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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) approved a 1-for-30 reverse stock split at its Annual Meeting on May 10, 2022, effective May 17, 2022. This measure aims to increase the share price to comply with Nasdaq's minimum bid price requirement. The reverse split will automatically convert 30 existing shares into one share, with cash paid for any fractional shares. Adjustments will be made to related financial instruments, including stock options and warrants. The company's CUSIP will change to 86882C204 following the split.
Surgalign Holdings, Inc. (NASDAQ: SRGA) reported its Q1 2022 financial results, revealing total revenue of $20.6 million, down from $23.3 million in Q1 2021 due to ongoing COVID-19 impacts. The company achieved a significant milestone by receiving FDA 510(k) clearance for its HOLO Portal™ System and completing its first successful case. Adjusted EBITDA loss was $13.3 million, and cash reserves stood at $44.7 million. The company has raised its full-year revenue forecast to $86-$90 million, reflecting improved market conditions.
Surgalign Holdings (NASDAQ: SRGA) granted 37,500 restricted stock units to an employee as an employment inducement on May 2, 2022. This award, part of the 2021 Inducement Plan, vests over three years, with one-third vesting after one year and the rest quarterly. The independent Compensation Committee approved the award. Surgalign is focused on enhancing digital health and surgical standards, operating in over 50 countries, with headquarters in Deerfield, IL. The company aims to deliver superior clinical and economic outcomes through innovative solutions.
Surgalign Holdings, Inc. (NASDAQ: SRGA) has announced the clinical use of its HOLO Portal system, the first surgical guidance technology utilizing artificial intelligence and augmented reality. The inaugural procedure was conducted by Dr. Mario Brkaric at Indiana Spine Hospital. Following FDA 510(k) clearance received in January 2022, the HOLO Portal offers enhanced surgical precision through autonomous anatomical identification and trajectory planning. The company plans to expand its market presence and integrate additional applications to improve patient outcomes.
Surgalign Spine Technologies (NASDAQ: SRGA) will release its Q1 2022 financial results after market close on May 10, 2022. The company will host a conference call at 4:30 p.m. ET on the same day, accessible by phone or via a webcast on their investor website. Surgalign focuses on advancing digital surgery and markets its products in over 50 countries. The company emphasizes its commitment to delivering superior clinical outcomes and transforming the surgical landscape through innovative technologies.
Surgalign Holdings (NASDAQ: SRGA) announced the granting of restricted stock unit awards to eight employees to incentivize their employment acceptance. The awards total up to 1,494,826 shares, with a significant allocation of 1,200,000 shares awarded to David Lyle on March 15, 2022. The vesting schedule allows one-third of the units to vest on the first anniversary and the remainder to vest quarterly over three years. This action follows Nasdaq rules and was approved by the independent Compensation Committee. Surgalign is committed to digital health and surgical innovation.
Surgalign Holdings (NASDAQ: SRGA) announced the publication of a study in the International Journal of Spine Surgery, demonstrating the efficacy of its SImmetry Sacroiliac Joint Fusion system for treating SIJ dysfunction. The EVoluSIon study involved 250 patients and showed significant improvements in pain and disability at 12 months, with 72.2% achieving key pain reduction metrics and 57.1% ceasing opioid use. The results emphasize the system's reliability and position Surgalign as a leader in SIJ solutions, potentially expanding their market share in the medical technology sector.
Surgalign Holdings, Inc. (NASDAQ: SRGA) reported Q4 2021 revenues of $21.8 million, down from $26.2 million YoY, largely due to COVID-related challenges. The net loss from continuing operations was $88.8 million, including a $72.1 million loss from the Inteneural Networks acquisition. Adjusted EBITDA loss was $12.9 million. Cash reserves stood at $51.3 million as of Dec 31, 2021. In January 2022, Surgalign received FDA clearance for its HOLO Portal system, enhancing surgical guidance. The company anticipates 2022 revenues between $83 million and $87 million.
Surgalign Holdings, Inc. (NASDAQ: SRGA) plans to release its financial results for the fourth quarter and full year 2021 on March 15, 2022, after market close. A conference call will be held at 4:30 p.m. ET the same day, accessible by phone or via a webcast. Surgalign is focused on enhancing digital health in the surgical field, aiming to provide superior clinical and economic outcomes. They operate globally with a strong market presence and are headquartered in Deerfield, IL.
Surgalign Holdings, Inc. (NASDAQ: SRGA) has appointed David Lyle as Chief Financial Officer, effective immediately. Lyle brings over 20 years of financial leadership experience in technology, previously serving as CFO at Airgain and other notable companies. His appointment comes as Surgalign transitions to the commercial stage of its HOLO AI technology platform, following recent FDA clearance of the HOLO Portal™. The company aims to enhance surgical practices through digital health innovations.
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