[Edaily Reporter KIM SAE-MI ] #L&K BIOMED CO., LTD. announced on the 29th that its U.S. subsidiary, L&K Spine, has signed a U.S. sales agency agreement with global medical device company Medtronic for lumbar height-expandable cages.
This agreement is intended to facilitate the sale of L&K BIOMED CO., LTD.’s lumbar height-adjustable cages in the U.S. market. It aims to establish local sales and expand distribution channels, rather than merely supplying products on a one-time basis. Specific details regarding the contract value, supply volume, and contract term were not disclosed.
L&K BIOMED CO., LTD. has been pursuing the expansion of its overseas business while taking into account the local market environment and business conditions in the U.S. With this agreement, the company plans to strengthen its distribution and supply capabilities in the U.S. and expand its local hospital supply network.
The U.S. is one of the world’s largest markets for spinal implants. L&K BIOMED CO., LTD. intends to focus on raising local awareness of its lumbar height-expandable cages and securing a sales base. The company also plans to expand its own sales network and identify new partners.
L&K BIOMED CO., LTD. has previously faced challenges in its overseas operations due to the COVID-19 pandemic and protracted litigation in the U.S. The company expects this agreement with Medtronic to serve as a catalyst for expanding its business footprint in the U.S. market.
An L&K BIOMED CO., LTD. official stated, “Although we have gone through difficult times both internally and externally due to various adverse factors, such as the COVID-19 pandemic and protracted litigation, we were able to secure this agreement with Medtronic through continuous technological advancement and structural improvements.” The official added, “We will strive to continuously identify local partners and expand our collaborative network to drive tangible sales growth.”
In addition to its lumbar products, the company is pursuing entry into overseas markets and expanding sales of the “BluEX-C,” a height-adjustable cage for the cervical spine. It plans to gradually expand its overseas business based on a product portfolio that covers both the lumbar and cervical spine.
L&K BIOMED CO., LTD. plans to explain the key details of this agreement and its global market expansion strategy through an investor relations (IR) briefing in the future.
