Medical, Inc. (NYSE: GMED), a leading musculoskeletal implant
manufacturer, today announced that it has acquired Excelsius Surgical.
Excelsius Surgical is developing a next generation surgical robotic
positioning platform for spine, brain and therapeutic markets. The
Excelsius Surgical system is a robotic surgical aid for navigating and
facilitating surgical access, implant sizing, positioning and placement,
and is designed to enable surgeons to perform procedures more quickly
and with greater accuracy, safety and reproducibility than is currently
available in the marketplace today.
"We are very excited by the strategic fit and potential of Excelsius
Surgical. Our product development efforts focus on products designed to
minimize tissue disruption, blood loss and surgical complications, and
we believe that the use of advanced technology solutions, such as the
Excelsius Surgical system, will enable surgeons to consistently achieve
better surgical outcomes," said David Paul, Chairman and CEO of Globus.
"Recent trends in the adoption of navigation technology as well as
advancements in imaging only serve to reinforce our belief that
technology will play an increasingly greater role in surgery in the
future. We believe that this acquisition positions Globus to be a leader
in this important area."
Nicholas Theodore, MD, co-founder of Excelsius Surgical, commented, "We
started Excelsius Surgical to develop a surgical technology that would
improve clinical outcomes. We combined robotics and imaging with the
goal of enabling surgeons to reproducibly and cost effectively perform
robotically assisted, minimally invasive surgery with fewer
complications and less trauma, as well as reducing radiation exposure
for patients, surgeons and operating room personnel. We are proud of our
development progress to date and believe that Globus will be a great
partner to bring this technology to the market."
The Excelsius Surgical robotic positioning system is being designed to
integrate intra-operative digital imaging with a sphisticated robotic
surgical assistant that maintains anatomical positioning during the
surgery with sub-millimeter accuracy. The technology was developed in
conjunction with Dignity Health's Barrow Neurological Institute at St.
Joseph's Hospital and Medical Center in Phoenix, AZ. Co-founders Neil R.
Crawford, PhD, Associate Professor of Spinal Biomechanics at Barrow, and
Nicholas Theodore, MD, neurosurgeon and Chief of Spine Surgery at
Barrow, led the development of the technology.
Financial terms of the transaction were not disclosed. Globus expects to
obtain FDA clearance to market the robotic positioning system in 2015,
with commercial sales expected in 2016. The potential dilutive impact of
continued development expenses to Globus' earnings in 2014 is estimated
to be 5 to 7 cents per fully diluted share.
About Globus Medical, Inc.
Globus Medical, Inc. is a leading musculoskeletal implant company based
in Audubon, PA. The company was founded in 2003 by an experienced team
of professionals with a shared vision to create products that enable
surgeons to promote healing in patients with musculoskeletal disorders.
Additional information can be accessed at www.globusmedical.com.
Safe Harbor Statements
All statements included in this press release other than statements of
historical fact are forward-looking statements and may be identified by
their use of words such as "believe," "may," "might," "could," "will,"
"aim," "estimate," "continue," "anticipate," "intend," "expect," "plan"
and other similar terms. These forward-looking statements are based on
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to many risks, uncertainties and other factors that may affect our
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but are not limited to, factors affecting our quarterly results, our
ability to manage our growth, our ability to sustain our profitability,
demand for our products, our ability to compete successfully (including
without limitation our ability to convince surgeons to use our products
and our ability to attract and retain sales and other personnel), our
ability to rapidly develop and introduce new products, our ability to
develop and execute on successful business strategies, our ability to
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medical device industry, general economic conditions, and other risks.
For a discussion of these and other risks, uncertainties and other
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disclosure contained in our most recent annual report on Form 10-K filed
with the Securities and Exchange Commission, including the sections
labeled "Risk Factors" and "Cautionary Note Concerning Forward-Looking
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Moreover, we operate in an evolving environment. New risk factors and
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predict all risk factors and uncertainties, nor can we assess the impact
of all factors on its business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. Given these
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