rapidly expanding user base, record new users for the quarter, and strong repeat usage performance.”
* Based on publicly available information.
** Q2 2024 adjusted EBITDA is based on unaudited financials.
About Centinel Spine, LLC
Centinel Spine®, LLC is the leading global medical device company exclusively focused on addressing cervical and lumbar spinal disease with prodisc®, the most complete total disc replacement (TDR) technology platform in the world.
The Company’s prodisc technology is the most studied and clinically-proven TDR system across the globe, validated by over 540 published papers and more than 250,000 implantations. Centinel Spine’s prodisc is the only TDR technology with multiple motion-preserving anatomic solutions, allowing the surgeon to Match-the-Disc™ to each patient’s anatomy for both cervical and lumbar total disc replacement.
For more information, please visit the company’s website at www.CentinelSpine.com or contact:
Varun Gandhi
Chief Financial Officer
900 Airport Road, Suite 3B
West Chester, PA 19380
Phone: 484-887-8871
Email: v.gandhi@centinelspine.com
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SOURCE Centinel Spine, LLC
