Medistim has established its own subsidiary in Spain, Medistim Spain S.L. with sales representatives 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 happy about establishing a subsidiary 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.”
Read more in the official press release here.