Contract awarded for products that potentially bring improvement to health care industry
October 4, 2021
CARLSBAD, Calif., Oct. 04, 2021 (GLOBE NEWSWIRE) — SeaSpine Holdings Corporation (NASDAQ: SPNE) announced its 7D FLASH Navigation System has received an Innovative Technology contract from Vizient, Inc., the nation’s largest member-driven health care performance improvement company. The contract was awarded outside of the standard competitive bid cycle based on recommendations by hospital experts and signifies to Vizient members the novel qualities of the 7D FLASH Navigation System that potentially bring improvement to the health care industry. Currently the 7D FLASH Navigation System is the only contracted vendor in the navigation category.
Innovative Technology contracts are recommended after review and interaction with products submitted through Vizient’s Innovative Technology Program. Vizient member-led councils identify technologies that have the potential to enhance clinical care, patient safety, health care worker safety or improve business operations of health care organizations.
The 7D FLASH Navigation System is the only approved image guidance system that utilizes a novel and proprietary camera-based technology and machine-vision algorithms. The system uses only visible light, reducing radiation exposure by eliminating intra-operative CT (computed tomography) and fluoroscopy for purposes of registration, both of which commonly are used with other technologies. This results in a registration workflow that takes just seconds and allows surgeons to control the system within the sterile field.
“We are thrilled to receive the Innovative Technology contract from Vizient, as it highlights the importance of the transformative technology in our 7D FLASH Navigation System,” said Brian Stuart, SeaSpine’s Vice President of Sales for Enabling Technologies. “Vizient serves an important and large member base, and with this contract award, we are now even more accessible to this extensive network. Our dedicated team is excited and ready to accelerate our promise to deliver the clinical and economic value of radiation-free navigation technology to the healthcare community.”
“A product receives this type of contract when it demonstrates a unique quality that differentiates it from other products on the market,” said Debbie Archer, Director of Procurement and Vizient Innovative Technology Program Leader. “Our member council determined that SeaSpine’s 7D FLASH Navigation System met this standard and recognizes its potential to improve quality outcomes.”
Vizient represents a diverse membership base that includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers and represents more than $100 billion in annual purchasing volume. Through its Innovative Technology Program, Vizient works with member-led councils and task forces to evaluate products for their potential to bring real innovation to health care. Vizient may award a contract to products deemed worthy of the Innovative Technology designation outside of the competitive bid cycle.
SeaSpine (www.seaspine.com) is a global medical technology company focused on the design, development, and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal implants solutions, as well as a market leading surgical navigation system, to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic, and cervical spine. SeaSpine’s orthobiologics products consist of a broad range of advanced and traditional bone graft substitutes that are designed to improve bone fusion rates following a wide range of orthopedic surgeries, including spine, hip, and extremities procedures. SeaSpine’s spinal implants portfolio consists of an extensive line of products to facilitate spinal fusion in degenerative, minimally invasive surgery (MIS), and complex spinal deformity procedures. Expertise in orthobiologic sciences, as well as spinal implants, software and advanced optics product development, allows SeaSpine to offer its surgeon customers a differentiated portfolio and a complete solution to meet their fusion requirements. SeaSpine currently markets its products in the United States and in approximately 30 countries worldwide.
SeaSpine cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that are based on the Company’s current expectations and assumptions. Such forward-looking statements include, but are not limited to, statements relating to: the potential for the 7D FLASH Navigation System to bring improvement to the health care industry; the Company’s ability to deliver the clinical and economic value of radiation-free navigation technology to the healthcare community, including its ability to accelerate its promise to do so; and the potential of the 7D FLASH Navigation System to improve quality outcomes. Among the factors that could cause or contribute to material differences between the Company’s actual results and the expectations indicated by the forward-looking statements are risks and uncertainties that include, but are not limited to: the ability of the 7D FLASH Navigation System to perform as designed and intended and to meet the needs of surgeons and patients; risks inherent in the use of novel imaging techniques, including advanced optical technologies and machine vision-based registration algorithms; challenges and/or delay in reaching agreement with Vizient members with respect to the placement of capital equipment and/or the terms of any hospital purchase commitments, including the inability to place the 7D FLASH Navigation System as result of prior placement of competitive systems or conflicting purchase commitments; unexpected delays in the development and support of the launch of next generation or new applications of the 7D FLASH Navigation System, including the fact that newly launched products may require substantial additional development activities, which could introduce further delays, or as a result of obtaining regulatory clearances; and other risks and uncertainties more fully described in the Company’s news releases and periodic filings with the Securities and Exchange Commission. The Company’s public filings with the Securities and Exchange Commission are available at www.sec.gov.
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date when made. SeaSpine does not intend to revise or update any forward-looking statement set forth in this news release to reflect events or circumstances arising after the date hereof, except as may be required by law.
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Source: SeaSpine Holdings Corporation