Centinel Spine®, LLC announced achievement of record revenue in the first quarter of 2024—outperforming Q4 2023, its previous record quarter.
- Record worldwide prodisc® Total Disc Replacement (TDR) revenue nearing $21 million in Q1 2024, growing 47% over prior year.
- Record worldwide prodisc Cervical TDR revenue of $13.3 million in Q1 2024, growing 53% over prior year.
- Worldwide prodisc Lumbar TDR revenue growing 40% in Q1 2024 versus prior year.
- Record International prodisc sales of nearly $5 million in Q1 2024, growing 34% over prior year.
WEST CHESTER, Pa., April 23, 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 first quarter of 2024—outperforming Q4 2023, its previous record quarter.
Centinel Spine remains the fastest growing company in the spine industry* and is dedicated exclusively to total disc replacement, the fastest growing segment in orthopedic implants.
The Company remains well-positioned from a profitability perspective, achieving its fourth consecutive adjusted EBITDA positive quarter in Q1 2024.**
First Quarter 2024 Highlights
- Record worldwide prodisc TDR revenue of $20.9 million, representing 47% year-over-year (YOY) growth.
- Record worldwide prodisc Cervical revenue of $13.3 million, with 53% YOY growth and 9% sequential quarterly growth.
- Record International prodisc TDR revenue of nearly $5 million, representing 34% YOY growth and nearly 40% sequential quarterly growth.
- Record U.S. prodisc total surgeon user-base of nearly 550 surgeons, representing 54% YOY growth and 8% sequential quarterly growth.
Highlights on the New Match-the-Disc™ prodisc C Vivo & prodisc C SK Cervical System
- Over 5,000 procedures have been completed with the new system (since limited release in Q3 2022).
- Record prodisc C Vivo and prodisc C SK revenue in Q1 2024, representing 216% YOY growth.
- Added record number of new surgeons using the Match-the-Disc system in Q1 2024, increasing the total number of system users by nearly 140% YOY and almost 20% in sequential quarterly growth.
- Nearly 75% of the over 600 surgeons using the Match-the-Disc system to date are repeat users and the strong majority of surgeon users come from competitive conversions.
Centinel Spine CEO Steve Murray adds, “These first quarter results show that the momentum behind our prodisc cervical and lumbar business remains strong. The company set a new revenue record in Q1 2024 while surpassing an extremely strong performance in Q4 2023. Last year was a transformative year for Centinel Spine and set the foundation for accelerated growth moving forward—as demonstrated by our Q1 2024 performance.”
* Based on publicly available information.
** Q1 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
