SOQUEL » GS Medical USA, a small company that sells South Korean-made spinal devices and instruments to the U.S. market, has received federal clearance for its Any-Plus T/PLIF Cage, a surgical component that is designed to fit into the space left by the removal of spinal disc.
The product was modified as a design advancement, said Joseph Jin, executive vice president of the company.
The company provides devices for neurological and orthopedic spinal surgeons in the U.S., primarily for spinal fusion surgery. Products include screws, hooks and instruments that are inserted into disc spaces in a degenerative spine.
“With this recent clearance, we have one of the most extensive thoracolumbar portfolios on the market,” said Jin, who said the new design is shaped like a bullet for easy insertion.
GS Medical USA is growing revenues at a doubledigit rate annually, Jin said, estimating the global spinal instrumentation market to be $13 billion this year.
“Those are very sustainable growth numbers,” Jin said. “We’re just trying to capture more market share by widening our portfolio and trying to commercialize devices that address a wider range of spinal pathologies.”
The parent company of GS Medical was founded in South Korea in 2002. In 2011, it acquired GS Spine, a Soquel- based supplier owned by John Stephani. Stephani continued to head the U.S. subsidiary until February. He left to start his own company and because he didn’t like the way business was being handled, he said.
GS Medical USA was making about $6 million in sales when he left the company, Stephani said.
Jin declined to confirm revenues, saying only that revenues for the parent company are from $50 million to $100 million.
GS Medical USA is gearing up to launch new product segments later this year and expects to grow the headcount by about 20 percent this year. The company is expected to stay in the Soquel area, but the new jobs could be anywhere in the U.S., said Jin who lives in Chicago.
“We are extremely optimistic about achieving our bottom line results as our regulatory and commercialization pathways look very promising for fiscal 2014,” Jin said.
At A Glance
GS Medical USA
What: A fully owned subsidiary of GS Medical Co. Ltd., a Korean company that specializes in the design and distribution of spinal implants and instruments. The company is focused on domestic sales.
Headquarters: 3949 Research Park Court Suite 100, Soquel
Background: GS Medical, a South-Korean-based parent company founded in 2003, bought GS Spine, a supplier in Soquel owned by John Stephani in 2011.
Leadership: Joseph Jin, executive vice president; SK Hong, vice president of operations
Employees: About 10
Information: 831-477-1307; http://www.gsmedicalusa. com