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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) announced a definitive agreement for the sale of 6 million shares at $2.00 each, alongside Series A and Series B warrants. The offering aims to raise approximately $12 million before fees, intended for general corporate purposes and cost-cutting initiatives. Closing is expected around November 16, 2022. Existing warrants held by the investor will be amended to a lower exercise price of $1.815 and extended expiration dates. H.C. Wainwright & Co. is the exclusive placement agent for this offering.
Surgalign Holdings (NASDAQ: SRGA) announced a corporate restructuring plan aimed at enhancing operational efficiencies and reducing capital requirements. Expected cash savings for 2023 are projected at approximately $30-35 million. The firm plans to discontinue low-performing SKUs and streamline resources to focus on high-growth hardware products. Restructuring costs are estimated at $5.5-7 million, with savings materializing from Q4 2022 into H1 2023. The CEO emphasized the company's commitment to innovation and improving patient outcomes while exploring additional restructuring opportunities.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced its Q3 2022 financial results, reporting total revenue of $20.2 million, a slight decline from $20.5 million year-over-year. The decrease is attributed to staffing shortages at hospitals and challenges in Europe. The company received FDA clearance for its Cortera™ Spinal Fixation System and expanded its product portfolio with TiPlus™ technology. Operating expenses decreased significantly by 31.9% to $23.6 million. However, cash reserves fell to $13.8 million, raising concerns over funding needs into 2023. Revenue guidance is revised lower to $82-$84 million for the year.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced plans to release its third-quarter financial results for the period ended September 30, 2022, on November 2, 2022, after market close.
A conference call will follow at 4:30 p.m. ET, accessible by phone or via webcast on Surgalign's investor relations website. The company is focused on advancing surgical standards through digital health technologies and operates in around 50 countries. Forward-looking statements regarding product capabilities and future performance come with inherent risks and uncertainties.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced that its HOLO Portal surgical guidance system won the 2022 Best New Spine Technology Award from Orthopedics This Week. This recognition will be presented during the North American Spine Society (NASS) Annual Meeting on October 13, 2022. The HOLO Portal is the first AI-driven, AR surgical guidance system for spine surgery, enhancing surgical precision and patient outcomes. Following FDA 510(k) clearance in January 2022, Surgalign plans to expand its market presence and clinical applications.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced on October 6, 2022, the granting of 10,081 restricted stock units to two new employees as an employment inducement. This award, granted under the 2021 Inducement Plan, vests over three years, with one-third vesting on the first anniversary and the remainder quarterly thereafter. This move, approved by the independent Compensation Committee, aims to attract talent while complying with Nasdaq regulations. Surgalign focuses on advancing digital health technologies in surgery, marketing products across the U.S. and over 50 countries.
Surgalign Holdings has expanded its Fortilink product line with the introduction of new interbody fusion devices featuring TiPlus technology. This launch includes various implants for anterior lumbar, posterior lumbar, and cervical fusion procedures using both titanium and 3D-printed polymer options. The new products are designed for primary stability and bony ingrowth, addressing specific clinical needs. Surgeons have expressed that the expansion enhances their ability to customize treatments, potentially improving patient outcomes.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced a significant advancement in the commercialization of its HOLO Portal surgical guidance system. Dr. Jaideep Chunduri from Beacon Orthopedics completed his first surgery using this AI-driven, augmented reality technology in Cincinnati, Ohio. The HOLO Portal system, which received FDA clearance in January 2022, aims to enhance surgical precision by providing real-time 3D visualization and autonomous planning of surgical trajectories. The company is expanding the system's market release and plans to integrate further applications to improve patient outcomes.
Surgalign Holdings, Inc. (NASDAQ: SRGA) will showcase its HOLO Portal™ surgical guidance system for the first time at upcoming industry events, including the Society for Minimally Invasive Spine Surgery (SMISS) Annual Forum from September 29 – October 1, 2022, and the North American Spine Society (NASS) Annual Meeting from October 12-15, 2022. Live demonstrations will feature innovative products like the Coflex® Interlaminar Stabilization Device and TETRAfuse® 3D technology. The company aims to improve patient outcomes and expand its market reach with these new offerings.
Surgalign Holdings (NASDAQ: SRGA) has received FDA 510(k) clearance for its Cortera Spinal Fixation System, marking a significant step towards growth in the $2.2B US posterior fixation market. The system integrates advanced features with a low-profile design aimed at improving surgical outcomes. Surgalign emphasized its rapid development timeline of 16 months from inception to FDA clearance, underlining its engineering expertise. The product is expected to positively impact Q4 2022 results and support future adoption of the HOLO Portal surgical guidance system.
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