Medical City Frisco is the Latest Hospital to Utilize Surgalign’s HOLO Portal Surgical Guidance System
02 Mars 2023 - 2:30PM
Surgalign Holdings, Inc. (Nasdaq: SRGA), a global medical
technology company focused on elevating the standard of care by
driving the evolution of digital surgery, today announced that
Medical City Frisco, a world-class acute care hospital in Frisco,
TX and part of HCA Healthcare, is the latest medical facility to
clinically use its HOLO Portal Surgical Navigation System. The last
procedure was performed by Dr. Ripul Panchal, DO, a
board-certified, fellowship-trained neurosurgeon with expertise in
the management of spinal disorders.
Terry Rich, President and CEO of Surgalign commented, “I would
like to congratulate Dr. Panchal and his team for being the first
adopters of HOLO Portal in Texas and for their ongoing commitment
to improving patient outcomes, a vision we share at Surgalign.
Since HOLO Portal was launched, over 30 cases have been performed.
While the sales process has proven to be longer than anticipated,
our pipeline continues to grow, and we have gathered insights from
the medical community which will in turn, improve system
functionality. We have system enhancements coming soon, with
additional applications in development for both HOLO Portal and our
HOLO AI Platform, which will strengthen our technology and value
proposition to our customers further.”
Dr. Panchal added, “I was an early adopter of augmented reality
technology in the OR and am pleased to be moving to the next
generation technology offered by HOLO Portal. Its unique
holographic display is more comfortable to use than typical AR
headsets, while the integrated AI enhances both the image quality
and workflow.” Dr. Panchal is a board certified, fellowship-trained
neurosurgeon with expertise in management of spinal disorders. He
served as Director of the Spine Fellowship Program and as Assistant
Professor in the Department of Neurological Surgery at University
of California, Davis School of Medicine for five years. He
specializes in neurological surgery and spine surgery and is
affiliated with Medical City McKinney, Medical City Frisco, and
Sarah Cannon Cancer Institute. He actively practices at the
American Neurospine Institute, PLLC in Plano, TX.
Surgalign received U.S. Food & Drug Administration (FDA)
510(k) clearance for use of the HOLO Portal system within lumbar
spine procedures in January 2022. With FDA clearance, HOLO Portal
became the world’s first surgical guidance system to incorporate AI
and AR. The HOLO Portal system’s AI processes intraoperative images
to autonomously segment and label the anatomy and plan
patient-specific pedicle screw trajectories that are approved by
the surgeon. The system uses AR to overlay the segmented AI
reconstruction over the patient’s actual anatomy, providing
real-time 3D visualization throughout the surgical procedure,
helping surgeons visualize trajectories, while guiding surgical
instruments. Five medical facilities have utilized HOLO Portal
since May 2022 and there have been over 30 cases performed to
date.
About Surgalign Holdings, Inc.Surgalign
Holdings, Inc. is a global medical technology company committed to
the promise of digital health to drive transformation across the
surgical landscape. Uniquely aligned and resourced to advance the
standard of care, the company is building technologies physicians
and other health providers will look to for what is truly possible
for their patients. Surgalign is focused on developing solutions
that predictably deliver superior clinical and economic outcomes.
Surgalign markets products throughout the United States and in
approximately 50 countries worldwide through an expanding network
of top independent distributors. Surgalign is headquartered in
Deerfield, IL, with commercial, innovation and design centers in
San Diego, CA, Warsaw and Poznan, Poland, and Wurmlingen, Germany.
Learn more at www.surgalign.com and connect on LinkedIn, Twitter
and Instagram.
About Medical City FriscoMedical City Frisco, a
Medical City Plano facility, is a 98-bed acute care hospital that
offers a broad range of services, including a Level III Trauma
Center, cardiovascular, neurological, spine, orthopedics,
robotic-assisted laparoscopic surgery, Level III neonatal ICU
(NICU), women’s services and other specialties. Magnet® recognized
for nursing excellence, Medical City Frisco is silver LEED
certified for environmental and energy efficiency. “A” rated for
safety by the Leapfrog Group. Medical City Frisco is part of
Medical City Healthcare.
Forward Looking StatementsThis press release
contains forward-looking statements including, without limitation,
statements relating the intended use of proceeds from the
registered direct offering. These forward-looking statements are
based on management’s current expectations, estimates and
projections about our industry, our management’s beliefs and
certain assumptions made by our management. Words such as
“anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” variations of such words and similar expressions are
intended to identify such forward-looking statements. Factors that
could cause actual results to differ materially from those
forward-looking statements include: i) the Company’s access to
adequate operating cash flow, trade credit, borrowed funds and
equity capital to fund its operations and pay its obligations as
they become due, and the terms on which external financing may be
available, including the impact of adverse trends or disruption in
the global credit and equity markets; (ii) risks relating to
existing or potential litigation or regulatory actions; (iii) the
identification of control deficiencies, including material
weaknesses in internal control over financial reporting; (iv)
general worldwide economic conditions and related uncertainties;
(v) the continued impact of the COVID-19 and the Company’s attempts
at mitigation, particularly in international markets served by the
Company; (vi) the failure by the Company to identify, develop and
successfully implement its strategic initiatives, particularly with
respect to its digital surgery strategy ; (vii) the reliability of
our supply chain; (viii) our ability to meet obligations, including
purchase minimums, under our vendor and other agreements; (ix)
whether or when the demand for procedures involving our products
will increase; (x) our financial position and results, total
revenue, product revenue, gross margin, and operations; (xi)
failure to realize, or unexpected costs in seeking to realize, the
expected benefits of the Holo Surgical Inc. (“Holo Surgical”) and
Inteneural Networks Inc. (“INN”) acquisitions, including the
failure of Holo Surgical’s and INN’s products and services to be
satisfactorily developed or achieve applicable regulatory approvals
or as a result of the failure to commercialize and distribute its
products; (xii) the failure to effectively integrate Holo
Surgical’s and INN’s operations with those of the Company,
including: retention of key personnel; the effect on relationships
with customers, suppliers, and other third parties; and the
diversion of management time and attention to the integration;
(xiii) the number of shares and amount of cash that will be
required in connection with any post-closing milestone payments,
including as a result of changes in the trading price of the
Company’s common stock and their effect on the amount of cash
needed by the Company to fund any post-closing milestone payments
in connection with the acquisitions; (xiv) the continuation of
recent quality issues with respect to our global supply chain and
(xv) the effect and timing of changes in laws or in governmental
regulations. These factors should be considered carefully, and
undue reliance should not be placed on the forward-looking
statements. Each forward-looking statement in this communication
speaks only as of the date of the particular statement.
These forward-looking statements are not guarantees of future
performance and are subject to various risks and uncertainties,
including market and other conditions and the risks identified in
Surgalign’s most recent Annual Report on Form 10-K and other
filings with the SEC. Our actual results may differ materially from
the anticipated results reflected in these forward-looking
statements. Copies of Surgalign’s SEC filings may be obtained
without charge by visiting Surgalign’s website
at www.surgalign.com or the SEC’s website
at www.sec.gov. We undertake no obligation to update
these forward-looking statements except as may be required by
law.
Investor Relations and Media Relations
Contact:Glenn WienerE-Mail: gwiener@surgalign.comTel: +1
917 887 8434
Surgalign (NASDAQ:SRGA)
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