FloSpine Expects To Have $50 Million In Revenue Within The Next 5 Years
Boca Raton, FL
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January 13, 2023 08:30 AM Eastern Standard Time
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A chief Benzinga analyst had the pleasure of speaking with Peter Harris, the President and CEO of FloSpine. Here’s what he had to say about his company and the problem they solve for many.
Harris shared that the second most common reason that individuals visit their primary care doctor is because of back pain. Between the aging population of the baby boomer generation and increasingly sedentary lifestyles, back pain is an all too common ailment for many Americans.
Spinal stenosis is one of the more common diagnoses for people with back pain, and it occurs when a patient’s spine begins to collapse and pinch the nerve roots and spinal cord. This impingement of the spinal nerves can cause pain, mobility issues, and overall deterioration of health.
FloSpine has been a developer and producer of spinal implants since 2015. Their most recent product, KeyLift, is a revolutionary spinal implant that goes beyond the traditional design of rod and screw implants. The proprietary product is inserted through a small incision (less than 2 inches). This device and procedure lead to faster patient recovery and less blood loss while limiting the chance of bone fracture because of the way it fits in between the lamina of the spine.
Harris shared that the KeyLift procedure is unique because patients can receive treatment in an outpatient surgical center. The process only takes a few hours and the procedure itself is typically completed in under 30 minutes. Outpatient locations or ambulatory surgery centers have grown rapidly in the past couple of years and FloSpine is happy to be part of a shift to more comfortable care for patients.
To date, FloSpine has made over $9 million in sales and they expect to hit the $50 million mark in the next five years. A large portion of the projected growth is attributed to the future sales of their KeyLift device. The spine ambulatory surgery center market is expected to grow 200% in the coming years and the spinal implant market is also on the rise. Approximately 250,000-500,000 spinal implant procedures are done each year.
Harris believes that minimally invasive procedures, like the KeyLift, are the way of the future when it comes to spinal care. People are eager to get the care they need without spending thousands of dollars and weeks in recovery. With approximately 60-70% of Americans experiencing back pain at some point in their life, having access to new devices and procedures that minimize pain and recovery without compromising clinical success rates is crucial. FloSpine is clearly an innovator when it comes to the spinal implant industry.
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This article was originally published on Benzinga here.
At FloSpine, we have developed a new solution to treat back pain, the KeyLift™. The KeyLift™ is implanted and expands to release nerves that are under pressure due to aging or injury. This condition is known as lumbar spinal stenosis and we believe that we have a new solution to treat it. We consider ourselves to be a leading medical device company applying new technology and design concepts to solve medical problems for the human spinal column. With 6 US patents, and 4 Patent Applications (2 International), we are in review with the FDA for the latest solution for back pain: KeyLift™. FloSpine® is registered as a Medical Device Manufacturer with the Food and Drug Administration (FDA).
Contact Details
Waldi Harris
