DEERFIELD, Ill., March 02, 2023 (GLOBE NEWSWIRE) — Surgalign Holdings, Inc. (Nasdaq: SRGA), a global medical technology company focused on elevating the standard of care by driving the evolution of digital surgery, today announced that Medical City Frisco, a world-class acute care hospital in Frisco, TX and part of HCA Healthcare, is the latest medical facility to clinically use its HOLO Portal Surgical Navigation System. The last procedure was performed by Dr. Ripul Panchal, DO, a board-certified, fellowship-trained neurosurgeon with expertise in the management of spinal disorders.
Terry Rich, President and CEO of Surgalign commented, “I would like to congratulate Dr. Panchal and his team for being the first adopters of HOLO Portal in Texas and for their ongoing commitment to improving patient outcomes, a vision we share at Surgalign. Since HOLO Portal was launched, over 30 cases have been performed. While the sales process has proven to be longer than anticipated, our pipeline continues to grow, and we have gathered insights from the medical community which will in turn, improve system functionality. We have system enhancements coming soon, with additional applications in development for both HOLO Portal and our HOLO AI Platform, which will strengthen our technology and value proposition to our customers further.”
Dr. Panchal added, “I was an early adopter of augmented reality technology in the OR and am pleased to be moving to the next generation technology offered by HOLO Portal. Its unique holographic display is more comfortable to use than typical AR headsets, while the integrated AI enhances both the image quality and workflow.” Dr. Panchal is a board certified, fellowship-trained neurosurgeon with expertise in management of spinal disorders. He served as Director of the Spine Fellowship Program and as Assistant Professor in the Department of Neurological Surgery at University of California, Davis School of Medicine for five years. He specializes in neurological surgery and spine surgery and is affiliated with Medical City McKinney, Medical City Frisco, and Sarah Cannon Cancer Institute. He actively practices at the American Neurospine Institute, PLLC in Plano, TX.
Surgalign received U.S. Food & Drug Administration (FDA) 510(k) clearance for use of the HOLO Portal system within lumbar spine procedures in January 2022. With FDA clearance, HOLO Portal became the world’s first surgical guidance system to incorporate AI and AR. The HOLO Portal system’s AI processes intraoperative images to autonomously segment and label the anatomy and plan patient-specific pedicle screw trajectories that are approved by the surgeon. The system uses AR to overlay the segmented AI reconstruction over the patient’s actual anatomy, providing real-time 3D visualization throughout the surgical procedure, helping surgeons visualize trajectories, while guiding surgical instruments. Five medical facilities have utilized HOLO Portal since May 2022 and there have been over 30 cases performed to date.
About Surgalign Holdings, Inc.
Surgalign Holdings, Inc. is a global medical technology company committed to the promise of digital health to drive transformation across the surgical landscape. Uniquely aligned and resourced to advance the standard of care, the company is building technologies physicians and other health providers will look to for what is truly possible for their patients. Surgalign is focused on developing solutions that predictably deliver superior clinical and economic outcomes. Surgalign markets products throughout the United States and in approximately 50 countries worldwide through an expanding network of top independent distributors. Surgalign is headquartered in Deerfield, IL, with commercial, innovation and design centers in San Diego, CA, Warsaw and Poznan, Poland, and Wurmlingen, Germany. Learn more at www.surgalign.com and connect on LinkedIn, Twitter and Instagram.
About Medical City Frisco
Medical City Frisco, a Medical City Plano facility, is a 98-bed acute care hospital that offers a broad range of services, including a Level III Trauma Center, cardiovascular, neurological, spine, orthopedics, robotic-assisted laparoscopic surgery, Level III neonatal ICU (NICU), women’s services and other specialties. Magnet® recognized for nursing excellence, Medical City Frisco is silver LEED certified for environmental and energy efficiency. “A” rated for safety by the Leapfrog Group. Medical City Frisco is part of Medical City Healthcare.
Forward Looking Statements
This press release contains forward-looking statements including, without limitation, statements relating the intended use of proceeds from the registered direct offering. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from those forward-looking statements include: i) the Company’s access to adequate operating cash flow, trade credit, borrowed funds and equity capital to fund its operations and pay its obligations as they become due, and the terms on which external financing may be available, including the impact of adverse trends or disruption in the global credit and equity markets; (ii) risks relating to existing or potential litigation or regulatory actions; (iii) the identification of control deficiencies, including material weaknesses in internal control over financial reporting; (iv) general worldwide economic conditions and related uncertainties; (v) the continued impact of the COVID-19 and the Company’s attempts at mitigation, particularly in international markets served by the Company; (vi) the failure by the Company to identify, develop and successfully implement its strategic initiatives, particularly with respect to its digital surgery strategy ; (vii) the reliability of our supply chain; (viii) our ability to meet obligations, including purchase minimums, under our vendor and other agreements; (ix) whether or when the demand for procedures involving our products will increase; (x) our financial position and results, total revenue, product revenue, gross margin, and operations; (xi) failure to realize, or unexpected costs in seeking to realize, the expected benefits of the Holo Surgical Inc. (“Holo Surgical”) and Inteneural Networks Inc. (“INN”) acquisitions, including the failure of Holo Surgical’s and INN’s products and services to be satisfactorily developed or achieve applicable regulatory approvals or as a result of the failure to commercialize and distribute its products; (xii) the failure to effectively integrate Holo Surgical’s and INN’s operations with those of the Company, including: retention of key personnel; the effect on relationships with customers, suppliers, and other third parties; and the diversion of management time and attention to the integration; (xiii) the number of shares and amount of cash that will be required in connection with any post-closing milestone payments, including as a result of changes in the trading price of the Company’s common stock and their effect on the amount of cash needed by the Company to fund any post-closing milestone payments in connection with the acquisitions; (xiv) the continuation of recent quality issues with respect to our global supply chain and (xv) the effect and timing of changes in laws or in governmental regulations. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. Each forward-looking statement in this communication speaks only as of the date of the particular statement.
These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, including market and other conditions and the risks identified in Surgalign’s most recent Annual Report on Form 10-K and other filings with the SEC. Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of Surgalign’s SEC filings may be obtained without charge by visiting Surgalign’s website at www.surgalign.com or the SEC’s website at www.sec.gov. We undertake no obligation to update these forward-looking statements except as may be required by law.
Investor Relations and Media Relations Contact:
Glenn Wiener
E-Mail: [email protected]
Tel: +1 917 887 8434