TSO3, an innovator in sterilization technology for medical devices in healthcare settings, has secured access to an automated receivables factoring program through a joint effort with Getinge, the company's exclusive distributor of its STERIZONE VP4 Sterilizer and a Getinge global banking partner.
Getinge currently represents substantially all of TSO3's revenue and trade accounts receivable. Under this program, TSO3 may factor up to 100% of the outstanding receivables that Getinge posts to the program in exchange for a small discount.
TSO3 may factor its Getinge receivables at any time and is able to receive funds in as little as three days from invoice date.
"This supply-chain financing provides a simple and inexpensive instrument for Getinge and TSO3 to help finance working capital," said Glen Kayll, TSO3's Chief Financial Officer.
"We anticipate substantially all Getinge receivables will flow through this program and appreciate collaborating with our partner to provide innovative solutions to fund our mutual growth and the continued global rollout of the STERIZONE® VP4 Sterilizer."
Payment terms for Getinge under this structure are 90 days from invoice date, rather than standard 45 day terms. There are no bank setup fees associated with this program and TSO3 has full independent discretion as to whether it shall or shall not factor any or all posted receivables.
The STERIZONE® VP4 Sterilizer is a low-temperature sterilization system that utilizes the dual-sterilants of vaporized hydrogen peroxide (H2O2) and ozone (O3) to achieve terminal sterilization of heat and moisture sensitive medical devices.
Its single pre-programmed cycle can sterilize a large number and wide range of compatible devices, creating a cost-effective sterilization process with error free cycle selection. The device's unique Dynamic Sterilant Delivery System™ automatically adjusts the quantity of injected sterilant based on the load composition, weight and temperature.
This capability removes the guesswork and potential for human error, as there is no need to sort instruments and choose the appropriate cycles as with other machines.
The STERIZONE® VP4 Sterilizer is the only terminal sterilization method that is FDA cleared to sterilize multi-channeled flexible endoscopes (with a maximum of four channels) of up to 3.5 meters in length, such as video colonoscopes and gastroscopes – an industry first for any medical device sterilization process.
The STERIZONE® VP4 Sterilizer is also the only cleared low temperature sterilizer that can process a mixed load consisting of general instruments, single channel flexible endoscopes, and single or double channel rigid endoscopes in the same cycle with load weights of up to 75 lb. The ability to run mixed loads significantly reduces labor costs by minimizing the amount of instrument sorting required, while maximizing the device turns (more productivity from increased throughput capacity).