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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. has announced a global settlement with RTI Surgical, effective August 5, 2022. This settlement resolves ongoing litigation pertaining to their OEM business sale in 2020, amending distribution agreements for spinal implants and biologics. Notably, Surgalign is released from current year purchase shortfalls and reduced annual purchase requirements. The sole-source supply relationship has been extended for two years, facilitating improved business collaboration as Surgalign continues to distribute products across the U.S. and 50 countries.
Surgalign Holdings, Inc. (NASDAQ: SRGA) reported Q2 2022 financial results, revealing total revenue of $20.6 million, down from $24.8 million year-over-year, attributed to pandemic-related staffing shortages and supply chain issues. Gross margins decreased slightly to 68.9%, while operating expenses fell by 10.6% to $27.6 million. Despite an operating loss of $13.4 million for the quarter, net loss from continuing operations improved to $5.7 million from $10.6 million a year prior. The company reaffirmed a full-year revenue outlook of $86 to $90 million.
Surgalign Holdings, Inc. (NASDAQ: SRGA) has appointed Paolo Amoruso as General Counsel and Corporate Secretary effective August 1, 2022. Amoruso previously served as Interim General Counsel since April 2022. With 25 years of experience in legal and business roles, he aims to leverage his expertise to drive value creation within Surgalign’s digital health platform. CEO Terry Rich praised Amoruso's contributions and the potential for further corporate evolution.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced a settlement with the U.S. SEC on August 3, 2022, addressing a prior investigation related to RTI Surgical Holdings from 2015-2019.
The company will pay a $2 million civil penalty and expects to recover $0.6 million from former executives. The SEC recognized Surgalign's cooperation during the investigation. CFO David Lyle stated this settlement clears uncertainty and paves the way for growth in 2023 with new spine products and the HOLO Portal Surgical Guidance System.
Surgalign Holdings, Inc. (NASDAQ: SRGA), based in Deerfield, Ill., will announce its financial results for the second quarter ending June 30, 2022, after market close on August 9, 2022. Following the report, a conference call will be held at 4:30 p.m. ET, accessible via phone or webcast through the company's investor website. Surgalign is dedicated to advancing digital health in surgery, focusing on technologies that promote superior clinical and economic outcomes, with products marketed in the U.S. and globally.
Surgalign Holdings (NASDAQ: SRGA) announced the commercial relaunch of its CervAlign® anterior cervical plate (ACP) system on July 20, 2022. The next-generation plate features an enhanced locking system designed to improve patient outcomes in the anterior cervical discectomy and fusion (ACDF) market. The CerevAlign ACP system can accommodate various procedural solutions for up to five-level anterior cervical fusions, minimizing tissue disruption. The relaunch follows a period of limited product availability that impacted 2021 results, with management expressing confidence in improved clinical performance.
Surgalign Holdings (NASDAQ: SRGA) announced a partnership with PRIA Healthcare to enhance patient access to its Coflex® Interlaminar Stabilization and SImmetry® SI Joint Fusion systems through the Surgalign Patient Access Program. The initiative aims to improve medical coverage for these technologies, which have demonstrated strong clinical outcomes, including over 175,000 Coflex implants worldwide. The goal is to alleviate barriers to obtaining necessary care, leveraging PRIA’s expertise in advocating for favorable medical coverage.
Surgalign Holdings, Inc. (NASDAQ: SRGA) has granted restricted stock unit awards totaling up to 9,259 shares to a non-executive employee. The awards were issued on July 1, 2022 under the 2021 Inducement Plan to incentivize employment acceptance. Vesting is structured with one-third vesting on the first anniversary, and the remaining shares vest quarterly thereafter, fully vesting by the third anniversary, dependent on continued employment. This award was approved by the independent Compensation Committee.
Surgalign Holdings announced the clinical use of its HOLO Portal, the first AI-driven augmented reality guidance system for spine surgery. Dr. Selvon St. Clair performed the first surgery using this system at the Orthopaedic Institute of Ohio. The HOLO Portal utilizes AI for real-time 3D visualization, improving surgical precision. Surgalign received FDA clearance for lumbar spine procedures earlier this year and is expanding its market release. CEO Terry Rich expressed optimism about the technology's potential to enhance patient outcomes.
Surgalign Holdings, a global medical technology company, has announced the granting of restricted stock unit awards totaling up to 27,877 shares to five new employees. This award, approved by the independent Compensation Committee, is part of their 2021 Inducement Plan and aims to incentivize acceptance of employment. One-third of the units will vest after one year, with the remainder vesting quarterly, fully maturing after three years, contingent on continued employment. This initiative underscores Surgalign's commitment to digital health advancements.
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