Enovis Completes Acquisition of Insight Medical Systems

Rhea-AI Summary

Enovis Corporation (NYSE: ENOV) has acquired Insight Medical Systems, enhancing its reconstructive portfolio with the FDA-cleared ARVIS® augmented reality surgical guidance technology. This acquisition aims to improve patient outcomes in hip and knee replacements. The ARVIS® system, already in use for over 200 cases in the U.S., offers real-time, hands-free guidance and is expected to be commercially available in Q3 2022. Enovis anticipates further growth and innovation by integrating this technology into its surgical business.

Positive

• Acquisition of Insight Medical Systems strengthens Enovis’ surgical portfolio.
• ARVIS® technology provides FDA-cleared augmented reality for orthopedic surgeries.
• Successful prior use of ARVIS® in over 200 surgical cases in the U.S.
• Future expansion plans for ARVIS® features and capabilities.

Negative

• None.

Transaction Expands Enabling Technologies Platform for Enovis’ Reconstructive Portfolio with Augmented Reality Surgical Guidance Technology

WILMINGTON, DE, July 06, 2022 (GLOBE NEWSWIRE) -- Enovis™ Corporation (NYSE: ENOV), an innovation-driven medical technology growth company, announced that it has acquired Insight Medical Systems, a technology company dedicated to reimagining orthopedic surgical guidance. Insight’s flagship solution, ARVIS®, is the only FDA-cleared augmented reality solution precisely engineered for the specific needs of hip and knee replacement surgery. Financial terms of the transaction were not disclosed.

“We are excited to welcome Insight’s talented team to our Enovis family where we will work together to improve patient outcomes through the use of next generation augmented reality surgical guidance in orthopedic surgery,” said Matt Trerotola, CEO of Enovis. “Adding Insight’s technology to our rapidly growing Surgical business advances our enabling technologies platform with innovation tailored to today’s healthcare economics and especially the ASC.”

Since Enovis’ initial investment in Insight Medical Systems in 2020 and a follow-on funding round in 2021, the company received 510(k) FDA clearance for the ARVIS® Augmented Reality System and successfully completed over 200 cases in the U.S.

“ARVIS delivers real-time, hands-free surgical guidance at the point of care and is designed to generate measurably better patient outcomes in a streamlined, space-conserving and cost-effective manner compared to traditional robotic offerings,” explains Brady Shirley, COO of Enovis. “Simply put, the ARVIS Augmented Reality System represents the next era of orthopedic technology, and we look forward to expanding its features and reach while integrating additional joint replacement surgery capabilities in the future.”

ARVIS will be commercially available in Q3 of 2022 and the Insight™ team will become part of the Enovis Surgical organization (previously DJO Surgical) with the goal of driving further growth and expansion of the company’s orthopedic enabling technologies platform.

ABOUT ENOVIS™

Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. For more information about Enovis, please visit www.enovis.com.

FAQ

What is the significance of Enovis acquiring Insight Medical Systems?

The acquisition enhances Enovis' surgical portfolio by integrating ARVIS®, an FDA-cleared augmented reality solution for hip and knee surgeries, aimed at improving patient outcomes.

When will the ARVIS® system be commercially available?

The ARVIS® system is expected to be commercially available in Q3 of 2022.

How does ARVIS® improve orthopedic surgery?

ARVIS® provides real-time, hands-free surgical guidance, streamlining procedures and potentially leading to better patient outcomes compared to traditional methods.

What has been the usage of ARVIS® prior to the acquisition?

Before the acquisition, ARVIS® was successfully utilized in over 200 surgical cases across the U.S.

What are the future plans for ARVIS® within Enovis?

Enovis plans to expand ARVIS® features and integrate additional joint replacement capabilities to enhance its orthopedic offerings.