SAN FRANCISCO, April 7, 2014 /PRNewswire/ -- GS Medical USA, LLC, a global manufacturer and supplier of spinal implants, instrumentation, and developer of innovative surgical solutions, today announced a record 12 percent quarterly sales revenue increase for Q1, 2014, compared to Q1 2013, and strategic initiatives to be introduced under the new management team established on March 1, 2014. GS Medical USA, LLC, (GSM) privately held, reports that year-to-date sales are up double digits over the same period last year, and are on pace to achieve an eighth consecutive year of market share growth in the spine market.
GSM made the announcement today at the AANS Annual Scientific Meeting (booth #1138) in San Francisco, at Moscone Center, where it is showcasing specialty instruments, line extensions to the AnyPlus® Cannulated NX system, and its full portfolio this week, April 7-9.
Commenting on financial and operational results, Joseph Jin, GS Medical's Executive Vice President, Americas, said, "We achieved a record first quarter 2014 and full-year sales performance for fiscal 2013, with continued double digit growth. During the first quarter, sales revenue grew by approximately 12 percent as a result of strong sales performance with our domestic distribution partners, as well as increased penetration in key international markets within the Americas."
"We believe these results are a testament to the value and strong appeal of our product portfolio, and the commitment of our loyal distribution partners who are passionate about the GS Medical brand," added Mr. Jin. "We are now in a strong position on a number of measures, including increased cash flow, reduced debt and expenditures, and a robust product commercialization pipeline."
By implementing a rapid decision-making approach that draws on the strengths of GS Medical as a global concern, GS Medical USA aims to grow the product portfolio to generate new value, while further strengthening the stable foundations of its existing thoracolumbar business.
Vice President of Sales, Mark Cohen, said, "An aggressive launch cycle will continue with the regulatory clearance of products currently in submission with the FDA. We remain extremely optimistic about continued growth and achieving our forecasts for 2014 as we officially launch our new cervical portfolio and product extensions throughout Q2 and Q3, 2014." Mr. Cohen added, "Key initiatives to drive the business include strengthening core thoracolumbar business and building out a platform of osteobiologics, expanding and creating new business in markets, accelerating innovation, and realigning the business portfolio and optimizing the company's resources."
About GS Medical USA, LLC
GS Medical USA, LLC is a wholly owned subsidiary of South Korea-based GS Medical Co., Ltd. GS Medical is the largest and most established South Korean spinal implant manufacturer and distributor and is positioned to grow exponentially within the global spine market. Staffed with a network of industry leaders, medical sales distributors, accomplished engineers, and collaborating physicians, GSM is at the forefront of high-quality, cost contained medical technology with a number of innovative implant solutions in the commercialization pipeline.
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SOURCE GS Medical USA, LLC