Mequon-based Titan Spine reported today that its sales have grown 49 percent in the first half of 2017 compared to the first half of last year.
The company, which makes spinal interbody fusion implants, attributes the sales growth to the increased demand for its new nanoLOCK surface technology, which launched in October 2016. Titan reported that nanoLOCK sales volume has increased by 42 percent since the close of the first quarter.
“Following a record first quarter, we continued to exceed expectations during the second quarter for a strong close to the mid-2017 mark,” said Ted Bird, chief commercial officer. “The significant demand for nanoLOCK is a direct reflection of our expanded sales team’s ability to reach more surgeons and surgeons’ recognition of the advantages our surface technology provides at the nano-cellular level for helping patients heal faster following spine fusion surgery. In fact, we have more than doubled the number of surgeon customers using nanoLOCK in the second quarter compared to the first.”
The nanoLOCK technology has been utilized by 150 surgeons in 98 hospitals to date, the company said.
“The demand for nanoLOCK has certainly fueled our significant sales growth over the first half of this year,” said Steve Cichy, executive vice president of sales. “We have recently invested significant capital to beef up our instrument set and implant inventory to meet this growing demand, which will start to pay dividends over the remainder of the year and beyond.”
In June 2016, the company raised $7.5 million from Texas private equity firm Southlake Equity Group, which now has a minority ownership stake.
The company also raised $178,043 from nine investors in a Series B round, according to a Dec. 30, 2016 filing with the SEC.
Titan’s products are developed at its Mequon headquarters and manufactured in Brown Deer.