Globus Medical Announces Acquisition of Robotics Developer Excelsius Surgical
Excelsius Surgical is developing a next generation surgical robotic positioning platform for spine, brain and therapeutic markets.
AUDUBON, Pa.--Globus 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 sophisticated 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.
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