Medtronic plc MDT recently announced the first successful patient procedure with the Hugo robotic-assisted surgery (RAS) system. The robot-assisted prostatectomy was performed at Clínica Santa María in Santiago, Chile, under the Partners in Possibility Program. For investors’ note, the Partners in Possibility Program consists of a group of pioneering hospitals, expected to be among the first to use the Hugo RAS system in support of Medtronic’s patient registry.
This first patient procedure has initiated the beginning of Hugo RAS system patient registry, which is intended to collect clinical data in support of regulatory submissions.
The Hugo RAS system is expected to bolster the Surgical Robotics business, which is part of Medtronic’s Medical Surgical Portfolio. It will also pave the way for surgeons to offer a minimally-invasive surgical alternative to patients worldwide on a regular basis.
More About Hugo RAS
The Hugo RAS system includes features such as wristed instruments, 3D visualization and a powerful surgical video capture option in Touch Surgery Enterprise, each backed by dedicated support teams. It is a modular, multi-quadrant platform which can perform a broad range of robot-assisted surgical procedures.
The system intends to improve robotics economics and utilization. It is expected to build on Medtronic’s decades-long history of improving accessibility to minimally-invasive surgery (MIS) worldwide.
Despite offering the several benefits associated with MIS, including fewer complications, shorter hospital stays and speedy return to normal activities, the robotic-assisted surgery accounts for less than 3% of all surgeries performed at present. This is attributable to historical cost and utilization barriers that place it beyond the reach of several hospitals.
Per a report published in MarketsandMarkets, the global surgical robots market is expected to see a CAGR of 17.6% during 2021 to 2026. A general increase in demand for robot-assisted surgeries, which are minimally invasive in nature, can be observed due to advantages such as smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, faster recovery periods, minimal cost and greater accuracy. Apart from this, factors driving market growth include technological advancements in surgical robots, growing funds for robotic research and advanced visualization capabilities associated with robot-assisted surgeries.
Given the substantial market prospects, the first successful patient procedure with the Hugo RAS system bears strategic significance.
Medtronic engaged in a number of significant developments in June 2021.
The company’s STROKE AF trial outcomes published in the Journal of the American Medical Association (JAMA) demonstrated diagnostic superiority of the Reveal LINQ Insertable Cardiac Monitor over standard cardiac monitoring routines for the detection of atrial fibrillation in large and small vessel stroke patients.
Medtronic received FDA approval for Vanta implantable neurostimulator. The new neurostimulator is a high performance recharge-free device with longevity of up to 11 years. It utilizes Medtronic's proprietary AdaptiveStim technology, which features an extended battery life, broad MRI compatibility and personalized pain relief system, enabling physicians to better manage patients’ chronic pain.
Medtronic received FDA approval and announced the subsequent launch of the SenSight Directional Lead System in the United States, which was implanted for the first time at the University of Florida early June. The SenSight is a distinct Deep Brain Stimulation therapy that integrates the benefits of directionality with the power of sensing, enabling physicians to treat some symptoms associated with movement disorders.
Zacks Rank and Key Picks
Currently, Medtronic carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the Medical-Instruments industry include PetIQ, Inc. PETQ, National Vision Holdings, Inc. EYE and Envista Holdings Corporation NVST.
PetIQ, currently sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 25.00%. You can see the complete list of today’s Zacks #1 Rankstocks here.
National Vision Holdings, which carries a Zacks Rank #1, has a long-term earnings growth rate of 23.00%.
Envista Holdings, which carries a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 26.40%.
(We are reissuing this article to correct a mistake. The original article, issued on June 24, 2021, should no longer be relied upon)
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Medtronic PLC (MDT) : Free Stock Analysis Report
PetIQ, Inc. (PETQ) : Free Stock Analysis Report
National Vision Holdings, Inc. (EYE) : Free Stock Analysis Report
Envista Holdings Corporation (NVST) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research