All,
Growth and traction in international markets for a mid-cap company like Bioventus can be a challenge that takes constant effort and a commitment by senior management to support the OUS team. If supported and resourced well with the right products the value creation can be significant. Today international revenue represents about 10% of Bioventus total revenue which we hope to see become a higher percentage in the future and 20 to 30% is a good goal to achieve.
This week the International Team held their quarterly business review (QBR) and appreciate the effort of the European team getting together in the Amsterdam office and joined by some of us in the US virtually and Anthony Doyle who flew over from Canada. It was an excellent meeting and thank John Nosenzo, Andrew McCartney and Anthony for their leadership and putting up with my inane questions as well.
A special shout out to the following individuals and group performances that have excelled in the past quarter in our OUS markets!
- Stefan Brodmeier and the entire German Team! Through July Germany has achieved 16% growth which is an amazing achievement and an example of great execution. Congratulations to all in Germany and please know your efforts and success are appreciated!
- Miguel Estevez who runs the European and Middle East Indirect (distributor) markets and is making a terrific effort to bring our business back! Especially important is Miguel’s focus on markets that will give us the greatest return for our effort and eliminating those that do not, Great Job Miguel!
- Onno Siegersma in international marketing who truly is a force of very few people although it seems like he has a team of ten! Onno is launching an important campaign via digital marketing to support our OUS markets and will be fun to watch the impact. Well done!
- Geena Portier in Operations does a phenomenal job supporting the team and thank you Geena for your efforts with the Germany reimbursement submission in June!
- An unsung hero is Andy Harrison, our scientist extraordinaire in the UK, – while Andy was not at the meeting his name kept coming up demonstrating the significant support he gives the international team – thank you Andy!
- A special “hang in there” shout out to the entire UK team. The UK has been especially hard hit by the pandemic and please know we will do all we can to support your efforts – better days ahead and keep pushing forward!
- Thank you also to Kirsten van Klinken for the well organized meeting!
We will continue to look at our OUS markets as we build the business. This past week we started recruiting efforts in China for a General Manager that will support our efforts in this important market as we start to seek regulatory approval for Durolane in China. We will also be evaluating our business development strategies to more specifically look at opportunities and products that will help us continue to grow and leverage the base of operations we have today.
Lastly, I want to thank everyone for their efforts of safety in our offices as well as in the field. We have a special gift coming for everyone in a couple of weeks.
See the attached picture and enjoy the new SWAG;)!
Best Regards,
Ken Reali