Orthofix and MTF Biologics Recognized with 2022 Spine Technology Award for Virtuos Lyograft – a First-of-Its-Kind, Shelf-Stable and Complete Autograft Substitute for Spine and Orthopedic Procedures

Rhea-AI Summary

Orthofix Medical Inc. (NASDAQ:OFIX) announced that its Virtuos™ Lyograft received the 2022 Spine Technology Award from Orthopedics This Week. The award will be presented at the North American Spine Society annual meeting in Chicago. The Virtuos Lyograft is an innovative, shelf-stable autograft substitute designed for spine and orthopedic procedures, enhancing surgical efficiency and logistics by allowing room-temperature storage. This recognition underscores Orthofix's commitment to delivering cutting-edge solutions in medical technology.

Positive

• Received the 2022 Spine Technology Award from Orthopedics This Week.
• Virtuos Lyograft is a first-of-its-kind autograft substitute, promoting surgical efficiency.
• The product streamlines preparation time with room-temperature storage.

Negative

• Risk of slow adoption by surgeons, potentially impacting product sales.
• Future clinical data may not support anticipated patient outcome improvements.
• Competitive risks from superior products could affect market position.

LEWISVILLE, Texas--(BUSINESS WIRE)-- Orthofix Medical Inc. (NASDAQ:OFIX), a global medical device company with a spine and orthopedics focus, today announced that the Virtuos^™ Lyograft has received the 2022 Spine Technology Award from Orthopedics This Week, the most widely read publication in the Orthopedics industry. The Best Technology in Spine award will be presented today at the North American Spine Society (NASS) annual meeting in Chicago and published in upcoming issues of Orthopedics This Week and Orthopedics This Month Spine.

Virtuos Lyograft is a first-of-its-kind, shelf-stable and complete autograft substitute for use with spine and orthopedic procedures (Photo: Business Wire)

The Virtuos Lyograft is a first-of-its-kind, shelf-stable and complete autograft substitute prepared by MTF Biologics through a proprietary process that preserves the biological components necessary for bone healing. Provided in a room-temperature, ready-to-use, moldable form, the Virtuos Lyograft is unique in the fact that it is ready to implant within minutes of being hydrated, streamlining the preparation and overall surgical procedure time.

Additionally, Virtuos offers significant logistical and cost-saving advantages to the hospital with improved shipping, storage and operating room efficiency. The room temperature shipment and storage of Virtuos eliminates the use of large quantities of dry ice, Styrofoam shippers and freezer storage, enabling flexible shipping options and reduced packaging, with the aim of a reduced carbon footprint.

“The Spine Technology Awards are intended to recognize the ‘best of the best’ and in the process reward those who strive to bring new innovations to the market,” said Robin Young, Founder and Publisher of Orthopedics This Week and RRY Publications. “We are pleased to present Orthofix and MTF Biologics with the Best Technology in Spine award for the Virtuos Lyograft.”

“On behalf of our partner MTF Biologics and the team of dedicated employees at Orthofix, we are honored to receive this award,” said Orthofix President of Global Spine Kevin Kenny. “The Virtuos Lyograft is at the forefront of allograft technology, and we are pleased that Orthopedics This Week recognizes the importance of this new solution that provides the handling surgeons desire in a high-quality shelf-stable bone graft.”

About Orthofix

Orthofix Medical Inc. is a global medical device company with a spine and orthopedics focus. The Company’s mission is to deliver innovative, quality-driven solutions while partnering with health care professionals to improve patient mobility. Headquartered in Lewisville, Texas, Orthofix’s spine and orthopedics products are distributed in more than 60 countries via the Company's sales representatives and distributors. For more information, please visit www.Orthofix.com.

About MTF Biologics

MTF Biologics is a global nonprofit organization that saves and heals lives by honoring donated gifts, serving patients and advancing science. They provide unmatched service, resources, and expertise to donors and their loved ones who give the gift of donation, people who depend on tissue and organ transplants, healthcare providers, and clinicians and scientists.

The International Institute for the Advancement of Medicine (IIAM), a Division of MTF Biologics, honors donors of non-transplantable organs by providing their gifts to the medical research community to combat and cure diseases. Statline, also a Division of MTF Biologics, provides specialized communications and technology expertise to organ, tissue, and eye procurement organizations, as well as the hospitals and patients that they serve. Its sister organization, Deutsches Institute for Zell-und Gewebeersatz – DIZG (The German Institute for Cell and Tissue Transplantation), expands its reach to patients across the globe. For more information, visit www.mtfbiologics.org.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” or “continue” or other comparable terminology. These forward-looking statements are not guarantees of our future performance and involve risks, uncertainties, estimates and assumptions that are difficult to predict, including the risks described in Part I, Item 1A under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). In addition to the risks described there, factors that could cause or contribute to such differences may include, but are not limited to: the risk that surgeons may be slow to adopt the Virtuos Lyograft; the risk that future patient studies or clinical experience and data may indicate that treatment with the Virtuos Lyograft does not improve patient outcomes as much as previously believed, or otherwise call into question the benefits of the use of these products to patients, hospitals and surgeons; the risk that the products may not perform as intended and may therefore not continue or achieve commercial success; the risk that competitors may develop superior products or may have a greater market position enabling more successful commercialization; the risk that insurance payers may decline to reimburse healthcare providers for the use of our products.

This list of risks, uncertainties and other factors is not complete. We discuss some of these matters more fully, as well as certain risk factors that could affect our business, financial condition, results of operations, and prospects, in reports we file from time-to-time with the SEC, which are available to read at www.sec.gov. Any or all forward-looking statements that we make may turn out to be wrong (due to inaccurate assumptions that we make or otherwise), and our actual outcomes and results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any of these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. We undertake no obligation to update, and expressly disclaim any duty to update, our forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221012005256/en/

Alexa Huerta

Investor Relations

Tel 214 937 3190

alexahuerta@orthofix.com

Denise Landry

Media Relations

Tel 214 937 2529

deniselandry@orthofix.com

Source: Orthofix Medical Inc.

FAQ

What award did Orthofix Medical Inc. recently receive?

Orthofix Medical Inc. received the 2022 Spine Technology Award for its Virtuos™ Lyograft.

Where will the Spine Technology Award be presented?

The award will be presented at the North American Spine Society annual meeting in Chicago.

What is the Virtuos™ Lyograft?

The Virtuos™ Lyograft is a shelf-stable autograft substitute used in spine and orthopedic procedures.

How does Virtuos™ Lyograft enhance surgical procedures?

It streamlines preparation time as it is ready to use within minutes and offers room-temperature storage.

What challenges does Orthofix face with the Virtuos™ Lyograft?

Orthofix faces risks related to slow surgeon adoption and uncertain clinical data outcomes.