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Alafair delivers 109% year-over-year growth from VersaWrap^® sales in 2023

AUSTIN, Texas, March 7, 2024 /PRNewswire/ -- Alafair Biosciences, Inc., a leading innovator in the development and commercialization of medical devices today announced business results and highlights for 2023. Alafair's flagship product, VersaWrap^®, is an FDA-cleared medical device implant (not tissue) comprising hyaluronic acid (HA) and alginate that provides a gelatinous encasement for peripheral nerves, tendons, and surrounding tissues such as ligaments and skeletal muscles. VersaWrap^® allows tissues to glide and to remain untethered, thereby reducing reoperations and improving patient outcomes.

2023 Year-end Performance and Business Highlights

• 109% year-over-year revenue growth from the sale of VersaWrap
• Achieved positive EBITDA and net operating income
• Surpassed 13,000 implants of VersaWrap
• Expanded distribution network by 114% since 2022
• Recognized by Inc. 5000 as the 23rd fastest growing private company in health products

"Our strong growth in 2023 stands as a testament to the credibility of VersaWrap's clinical value. I am very encouraged by the increased adoption and want to acknowledge the hard work, collaboration, and loyalty of the entire Alafair team, our distribution partners, and our customers," commented John Joyoprayitno, President & CEO of Alafair Biosciences. "This is an exciting time at Alafair, and we're just getting started. In the coming year, we look forward to expanding our presence across the US and helping even more surgeons deliver positive results for their patients."

About Alafair Biosciences, Inc. 

Alafair is a privately held medical device company developing and marketing an innovative product portfolio based on its proprietary hydrogel technology. Alafair's mission is to improve surgeon experience and patient outcomes by preventing unwanted soft tissue tethering using non-collagenous, bioresorbable biomaterials in all surgical applications. Alafair products are distributed through a dispersed network of independent distributors across the United States.

About VersaWrap^®

VersaWrap is an FDA-cleared medical device implant (not tissue) comprising hyaluronic acid (HA) and alginate that provides a gelatinous encasement for peripheral nerves, tendons, and surrounding tissues such as ligaments and skeletal muscles. VersaWrap allows tissues to glide and to remain untethered, thereby reducing reoperations and improving patient outcomes.

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SOURCE Alafair Biosciences, Inc.