Nextremity Touts Success With New Strategy

Posted: Updated:
The InCore Lapidus System, an orthopedic device for the foot, contributed to sales momentum in 2018. The InCore Lapidus System, an orthopedic device for the foot, contributed to sales momentum in 2018.

Warsaw-based Nextremity Solutions, Inc. says 2018 was a critical year of validation. The orthopedic company changed its business model in 2016—moving away from its roots as a traditional startup and becoming a strategic commercialization organization. Nextremity leaders say the shift was a success; the company recently ranked 331st on Deloitte’s Technology Fast 500 with a 246 percent revenue growth rate.

While taking leaps forward, Nextremity executives say the company’s strategy still centers on its visionaries: orthopedic surgeons. Dr. Lon Weiner and Dr. Stuart Katchis—both in New York City—co-founded the startup in 2007 by identifying unmet needs in the operating room. Nextremity Chief Technology Officer Ryan Schlotterback says the team took the surgeons’ East Coast ideas and brought them to the fertile soil of the Orthopedic Capital of the World in 2013.

“There’s huge value [being in Warsaw],” says Schlotterback. “Since 2016, our strategy is to develop products and deliver those to the large strategic OEMs. And here in Warsaw, there are some of the biggest; it works really well to be local and close to them.”

Nextremity specializes in foot and ankle implants, which are among the fastest-growing areas in orthopedics. When the young company shifted its business model in 2016, Schlotterback says it desired something different than a traditional product development or fee-for-service company.

“So we landed somewhere in the middle,” says Schlotterback. “Today, we’re a strategic commercialization organization where we develop products and take them to the market, with all of the traditional marketing collaterals and sales tools. We prove those products out, then we turn those over to one of the large strategic companies to take it more fully into the market and around the globe.”

Nextremity leaders say the shift—and the successful partnerships that have come along with it—opened the door to the exponential growth that landed the company on Deloitte’s Technology Fast 500. Product launches in 2018, such as the InCore Lapidus System, an orthopedic device for the foot, also contributed to sales momentum. 

“[Our products] are very different than what’s on the market. We’re focused on developing products that allow the surgeon to have reproduceable outcomes and really stable constructs,” says Schlotterback. “All of our products—whether it’s for hammertoe or bunions—approach those [conditions] from a different angle that’s unlike what else is on the market.”

Nextremity says its i3 Strategic Solutions team executes a process flow called micro-commercialization, which is “the heart of what we’re doing.” Schlotterback says the “more wholistic approach” centers on surgeons, streamlining product development to ensure their ideas are commercialized and, ultimately, help patients.

Nextremity has commercialized seven products; the eighth has earned regulatory clearance and will be launching soon. The company, now with 18 employees, says it has a very strong pipeline and expects to commercialize two or more products this year.

With innovations conceived by surgeons and ultimately used by them, Schlotterback says Nextremity has settled into its sweet spot—filling the gap in the middle.

“Nextremity is best suited to keep delivering value to our shareholders by continuing to develop products and solutions to the market and, ultimately, to our strategic partners,” says Schlotterback. “If we do that, the rest will take care of itself.”

Schlotterback says Nextremity’s partnership with a large orthopedic company opens the door to global markets.
Schlotterback says shifting Nextremity’s business model in 2016 allowed it to focus on what it does best.
  • Perspectives

    • Regional Investment Proposal Could be a Game Changer for Quality of Place Initiatives in Indiana

      While quality of place may be defined differently by people, a growing number of Hoosiers recognize the importance of this issue. In particular, the impact of quality of place on talent attraction and retention in a geographic area cannot be ignored. The future of every community is dependent on quality of place. Like many Midwestern states, Indiana is not growing at the same pace as areas in the southern and western regions of the United States.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The Vogue opened as a movie house in 1938, then reopened as a nightclub in 1977. (Picture Courtesy: The Vogue)

      Tech Vets Purchase Popular Indy Nightclub

      A group of Indianapolis tech entrepreneurs has bought a popular nightclub in the city's Broad Ripple neighborhood. High Alpha co-founder Eric Tobias and former MOBI executives Scott Kraege and Andrew Davis say they will retain the Vogue's current staff to manage the venue's day-to-day operations. The new owners say they will detail plans to reinvigorate the Vogue through enhanced fan experience and engagement in the coming months. Tobias, Kraege and Davis purchased the Vogue...

    • 2019 'Stellar' Finalists Announced

      Lieutenant Governor Suzanne Crouch has unveiled the finalists for the 2019 Stellar Communities Program. The four regions selected will receive a planning grant and work with the Indiana Communities Institute at Ball State University on project alignment and continued planning efforts. Stellar Communities, launched in 2011, is led by the Indiana Office of Community and Rural Affairs and aims to boost community and economic development and promote local and regional partnerships.

    • Bona Vita's projects in Indiana include the Logansport Hospital Cancer Center and YMCA facilities in Fort Wayne and Kokomo.

      Architecture Firm Opening Fort Wayne HQ

      Bona Vita Architecture will this afternoon officially open its new downtown Fort Wayne headquarters. The company says the move will allow it to add about 15 jobs, more than doubling its current headcount. The architecture firm will hold a ribbon-cutting this morning at 10:30. The company invested more than $100,000 to renovate the building. "This new location will not only facilitate fantastic visibility for our company, but will also allow us to double our workforce in an area...
    • Skilled Nursing Facility Proposed for Merrillville

      A new $7 million skilled nursing facility is being proposed in Merrillville. Our partners at The Times of Northwest Indiana report the development would include five residential buildings outfitted with 12 beds, a dining area, beauty salon and spa. 

    • Former Museum Building to Get New Life

      The former home of the Vigo County Historical Society and Museum will continue to serve as a tourist destination. The Sage Mansion in Terre Haute, which housed the museum for more than 60 years, has new owners who are planning to redevelop the property into a bed and breakfast.