LDR Medical
Country: France
Region: Champagne-Ardenne
Investors: Keensight Capital
LDR Medical makes spinal implants that replace damaged vertebral discs and can help patients regain mobility. Thanks to backing from Keensight Capital, Troyes-based LDR was able to secure US Food and Drug Administration (FDA) approval, which allowed it to crack the crucial US market.
Private equity financed the lengthy clinical trials needed to approve the revolutionary implant, and also helped expand the company’s sales force, which has enabled LDR to push further into Europe, Asia and South America. To date, LDR is the only medical device maker to have FDA approval for an artificial disc for a 2-level spinal surgery in the US. Its success led to the company listing on the NASDAQ in 2013, setting the stage for further international growth.
Christophe Lavigne
CEO - LDR Medical
Keensight Capital made very important contributions to our business growth and financial strategies. They helped establish our company in the US and expand our sales force before working with us hand in hand to successfully complete our IPO on the NASDAQ.
300
new jobs in ten years
70%
of revenues from the US, from 0 in 2003
What did the business need?
Capital for R&D and expansion
Strategic business guidance
Expertise to enter the critical US market
How did private equity backing create lasting value?
Assisted in recruiting senior management team members
Improved supply chain to increase profit margins and secure FDA audits
Expanded into high-margin US market through acquisition of US distributor
Advised on product strategy
Helped negotiate distribution deals
Prepared the company for listing on NASDAQ
What outcomes did private equity investment achieve?
Increased sales from €1.5m in 2003 to €82m in 2013
Increased employee numbers from 11 in 2003to over 300 in 2013
Kept 100% of R&D and manufacturing in Europe
Established LDR Medical in the US, which now accounts for 70% of revenues
Took products into more than 30 countries, including Brazil, China, Germany and South Korea
Investors
