Precision Spine Eyes Growth Through Acquisition in 2015

According to the leadership of Parsippany, N.J.-based Precision Spine Inc. the company is positioning itself to make key acquisitions going forward.

Building on sales gains for the year, company officials reported that the firm has finalized a “major financial agreement” to refinance its existing debt and pursue strategic acquisitions.

“The completion of this agreement caps five consecutive years of double-digit growth and represents the next phase in a business strategy designed to support our future growth,” said Jim Pastena, CEO and chairman of the board. “Our full-year sales increased 26 percent in 2014 over 2013, and fourth quarter 2014 sales alone grew 45 percent over the same period in 2013. With this financial agreement in place, we will be able to grow even more aggressively, not only by continuing organic product developments, surgeon training activities and expansion of our distributor network, but also by pursuing targeted acquisitions that will help position our company strategically in key markets.”

During 2014, Precision Spine expanded sales distribution and also released several products, including the standalone Vault C anterior cervical interbody fusion device, the Reform deformity (adolescent) system, the MD-Max ULIF (universal lumbar interbody fusion) system, the extended tab SureLOK MIS pedicle screw system, and the ShurFit oblique lordotic posterior lumbar interbody fusion system.

The company recently received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Reli SP spinous plating system, and expanded FDA indications for its Reform pedicle screw system.

“We’re very confident that we will enjoy sustained success thanks to our aggressive product development plan that will continue to yield important enhancements to our product portfolio throughout 2015 and beyond,” said Rich Dickerson, president of Precision Spine. “It’s all part of our commitment to bringing our growing list of surgeon customers advancements that will help them achieve positive patient outcomes.”

Precision Spine is privately held and, in addition to its N.J. headquarters, has manufacturing facilities in Pearl, Miss.