Acquisition Expands Hip Portfolio with
Artificial Intelligence-Driven Surgical Guidance System
WARSAW, Ind.,
Aug. 7,
2024 /PRNewswire/ -- Zimmer Biomet Holdings, Inc.
(NYSE and SIX: ZBH), a global medical technology leader, today
announced that it signed a definitive agreement to acquire
OrthoGrid Systems, Inc., (OrthoGrid) a privately-held medical
technology company focused on artificial intelligence (AI)-driven
surgical guidance systems for total hip replacement. The
acquisition includes OrthoGrid's AI-powered, fluoroscopy-based
surgical assistance platform Hip AI®, as well as two
additional FDA-cleared orthopedic applications and over 40
patents.
![(PRNewsfoto/Zimmer Biomet Holdings, Inc.) (PRNewsfoto/Zimmer Biomet Holdings, Inc.)](https://mma.prnewswire.com/media/1603977/Zimmer_Biomet_Holdings_Logo.jpg)
Surgical guidance systems often rely on CT-based imaging which
can result in a backlog of CT exams and, in turn, impact operating
room (OR) workflow and efficiency. Fluoroscopy-based surgical
guidance is a technique that uses real-time X-ray imaging to help
guide procedures and improve surgical accuracy and safety. Unlike
CT scans, fluoroscopy-based systems do not require preoperative
preparation, allow real-time navigation with up-to-date images, and
provide convenient bedside access to motion imaging.
"OrthoGrid's AI systems address the rapidly growing market
demand for fluoroscopy-based surgical guidance solutions while
strengthening our portfolio of hip offerings that drive
intraoperative efficiencies and improve the quality of life for
patients," said Jim Lancaster,
President, Recon and Global Headquarters Executive Director at
Zimmer Biomet.
OrthoGrid's Hip AI system provides real-time image analysis,
automated measurements of leg length and offset, and guidance on
optimal cup placement while maintaining a small OR footprint. In
addition, surgeons can tailor Hip AI to align with their specific
technique and workflow.
"We pride ourselves on being customer-centric and Hip AI
exemplifies our commitment to offer solutions that meet the
specific needs of each surgeon," added Lancaster.
"The agreement with Zimmer Biomet, a global leader in
orthopedics, will significantly accelerate our shared goal of
addressing challenging orthopedic problems with innovative
technology solutions," said Edouard
Saget, Co-Founder and Co-Chief Executive Officer of
OrthoGrid.
"While early, the launch of our AI-driven intraoperative
surgical guidance platform has received positive feedback from hip
surgeons across the U.S. and we are excited to expand our reach
through this acquisition," said Richard
Boddington, Co-Founder and Co-Chief Executive Officer of
OrthoGrid.
The transaction is subject to customary closing conditions and
is expected to be completed by the end of the fourth quarter of
2024.
About Zimmer Biomet
Zimmer Biomet is a global medical
technology leader with a comprehensive portfolio designed to
maximize mobility and improve health. We seamlessly transform the
patient experience through our innovative products and suite of
integrated digital and robotic technologies that leverage data,
data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise,
Zimmer Biomet is positioned to deliver the highest quality
solutions to patients and providers. Our legacy continues to come
to life today through our progressive culture of evolution and
innovation.
For more information about our product portfolio, our operations
in 25+ countries and sales in 100+ countries or about joining our
team, visit www.zimmerbiomet.com or follow Zimmer Biomet on
Twitter at www.twitter.com/zimmerbiomet.
About OrthoGrid Systems, Inc.
OrthoGrid, founded in
2012, provides intraoperative alignment navigation via
procedure-specific musculoskeletal applications for THA, Hip
Preservation, and Trauma. Its AI-enabled surgical guidance
technology imports images from C-arm image intensifiers to reveal
and correct fluoroscopic distortion and helps surgeons achieve
desirable and reproducible surgical outcomes. OrthoGrid is based in
Salt Lake City, Utah, with
research facilities located in Strasbourg, France. Its technology is
distributed in North America and
Asia. Learn more at
www.OrthoGrid.com.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of forward-looking terms
such as "may," "will," "expects," "believes," "aims,"
"anticipates," "plans," "looks forward to," "estimates,"
"projects," "assumes," "guides," "targets," "forecasts," "seeks" or
the negatives of such terms or other variations on such terms or
comparable terminology. Forward-looking statements include, but are
not limited to, statements concerning Zimmer
Biomet's anticipated acquisition of OrthoGrid Systems, Inc.
and the expected timing of closing; the expected timing and
conditions, if any, of regulatory approvals associated with the
acquisition; the benefits of such acquisition; revenue projections;
product portfolio and performance; competitive offerings; market
performance; business plans relating to OrthoGrid Systems, Inc. and
other aspects of Zimmer Biomet's business and other statements that
are not historical facts. Such statements are based upon the
current beliefs and expectations of management and are subject to
significant risks and uncertainties that could cause actual
outcomes and results to differ materially. Some of these risks and
uncertainties include the potential for legal and proceedings or
related to the contemplated transactions and the other risks and
uncertainties in Zimmer Biomet's periodic reports filed with the
Securities and Exchange Commission (SEC). These factors should not
be construed as exhaustive and should be read in conjunction with
the other cautionary statements that are included in our filings
with the SEC. We disclaim any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be set forth
in our periodic reports. Accordingly, such forward-looking
statements speak only as of the date made. Readers of this
communication are cautioned not to place undue reliance on these
forward-looking statements, since, while management believes the
assumptions on which the forward-looking statements are based are
reasonable, there can be no assurance that these forward-looking
statements will prove to be accurate. This cautionary statement is
applicable to all forward-looking statements contained in this
communication.
Media
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Investors
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Heather
Zoumas-Lubeski
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Zach Weiner
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445-248-0577
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908-591-6955
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heather.zoumaslubeski@zimmerbiomet.com
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zach.weiner@zimmerbiomet.com
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SOURCE Zimmer Biomet Holdings, Inc.