Orthocell achieved a milestone with its first sales of Striate+ in Canada following recent regulatory approval.
The announcement underscores the rapid market expansion driven by the company's global distribution partner, BioHorizons.
Striate+ is now available for dental guided bone and tissue regeneration procedures in Canada.
The development comes swiftly after receiving approval from Health Canada in early July, highlighting the product's swift conversion from regulatory clearance to sales and revenue generation.
"Commencement of sales in Canada is further validation of Orthocell's expanding global footprint. Our valued partner BioHorizons has executed a rapid transition from approval to first sales. This reaffirms the high-quality nature of our product and partnership," said Paul Anderson, Managing Director of Orthocell.
The Canadian market for Striate+ is estimated to be worth $60 million, contributing to a global market opportunity valued at over $1 billion.
The product is already available in several major markets, including the USA, Europe, UK, and Australia, boasting a post-market clinical study success rate of 98.6%.
Orthocell is also actively pursuing regulatory approvals in Brazil and Singapore, expected within the next 6-12 months.
The company's robust revenue growth, including record FY24 revenue of $6.8 million (up 30.76% YOY), evidences the strong market uptake of its products.
Orthocell is an ASX-listed regenerative medicine company focused on regenerating mobility for patients by developing products for the repair of a variety of bone and soft tissue injuries. Its portfolio of products includes Striate+, Remplir, and OrthoACI.