We’re gonna hear them roar, Osteopore deal to enter South Africa sees it with presence on every continent
Health & Biotech
Health & Biotech
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Osteopore has signed a deal to expand into South Africa and now has a presence on every continent as it moves to become the standard of care for bone and tissue regeneration globally.
Bone healing specialist Osteopore (ASX:OSX) has announced it has successfully expanded into the African market with its first shipment of cranial (skull) regenerative implants to South Africa.
The initial orders were received from Osteopore’s South Africa based distribution partner, Chronos Medical, who will promote the technology to their extensive network of hospitals and surgeons across the country.
Osteopore’s implants have also successfully been cleared for marketing and sales by the South African Health Products Regulatory Authority.
While the initial South Africa sales are not material in terms of revenue, it does represent an endorsement of Osteopore’s continued strategy to penetrate new markets and drive adoption amongst surgeons.
Recently, Osteopore has achieved first sales in Colombia and Spain, along with the Middle East, while the company has signed a distribution agreement to sell its orbit reconstruction products within Australia and New Zealand.
Osteopore has a presence on every continent, including regulatory access and operation in more than 20 countries and autonomous regions, including the US, Europe, Asia, Australia and now Africa.
The Company aims to gain additional regulatory access in new markets and continue to execute on its vision to become the standard-of-care for bone and tissue regeneration globally.
Osteopore’s cranial implants can be manufactured at scale and dissolve over time to leave only natural healthy bone.
The implants have largely outperformed traditional implant methods in terms of design, post-surgery complications and associated long-term health care costs.
The company has also been continuing its revenue growth momentum, delivering S$372k (or $375,386) in revenue for Q1 CY22.
This represents a 21% growth over the last quarter, and a 13.5% increase over the previous corresponding period (PCP).
Osteopore Executive Chairman, Mark Leong says achieving first sales into South Africa is a fantastic milestone for the company and is evidence of the team’s execution ability to open new markets.
“We plan to harness this opportunity and work towards increasing adoption in South Africa and the African continent, as well as continue to build an economic moat around the company’s novel technology,” Leong says.
“We are proud that our regenerative implants are now sold in every continent. ”
Chronos Medical Director Tristan Baijnath and Co-Director Dean Twigg says they are both thrilled to be bringing Osteopore to South Africa and can’t wait to see the difference the product makes in the lives of surgeons and patients.
This article was developed in collaboration with Osteopore, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
This article also appeared on The Australian.