|Courtesy of Globus Medical|
Just months after pulling in $100 million in its IPO, Globus Medical ($GMED) charted a major advance with the FDA's approval of Secure-C, a spinal implant designed as an alternative to fusion surgery. Unlike other devices on the market, Secure-C preserves range of motion in the spine, Globus says.
The device is implanted to replace diseased or bulging disks, and, in the 380-patient study the company submitted to the FDA, Secure-C proved safer and more effective than the standard-of-care anterior cervical discectomy and fusion surgery.
Since the approval, Globus has been at work training surgeons on how to use the device and expanding its use. Globus estimates the world spine market at $10 billion, and the company is counting on an aging population and growing number of spinal procedures to push that value north over time.
Globus' August IPO came in about $100 million short of initial predictions, but, on the strength of Secure-C and its other orthopedic products, the company brought in $386 million in 2012 revenue--a 16.4% increase over 2011.