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Surgalign Holdings, Inc. (SRGA) is a prominent medical technology company that specializes in the design, development, manufacture, and distribution of biologic, metal, and synthetic implants worldwide. Established in 1997 and headquartered in Deerfield, Illinois, Surgalign Holdings has carved out a significant niche in the fields of orthopedics, spine, sports medicine, plastic surgery, trauma, and other surgical procedures.
The company offers a range of innovative products aimed at improving surgical outcomes and promoting natural healing. Among its key offerings is the Coflex Interlaminar Stabilization Device, which is designed to treat moderate to severe lumbar spinal stenosis in conjunction with decompression. Additionally, the Simmetry Sacroiliac Joint Fusion System is known to decrease opioid use, pain, and disability. Another notable product is the Fortilink IBF System with TETRAfuse 3D technology, enhancing the integration and fusion of spinal implants.
Surgalign’s state-of-the-art implants are utilized by healthcare providers, hospitals, and various healthcare facilities through a robust distribution network. The company leverages its direct distribution force, OEM relationships, and an extensive network of independent distributors to reach its clients effectively. Surgalign's commitment to quality and innovation has positioned it as a leader in medical technology, dedicated to enhancing patient outcomes and advancing the field of surgical implants.
For more information, the latest updates, and media inquiries, please contact Glenn Wiener at gwiener@gwcco.com or +1 917 887 8434.
Surgalign Holdings, Inc. (Nasdaq: SRGA) announces a significant upgrade to its HOLO Portal™ Surgical Guidance System, marking the first major advancement since its launch in May 2022. The upgrade features over 250 enhancements including software and hardware improvements, alongside 20 new surgical tools tailored for open lumbar pedicle screw procedures. This iteration aims to enhance workflow and increase the usage of HOLO Portal, which is pivotal for approximately 80% of lumbar fusions. All existing customers will receive these upgrades, reinforcing Surgalign's commitment to continuous improvement in surgical technology.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced its 2023 Annual Meeting of Shareholders will be held virtually on June 1, 2023, at 9 a.m. PT. Shareholders will access the Proxy Statement and Annual Report once filed with the SEC, and proxy materials will be issued by their respective financial institutions. The record date for participation is April 10, 2023. Surgalign, focused on advancing digital health in surgery, distributes products across the U.S. and about 50 countries. The company aims to enhance clinical outcomes and economic efficiency through innovation. More details will be available in the proxy statement.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced the launch of HOLO AI Insights, a cloud-based AI platform designed for automated analysis of medical images, particularly lumbar spine MRIs. This tool offers quantitative measurements of 16 anatomic structures in the spine, enhancing clinical decision-making. Developed in collaboration with spine surgeons from the San Diego Spine Foundation, HOLO AI Insights aims to convert unstructured medical imaging data into actionable insights. The initiative is part of Surgalign's ongoing commitment to leverage AI technology to improve patient care and drive digital health transformation in surgical practices.
Surgalign Holdings (Nasdaq: SRGA) announced progress on its restructuring plan, aiming for cash savings of $30 - $35 million in 2023 compared to 2022. The company expects 2022 revenues of approximately $82 million and a year-end cash balance exceeding $16 million. The restructuring includes product rationalization, workforce reduction by about 20%, and non-essential spending cuts. Surgalign anticipates a $12.5 - $15.5 million inventory write-down. They sold their Coflex and CoFix brands for $17 million to extend their cash runway and continue to explore strategic options for enhancing shareholder value.
Surgalign Holdings, Inc. (SRGA) announced its participation in the 2023 AAOS Annual Meeting from March 7-11 in Las Vegas, highlighting the HOLO Portal™ Surgical Guidance System. Dr. Rick C. Sasso will moderate the Spine Panel on March 8, discussing advancements in spinal surgery using HOLO AI technology. This system, which integrates artificial intelligence (AI) and augmented reality (AR), enables real-time visualization during surgeries. With FDA clearance, the HOLO Portal has been successfully employed in over 30 procedures, emphasizing Surgalign’s commitment to improving patient outcomes and advancing digital surgery.
Surgalign Holdings, Inc. (SRGA) announced that Medical City Frisco in Texas is the first site to use its HOLO Portal, the world’s first AI-driven AR system for spine surgery. This follows FDA clearance for lumbar spine procedures in January 2022. Dr. Ripul Panchal performed the procedure, highlighting the system's enhanced image quality and comfort. Although the sales process is taking longer than expected, the company reported over 30 cases using the system so far and plans for further enhancements. Surgalign focuses on digital surgery to improve patient outcomes and is expanding its network globally.
Surgalign Holdings, Inc. (NASDAQ: SRGA) has completed a $17 million transaction with Xtant Medical, acquiring the Coflex and Cofix product lines. Coflex is a PMA-approved device for lumbar spinal stenosis (LSS), having been implanted in over 200,000 patients worldwide. This acquisition is expected to generate an additional $14 million in annual revenue for Xtant and expand its network through new distributors and trained surgeons. Surgalign plans to utilize the non-dilutive capital from this transaction to advance its AI products and improve patient outcomes.
Surgalign Holdings, Inc. (Nasdaq: SRGA) announced the completion of its 100th case utilizing the Cortera™ Spinal Fixation System, launched following the FDA 510(k) approval in August 2022. The system targets the $2.2B US posterior fixation market, aiming to capture a larger share in 2023. Surgeons report positive feedback on the Cortera's robust design, leading to plans for additional product development. CEO Terry Rich emphasized the promising market reception and innovation aspects of Cortera, marking it as Surgalign's first organically developed product.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced that its HOLO Portal, the first AI-driven augmented reality surgical guidance system, has been successfully used in Virginia for spine surgeries. The first case was performed by Dr. Herzog at OrthoVirginia. The system enhances precision in surgery by overlaying 3D visualization on the patient’s anatomy. The FDA cleared the HOLO Portal for lumbar spine procedures in January 2022, and Surgalign aims to expand its market presence and integrate new applications to improve patient outcomes.
Surgalign Holdings, Inc. (Nasdaq: SRGA) has completed its registered direct offering, raising $12 million through the sale of 6 million shares of common stock at $2.00 each, along with Series A and B warrants. The Series A warrants are exercisable at $1.815 per share for five years, while Series B warrants are exercisable for three years. The proceeds will be utilized for working capital, corporate initiatives, and advancing digital health offerings. H.C. Wainwright & Co. served as the exclusive placement agent for this offering.
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