(Oslo, 5th of January 2021) Medistim ASA (OSE: MEDI), a niche market leader within ultrasound technology with headquarter in Norway, that develops and commercializes medical equipment for use within cardiac, vascular and transplant surgery, announces that they have signed a Distributor Agreement with LivaNova for distribution of Medistim products in India.
With its population size of about 1,4 billion, India is a large and emerging market for Medistim’s ultrasound devices. Today, about 100,000 coronary bypass (CABG) procedures are performed in India annually, representing a market size of about half of the USA. The disproportionally low number of procedures compared to population size, as well as the growth in the general economy and health care investments, are expected to drive higher growth in CABG procedures in this market compared to the developed, western world. Hence, India is an important market for Medistim’s long term strategy and growth.
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As the cost of a CABG procedure in India is significantly lower than in many other markets , Medistim has a 2-tier product strategy in this market, offering both a lower-priced entry-level flowmeter (SonoQ), as well as the high-end portfolio with high frequency ultrasound imaging (HFUS) as an additional option (MiraQ).
As of January 1st 2021, LivaNova will represent Medistim in India, through its Cardiovascular business unit. LivaNova is a globally operating medical device manufacturer with a strong foothold in cardiac surgery. They are a market leader within heart-lung machines, hence targeting the same target customers as Medistim’s intraoperative ultrasound devices.
“LivaNova has already proven to be a strong partner for us in Australia, and we are very excited to develop the business in India together as well,” said Medistim President and CEO, Kari E. Krogstad. “With their highly competent local team and strong product synergies we should be perfectly positioned to build a strong business over the years to come.”
“We are pleased to be expanding our partnership with Medistim to now include distribution in India” said Sujay Mashru, Vice President and Managing Director - Asia Pacific of LivaNova. “This unique portfolio of products for surgical guidance and blood flow measurement will strengthen our Cardiovascular business in India and enable us to leverage our strong expertise in cardiac surgery to grow the market”.
About LivaNova:
LivaNova PLC is a global medical technology and innovation company built on nearly five decades of experience and a relentless commitment to provide hope for patients and their families through innovative medical technologies, delivering life-changing improvements for both the Head and Heart. Headquartered in London, LivaNova employs approximately 4,000 employees and has a presence in more than 100 countries for the benefit of patients, healthcare professionals and healthcare systems worldwide. For more information, please visit www.livanova.com.
About Medistim:
Medistim was established in 1984 and has a track record of profitable growth over the past >15 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, Spain, Denmark and Norway, in addition to the about 60 distributors in Europe, Asia, Middle East, Africa, Canada and South America. For more information, visit the Medistim home page: www.Medistim.com
For more information, contact:
President and CEO, Kari E. Krogstad, Medistim ASA
Tel: + 47 918 38 110
Email: kari.krogstad@medistim.com
CFO, Thomas Jakobsen, Medistim ASA
Tel: + 47 906 59 940
Email: thomas.jakobsen@medistim.com
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