Medtronic is set to acquire Mazor Robotics for $1.6bn
One of the world's largest medical technology, services and solutions companies – Medtronic is set to acquire robotic technology company, Mazor Robotics for $1.6bn.
At present, Medtronic employs more than 86,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The acquisition will therefore strengthen its position as a global leader in enabling technologies for spine surgery, and drives Mazor Robotics' vision to bring its core technology to the forefront of the global market.
Mazor's proprietary core platform technology, including the Mazor X Robotic Guidance System (Mazor X), and the Renaissance Surgical-Guidance System (Renaissance), are transforming spinal surgery from freehand procedures to accurate, state-of-the-art, guided procedures.
To date, more than 200 Mazor systems are in clinical use on four continents and have guided the placement of more than 250,000 implants during some 40,000 procedures, enabling minimally-invasive spine surgery to become standard procedure in many hospitals.
Combining Medtronic's market-leading spine implants, navigation, and intra-operative imaging technology with Mazor's robotic-assisted surgery (RAS) systems, the company will aim to deliver a fully-integrated procedural solution for surgical planning, execution and confirmation in order to showcase this integration at the upcoming NASS (North American Spine Society) 2018 Annual Meeting in Los Angeles.
Mazor's core technology has received more than 15 US Food and Drug Administration clearances and has been the subject of more than 60 publications, leading the spine robotics market on the evidence front. The company is the holder of more than 50 patents worldwide.
"We believe robotic-assisted procedures are the future of spine surgery, and provide surgeons a more precise, repeatable, and controlled ability to perform complex procedures. Medtronic is committed to accelerating the adoption of robotic-assisted surgery and transforming spine care through procedural solutions that integrate implants, biologics and enabling technologies," said Geoff Martha, Executive Vice President and President of the Restorative Therapies Group at Medtronic.
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"We intend to further cultivate Mazor's legacy of innovation in surgical robotics with the site and team in Israel as a base for future growth."
“Over the past two years it’s become clear to us that enabling technology like this is the future,” he informed Bloomberg.
“It improves outcomes in spinal surgery and reduces the variability. Once we realised this is clearly the future, we knew we had to integrate all this technology.”
Through the announcement, Medtronic will accelerate the advancement and adoption of RAS in spine to the benefit of patients, providers, and the healthcare system more broadly.
Ori Hadomi, CEO of Mazor Robotics added: "The Mazor team and product portfolio's full integration into Medtronic will maximize our impact globally through Medtronic's channels, advance our systems' leadership position in the marketplace, and drive the realization of our vision to heal through innovation."
The acquisition is expected to close during Medtronic's third fiscal quarter ending January 2019. The company projects the acquisition to generate a double-digit return on invested capital (ROIC) by year four, with an increasing contribution thereafter.
Birdie aims to reinvent elderly care with tech
British startup Birdie has announced it has raised £8.2 million to invest in innovation and scale up the business.
The company's announcement is timely as it follows the criticism of the UK government over their lack of a plan for social care, despite acknowledging the sector is in crisis - around a quarter of the UK's home care providers are on the brink of bankruptcy due to a lack of funds and staffing.
Birdie was born with a mission to "radically improve the lives of millions of older adults", by using app-based solutions, IoT and machine learning to put preventative care at the forefront. The company was founded by Max Parmentier, after experiencing his own frustrations with the care system - his grandfather struggled with the impact of life in a care home, but lacked any other option.
In 2017 Parmentier partnered with venture builder Kamet Ventures to set up Birdie, in a bid to fix this problem. Since then, Birdie has partnered with almost 500 providers across the UK, and supports more than 20,000 older people every week. In the past 12 months alone the number of people Birdie supports has got six times greater.
Birdie’s solution is an app to help care providers deliver more coordinated, personalised and preventative care, by giving them access to digital assessments, medication scheduling and planning tools. By using digital tools to take care of admin, staff have more time to spend with their care recipients.
The new investment will be used to fund Birdie’s next phase of growth in the UK, as the company scales to meet the rapidly growing demand of the aging population. The company will also invest in product innovation, creating new features to address customer requests.
In addition, Birdie is piloting new care models, including partnering with the NHS to identify COVID-19 symptoms, building predictive pharmacy models with AI, and helping health authorities to detect early warning signs of patients’ health risks.
Internally, Birdie is committed to having a progressive company ethos. All salaries are transparent, and staff work asynchronously to maximise flexibility and equity. Staff members also volunteer in their local community during office hours, and the company offsets all its emissions.
These efforts have led to numerous awards, including having the best SME culture in the UK, an Honorable Mention in the Health category of Fast Company’s 2021 World Changing Ideas Awards, and innovation in care at the LangBuisson awards.
“We believe the future of care for older people should be helping them to live at home for as long as possible through the delivery of personalised and preventative care" Parmentier said.
"Birdie is already the partner of choice for caregivers up and down the UK, and this new funding will help us rapidly increase the number we partner with and what we can offer them - meaning more people benefiting from more affordable, quality care. We’re proud of our mission and the values we embody to pursue it.”