(Oslo, 20th of January 2017) Medistim ASA (OSE: MEDI),
a Norwegian company that develops and commercializes
medical equipment for use in cardiac, vascular and
transplant surgery, announces that they are
establishing a subsidiary and sales force in Spain.
Medistim has terminated its distributor agreement in
Spain and established a new subsidiary, Medistim Spain
S.L. With two territory sales managers based in Madrid
and Barcelona, this new subsidiary will serve our end
customers directly with support from the Head Office
in Oslo.
Annually, around 7.000 coronary artery bypass surgery
(CABG) procedures and 8.000 vascular procedures are
performed throughout the 56 cardiac centers and 75
vascular centers in Spain. Medistim currently has an
installed base of 80 systems, most of them on the
VeriQ platform and older versions that only include
flow measurement and do not support the imaging
modality. Medistim now has great potential to upgrade
the installed base to the MiraQ platform, which
provides the combination of ultrasound imaging and
transit time flow measurement (TTFM) in one system.
Medistim's technology is used in upwards of 80% of all
coronary surgical procedures as the installed base is
primarily in cardiac centers. This also shows there is
an untapped potential in the vascular market where
only a small number of Medistim systems are installed.
Medistim has been successful with direct sales and
customer support through its other subsidiaries in the
United States, Germany, UK and Denmark and is well
prepared to create results with the new establishment
in Spain. The company already has a solid revenue base
from probes, which are consumables to the installed
base.
"We are very pleased with the fact that we have a
direct operation in Spain. This will allow us to take
the lead to ensure that the installed base is upgraded
to the MiraQ platform with the combined TTFM and
ultrasound imaging technology" says Medistim's
President and CEO, Kari E. Krogstad. "Through direct
representation we will ensure that the hospitals get
the best support and service. The timing is also
opportune with regards to the vascular potential that
we have in Spain and there is already substantial
interest among new potential customers. With this
endeavor we are showing that we are serious about
establishing flow measurement and ultrasound imaging
technology as the 'standard of care' in Spain, within
both coronary and vascular surgery. We are working to
achieve routine use of the MiraQ system for the
benefit of surgeons and their patients as well as the
healthcare system in general."
About Medistim
Medistim is a medtech company that develops and
distributes ultrasound based surgical guidance and
quality assessment devices. With headquarters in
Oslo, Norway, Medistim was established in 1984, and
has a track record of profitable growth over the past
>10 years. The company is a pioneer within its
segment, and continues to invest in new product
development. Medistim has wholly owned subsidiaries
with sales organizations in the USA, Germany, UK,
Denmark and Norway, in addition to about 50
distributors in Europe, Asia, Middle East, Africa and
South America.
For more information, visit the Medistim home page:
www.medistim.com or contact:
President and CEO, Kari E. Krogstad, Medistim ASA
Tel: + 47 918 38 110
E-mail: kari.krogstad@medistim.com
CFO, Thomas Jakobsen, Medistim ASA
Tel: + 47 906 59 940
E-mail: thomas.jakobsen@medistim.com
This information is disclosed under Norwegian law
(Verdipapirhandelloven ยง5-12).