HAMPTON, N.H.--(BUSINESS WIRE)--Jan. 14, 2004--ONUX Medical, Inc. announced today its results for the first full year of sales. Sales were $3.6 million. The Company is forecasting sales of $8.7 million for 2004, but expects to be at a $12.5 million rate by year-end. On December 31, 2003 ONUX Medical had 273 hospital accounts many of which were multi-year agreements.
The Company's fixation and suturing systems have been extremely well received especially the Salute® Fixation System for hernia procedures, and recently Salute® has been introduced in the OB/GYN market for pelvic floor reconstructions. For the hernia market Salute® is becoming the product of choice. The Company believes there is a $3 Billion market for its fixation instruments.
The Company's fixation technology is a replacement for various types of staplers and tackers. Gregory Sancoff, ONUX Chairman and CEO, says, "Our Salute® technology allows us to form a round construct instead of a staple. This patented technology eliminates crushing and pinching of tissues normally associated with staples. In addition, conventional staples don't function in a 5MM laparoscopic environment while the ONUX Medical Product can be used in both 5MM laparoscopic or open surgeries. The Touche® products function more like a suture penetrating the tissue similar to a needle, with our Touche®, Disposable Touche® and Flexible Touche®, we can enable surgeons to address any suturing requirement."
ONUX Medical has a 25 person direct sales force in the United States, which will be expanded throughout 2004 as revenues and demand increase. Distributors serve the international markets. The Company believes that the direct sales force provides superior customer service over other types of distribution models.
ONUX announced in June 2003 the expansion of Touche® needle free suturing system product line to include a disposable version. This complements the automatic Touche® device that deploys up to 60 interrupted sutures and is used primarily for Gastric Bypass, and Plastic Surgery. The Flexible Touche® suturing system used in the 3mm working channel of an endoscope completes the Touche® family of products.
The Company has also received FDA approval for its En Garde, needlescopic product used for a percutaneous approach to prosthetic fixation.
ONUX Medical, Inc. develops, manufactures and sells innovative surgical devices for minimally invasive and open procedures. The Company maintains an active development program for enabling products in the fields of cardiovascular, cardiac, urological and general surgery as well as devices for endoscopic procedures.
Contact: ONUX Medical, Inc. Susan Nealon, 603-929-6200 Ext.630
Source: ONUX Medical, Inc.