Last year, Elos Medtech acquired US based Onyx Medical. The Memphis company develops, manufactures and supplies the “nuts and bolts” for orthopaedic surgeries including pins, wires, screws and drills. The high expectations the company sets for itself has led to double digit compound annual growth for the past decade. But what makes Onyx Medical’s operation particularly rewarding, according to themselves, is the fact that they produce life changing medical devices.
With a presence in the US we can better serve the global market
The acquisition of Onyx Medical in 2015 was part of our strategy to focus entirely on the medical device industry while strengthening market positions in target growth segments within orthopaedics. With a presence in Europe, Asia and the US, we are now better positioned and have an increased ability to serve the global market. Since the deal closed, Onyx Medical has continued its existing operations as a business unit within the Elos Medtech Group and has served as a platform for expansion within the US.
Staying ahead of the competition in the orthopaedic device industry
Onyx Medical was founded in 1990 by Laraine and Roger Gilmore. The company grew out of the couple’s desire to invest in a company and create employment opportunities in their hometown Memphis, Tennessee. Today, Onyx Medical employs more than 120 people and provides high-tech components to the top five orthopaedic companies in the world.
“We are a fast-paced and highly progressive company that is passionate about serving the industry”, says Jodie Gilmore, the CEO and Managing Director at Onyx Medical. “Our customers demand certain outcomes and we develop the most effective, efficient and sustainable way to deliver those results. This may include helping to resolve a particular surgical or procedural challenge through collaborative design and development, or identifying the most secure and cost effective global sourcing solutions”.
Prepared for always going full out to keep up with growth
When Jodie Gilmore first came onboard, Onyx Medical had already started doing business with some of the major orthopaedic companies. One of the biggest challenges over the years has been to further develop these into strategic relationships and manage the significant growth. “Based on long-standing relationships, we have grown predominantly with our existing customers”, Jodie says. “We are more than ten times larger now compared to when we first started. From that perspective, we need to have the mindset that there is no quiet period, and be prepared for always going full out. Our goal is to be a trusted supplier over the long run and continue to remain focused on our core product, which is really the “nuts and bolts” of orthopaedics. Manufacturing isn’t glamorous, but it is an essential building block for economic growth, and when combined with the fact that we are producing life changing medical devices, it makes what we do at Onyx particularly rewarding”.
Drills, wires, screws and pins for the orthopaedic device industry
Onyx Medical produces mostly drills, wires, screws, and pins. These components and instruments are used to either hold a medical implant in place, to cut bone for a screw or help the surgeon navigate the implant to the proper position. Most of the products are used for implants in trauma related procedures. The company also makes cross over products for reconstructive and spinal implants, along with neurology and endoscopic applications.
“While our customers are focusing more on the design and development of the primary implants, we are focusing on the accessories and other items that are not their area of core competence, Jodie says. “Many companies prefer to buy such items from outside vendors in order to save time, money and manpower. We fill the gap for these companies and free them up to do more R&D.”
Keeping pace with market needs and serving customers in the long run
When it comes to the future, Jodie has large expectations for the company. “In general, we want to continue to grow while maintaining a strong and sustainable business foundation”, she says. We feel it is important to grow at, or above, the market level, so that we are keeping pace with market needs and our customers’ ever evolving expectations. Continuing to put ourselves in the best position possible to serve our customers in the long run, is extremely important. We need to be better tomorrow than what we are today; we need to produce parts more quickly, less expensively, and with the same level of quality. Our future goal is to support the next twenty years of growth for our company and our service to the global medical device industry”.
Would you like to know more about Onyx Medical? Also, read our blog article Profile in Focus: “ I am an enthusiastic and constant student” with Jodie Gilmore. If you have any questions about Elos Medtech or the acquisition, please contact me.