Medical device company, KneeMD, is on track to double international revenue by end of 2018 through utilizing World Trade Center Utah’s Export Acceleration Grant funding.
KneeMD is a break-through patient-controlled knee rehabilitation device to facilitate range of motion and stretch in extension for patients who have undergone total knee replacements or other major knee surgeries. In their clinical trials, knee surgery patients that used KneeMD a 17 percent better range of motion after surgery and an 82 percent difference in pain levels after surgery. Their device also resulted in a 350 percent improvement in a patient’s KOOS (knee functionality) score and a 100 percent difference in walking pain levels post-surgery.
Since 2016, KneeMD has garnered noteworthy attention from knee surgeons, physical therapists and athletes worldwide, which accelerated their need to expand internationally.
“With our impressive clinical study data, we’ve received quite a lot of interest both at home and abroad,” commented Brenner Adams, international advisor for KneeMD. “As our product was taking off and we needed some way to support our new growth. When we received a World Trade Center Utah newsletter detailing grant funding opportunities, we took a chance at applying.”
KneeMD are recent recipients of 2017 WTC Utah’s Export Acceleration Grant, funded by JPMorgan Chase & Co. With the funding, KneeMD traveled to Europe and Asia to attend trade shows and follow up with contacts.
“With the grant funding, we have been able to meet with many existing contacts and potential distributors. We are growing and have set up an office in France to better support that growth in the region. The partner we have established in France recently has been key to connecting us to many other contacts in Europe, the Middle East and Africa.” said Adams.
As clinical trials wrap up, KneeMD expects to double their international revenue within a year. Their team is currently seeking and vetting distributors across Asia, Europe, the Middle East and Africa. Looking back at their recent growth and recognition, Adams shares his advice to Utah companies seeking to start their international expansion.
“Tap into opportunities sooner. WTC Utah, U.S. Commercial Service and the Governor’s Office of Economic Development provides Utah companies all sorts of opportunities and programs for success,” said Adams, “They can help open doors and provide referrals to individuals all over the world within your industry. This has truly been key for us as we navigate government regulations and vet partners in our expansion efforts.”
WTC Utah offers several grant programs to help Utah companies expand their business into international markets. To learn more, and to sign up to be notified about 2018 grants, visit wtcutah.com/grants.