Consensus Orthopedics just raised $8 million from Los Angeles-based Breakwater Investment Funds, CEO Colleen Gray said, to be used as growth capital.
“Hip and knee replacements are a pretty capital-intensive business,” Gray said. “We’re doing this so we can continue on our trajectory, and bring out some new products.
The company’s sort of your tried-and-true maker of artificial hip and knee joints – it’s been around since 1992, and says it has implanted more than 25,000 knees and 15,000 hips worldwide. The company, based outside of Sacramento, employs 75. It’s sort of a smaller fish among competitors like Stryker and Smith and Nephew, but distinguishes itself by having more up-close-and-personal relationships with ortho surgeons. They’re heavily involved in the clinical development process of the implants, Gray said.
The latest round of improvements will be to bring the costs down and the efficiencies up for the hip and knee implants, Gray said.
“Our goal is to continue to use the changes in our healthcare system to inform our product development,” Gray said. “The changes are actually good for smaller players like us – we can react much quicker than the larger players.”
SOURCE: Consensus Orthopedics