Entrepreneur
Olivier Jallabert
CEO and founder
Profile

Founded in Valence (France) by Olivier Jallabert in 1997, Amplitude Surgical designs, manufactures, and markets a complete range of high quality hip and knee prostheses. Over the years, Olivier has assembled a team of highly-seasoned executives to build a differentiated business model. This model combines reliance on outsourcing and tight control over strategic competencies (R&D, quality control).

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0m
Revenue
Sector: Healthcare Investment date: 2011 Apax position: Majority Activity: MidMarket
Why did we invest?

Amplitude Surgical has achieved uninterrupted market share increase in its domestic markets. The company benefits from a highly profitable, flexible, and differentiated business model combining the outsourcing of low value-added competencies (manufacturing, distribution) with tight control over strategic ones (design, innovation, quality control). Its exclusive agents provide superior service to surgeons.

The company operates in a structurally attractive healthcare market with favourable and sustainable fundamentals (ageing population, increasing health risk factors like obesity and sedentarity), an increasing awareness and acceptance of implant solutions and continuous prosthesis improvement.

How do we intend to create value?

The investment thesis consists in growing Amplitude Surgical’s market share in France, with a plan to expand internationally and diversify its product range.

2017

The financial year ending on 30 June 2017, was another year with many key events and strong growth, with sales exceeding €90m and an EBITDA margin of almost 17%. These results reflect the successful implementation of Amplitude Surgical’s development strategy, which is based on state-of-the-art R&D, major investments and staff eager to open up new markets and introduce new equipment to support medical practitioners and their patients. Beyond these solid foundations, the potential of the United States – the world’s largest market on which the company is developing fast – and an innovative product portfolio that is continuously being enhanced will drive growth, with target of doubling the Group’s sales in 5 years.

Amplitude Surgical distributes its products in more than 30 counties and continues the development of its international network.

USA
The FDA approval delivered in January 2017 opens the company to the highly attractive US market.

Australia
In February 2017, the company settled the case pertaining to the acquisition of the remaining minority interests in Australia via a transactional agreement with Austofix, a minority shareholder in its Amplitude Australia Pty subsidiary.

Brazil
In July 2016, the company finalized the acquisition of the remaining minority interests (40%) in its Brazilian subsidiary, Amplitude Latam.

Amplitude Surgical acquired a 50% stake in SOFAB Orthopédie, a longstanding strategic industrial subcontractor.

The company also signed Memoranda of Understanding with a view to acquiring two companies responsible for the direct management of key French regions, in the east of the country and the Paris region, thus intensifying its commercial presence on the domestic market.

The company has been focusing on promising projects and developed in-house innovative instrumentation for surgeons, including patient specific instruments such as a 3D-printed cutting guide. The company is also progressing on the development of the pin-less navigation (transforming solution with limited invasion) which will help surgeons optimize the surgery outcome.

Previously

2016

For financial year ending on 30 June 2016, the first year as a listed company, Amplitude Surgical continued to implement an active strategy to pursue its strong sales growth, underpinned by substantial human, industrial and surgical equipment investments. Sales exceeding €80 million while maintaining a high level of EBITDA margin are key indicators of its achievement. The confirmation of the success of the new products and the anticipated developments on major markets, driven by motivated and performing teams, will contribute to pursue the company’s growth and to conquer additional market shares.

2015

Amplitude demonstrated robust growth in the first half of its financial year ending June 30, 2016. Sales were up 13% on the same period in 2015. Exports performed very well up 26% over the first half of 2016, driven by strong results from its Australian and Brazilian subsidiaries and ongoing organic growth in selected European countries. In June 2015, the company was listed on the regulated market of Euronext Paris. On this occasion, the company raised €50m that will enable it, in particular, to continue its international expansion.

2014

  • New subsidiary launched in the fast growing extremities market (foot and ankle), created with industry veterans, fruit of two years of research and development.
  • Products were successfully registered in the US, where Amplitude commenced sales through a white-label distribution agreement.