SeaSpine has entered into an agreement to acquire 7D Surgical in a $110 million deal.
Five notes:
1. In February 2020, SeaSpine partnered with 7D Surgical to distribute the Machine-Vision Image Guided Surgery system for spine and cranial surgery, the company's flagship system.
2. MvIGS is designed to replace standard fluoroscopy and offers surgeons a radiation-free tool to place spinal implants. The system can complete the entire patient registration process in less than 30 seconds, compared to 30 minutes common with traditional systems, according to the company.
3. The integration of the two companies "will allow us to expand and stretch our clinical value by fully encompassing the patient experience from the onset of surgical planning through the end of treatment and recovery," Keith Valentine, SeaSpine president and CEO, said in a March 22 news release.
4. The acquisition will provide revenue through 7D Surgical's customer base "as well as the opportunity to place additional systems on a capital-efficient basis by allowing hospitals to acquire them over time" by purchasing implants and orthobiologic products from SeaSpine, according to John Bostjancic, senior vice president and CFO of the company.
5. The board of directors for SeaSpine and 7D Surgical unanimously approved the transaction, which is expected to close in the second quarter.