Kosmo Meditech has worked with Strata Skin Sciences for more than 13 years. The deal with help strengthen Strata’s Xtrac excimer laser value proposition in Korea and expand its installed base of over 250 devices in the country, according to the company.
“We have been a proud partner in the Xtrac business in Korea for over 13 years and are very happy to be the first international launch partner of Strata’s recurring business model. The benefits of the model will allow Kosmo to further strengthen its leadership position in the dermatology device space in Korea,” chairman of Kosmo Michael Nam said in a press release. “We look forward to many more years of providing a full business solution, which includes the highest quality excimer lasers into the Korean clinical dermatology market, now with a unique strategy that leverages both companies’ strengths as a platform for growth.”
Through the deal, Horsham, Penn.-based Strata Skin Sciences plans to target over 1,800 dermatologists in Korea. Strata Skin Sciences expects to see the impact of the deal in late 2019 or early 2020.
“We are very pleased to expand globally and to bring our unique business model to Korea with our strategic partner Kosmo Meditech. This is a tremendous opportunity as we leverage our strong balance sheet and Kosmo’s in-country distribution network,” president and CEO of Strata Dolev Rafaeli said. “We look forward to driving market share gains as well as seeing our proven business growth engine validated in a new market.”