By Meg Flippin, Benzinga
Robotic surgeries are going mainstream for a good reason: they make it easier for doctors to perform complex surgeries. Monogram Orthopedics Inc. (NASDAQ: MGRM), which aims to revolutionize orthopedic joint replacement surgery with its robotic technology, just got one step closer to achieving that with its recently announced first robot delivery.
The Austin, Texas-based medical technology company recently announced the delivery of its first surgical robot to one of the world’s largest international robotics distributors. The delivery marks the first commercial sale for Monogram Orthopedics, validating its technology, which eventually aims to link patient-optimized 3D printed implants with advanced robotics. The company intends to produce and market robotic surgical equipment and related software, orthopedic implants, tissue ablation tools, navigation consumables and other miscellaneous instrumentation necessary for reconstructive joint replacement procedures.
“Delivering our first robot and realizing our first commercial revenues validates our technology and represents a pivotal milestone for our strategic roadmap,” said Ben Sexson, Chief Executive Officer of Monogram Orthopedics. “Our system is performing at an extremely high level. We now look forward to seeing how our robot competes and scales in the real world. We hope to see the mBôs robot contribute to advancing the standard of care for orthopedic patients worldwide.”
Orthopedics is a large and growing market, with joint replacements forecast to grow by a CAGR of 7.9% through 2030 to over $37 billion, according to Fortune Business Insights. While North America is the largest market today, opportunities outside the United States are quickly developing. Due to increased healthcare spending, rapidly expanding healthcare infrastructure, a growing middle class and increased medical tourism, the international market for joint replacements will also increase over the coming decade. Monogram’s strategy is to pursue commercial traction internationally — and leverage clinical data from them — while simultaneously working to obtain FDA clearance in the US for its robotics systems.
“Our orthopedic robotic systems are attractive to these growing markets for several reasons. Firstly, we are designing an orthopedic robot, not just a knee robot. A multi-application system is much more capital-efficient. Second, the autonomous nature of our system aims to improve the standard of care and safety of these procedures”, said Noel Knape, CFO of Monogram. “Our operating procedure leverages patient-specific CT Scans and active autonomous cutting to minimize the risk of soft tissue damage and enable all surgeons to focus on planning. We expect these attributes to drive market adoption in these emerging markets”.
Monogram aims to improve the standard of care in orthopedic joint replacement surgery with advanced, next-generation active surgical robotics. Approximately 88% of knee replacement surgeries (the company's first addressable market) are still manual. The mBôs robot aims to combine safety, ease of use, streamlined cost, novel implant design, broad clinical functionality, and speed to help drive the next wave of robotic adoption in orthopedics.
Revolutionizing The Market
“We are excited to begin our commercial journey,” said Ben Sexson, CEO. “We believe the market potential for autonomous robotics that integrate augmented reality and machine learning workflows to enhance the surgery is significant. The company plans to demonstrate this value proposition in a hosted live stream demo.”
The company recently announced it will host a live stream product demonstration of features of its commercial robot on Thursday, December 14, 2023, at 11:00 a.m. Eastern Time. The pre-recorded video will feature Monogram's mBôs Surgical Robot. The demo follows Monogram's recent delivery of its first surgical robot to one of the largest global robot distributors and will showcase the technical advances of its system.
Monogram Product Demo Live Stream
Date: Thursday, December 14, 2023
Time: 11:00 a.m. Eastern Time
In pre-clinical trials, Monogram’s robot was able to complete simulated orthopedic robotic surgery in times competitive with current state-of-the-art systems. The goal is to significantly reduce these surgical times. The live stream demo should showcase how that could be possible. The mBôs robot aims to combine safety, ease of use, streamlined cost, novel implant design, broad clinical functionality and speed to help drive the next wave of robotic adoption in orthopedics.
Next-generation robotics will help drive the future of orthopedic medicine. Surprisingly, it is likely that emerging markets, which have easier regulatory hurdles will lead the way with the adoption of advanced technologies. Shifting demographics and aging populations will continue to drive demand for decades to come. Monogram’s vision is to advance the standard of care in orthopedics with a robotic solution that makes robotic surgeries easier and faster with uncompromised safety and accuracy. Monograms engender personalization – Monogram Orthopedics believes the future of robotics will be personalized, with patients getting personalized surgical plans optimized to their unique needs.
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