Centinel Spine® Announces Record Revenue in Third Quarter 2024 as prodisc® Total Disc Replacement Growth Accelerates

PR Newswire · 10/17 13:00
  • Record worldwide prodisc® Total Disc Replacement (TDR) revenue of approximately $22.5 million in Q3 2024, growing 30% over prior year.
  • Record U.S. prodisc Cervical TDR revenue, growing 43% in Q3 2024 versus prior year.
  • Record EBITDA in Q3 2024.
  • Record number of U.S. surgeons utilizing prodisc TDR products in Q3 2024, growing 46% over prior year.

WEST CHESTER, Pa., Oct. 17, 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 third quarter of 2024—outperforming Q2 2024, its previous record quarter.

Centinel Spine remains one of the fastest growing companies 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 Q3 2024,** its sixth consecutive adjusted EBITDA positive quarter.

Third Quarter 2024 Highlights

  • Record worldwide prodisc TDR revenue of approximately $22.5 million, representing 30% year-over-year (YOY) growth.

     
  • Record worldwide prodisc Cervical revenue of $14.7 million, on 38% YOY growth.

     
  • Record U.S. prodisc TDR revenue of $18.2 million, on 32% YOY growth.

     
  • Record U.S. prodisc Cervical revenue, on 43% YOY growth.

     
  • Record U.S. prodisc total surgeon user-base of nearly 630 surgeons, representing 46% YOY growth and sequential quarterly user growth of 6%. Q3 2024 was the Company's ninth consecutive quarter of surgeon user growth.

Highlights on the New prodisc C Vivo & prodisc C SK Cervical System

  • Over 7,600 U.S. procedures have been completed with the new Match-the-Disc™ prodisc C Vivo and prodisc C SK Cervical System since limited release in Q3 2022.

     
  • Record U.S. prodisc C Vivo revenue in Q3 2024, representing 55% YOY growth, and prodisc SK continuing sales momentum with 74% YOY growth.

     
  • Record number of surgeons using the Match-the-Disc Cervical System in Q3 2024, increasing the total number of surgeons that have used the system by nearly 115% YOY and over 15% in sequential quarterly growth.

     
  • Over 70% of the U.S. surgeons that have used 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, "We are pleased to again report record quarterly revenue and a continually growing number of surgeons choosing our complete prodisc Cervical and Lumbar Total Disc Replacement systems in Q3 2024. The total disc replacement market is growing worldwide, and Centinel Spine's momentum is a driving force in making this happen. Across our business, we have built scalable capacity and capabilities to serve more and more surgeons and patients. We are united and driven by our purpose of advancing spine care with proven motion preservation technologies."

* Based on publicly available information.

** Q3 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