K2M (NSDQ:KTWO) said today it inked a 5-year supply and distribution agreement with LifeHealthcare Group for Australia and New Zealand.
The deal will position LifeHealthcare Group to distribute its spinal technologies in the 2 regions, the Leesburg, Va.-based company said. The companies held a previous partnership deal originally inked in 2010.
“I am very pleased to announce our new five-year contract with K2M through 2021. K2M is a globally recognized innovator in complex spine, having led the way in deformity and now minimally invasive and 3D-printed spine solutions. Through our partnership, we have delivered highly successful product initiatives, such as the Everest MI XT and Mesa platforms, and market leading education forums, such as Deformity Down Under, to address the needs of Australian and New Zealand clinicians and their patients. We look forward to working with Eric Major and the K2M team over the coming years to reach our shared aspiration of the number one market share position in the Australian and New Zealand spine market,” LifeHealthcare CEO Matt Muscio said in a prepared statement.
“LifeHealthcare has been an important strategic partner of ours for many years and their established distribution presence and strong surgeon relationships have been instrumental in K2M’s strong market share growth in Australia and New Zealand. We are happy to announce our new agreement and look forward to offering innovative spinal technologies, such as our Everest MI XT Spinal System, our industry-leading 3D-printed Cascadia Lateral Interbody System, and our comprehensive Balance ACS platform focused on achieving three-dimensional spinal balance, to surgeons in this important international spine market,” K2M prez & CEO Eric Major said in a prepared release.
Last month, K2M saw shares drop in after-hours trading after the medical device maker missed earnings per share expectations on Wall Street with its 4th quarter and fiscal year 2016 earnings report.
The company posted losses of $12.5 million, or 30¢ per share, on sales of $61.8 million for the 3 months ended Dec. 31, with losses growing 46.8% while sales grew 14% compared with the same period last year.
