OrthAlign Inc Celebrates a Record Year with Over $50MM in Global Revenue in 2023
The future is brighter, now with Lantern’s soft-tissue balancing application.
ALISO VIEJO, Calif., Jan. 9, 2024 /PRNewswire/ — OrthAlign Inc, a leading innovator in surgical technology, announces over $50MM in Global Revenue in its 2023 fiscal year, achieving record milestones in revenue, patient reach, and market expansion.
OrthAlign technology has been used in over 325,000 procedures worldwide, with 56,000 in 2023. Last year, the company delivered strong revenue growth across all sites of service, and posted 27% growth in the US market, solidifying itself as a leader in total joint replacement technology. This revenue and procedural growth highlight the surge in demand from healthcare providers seeking surgical solutions that are accurate, efficient, and cost-effective.
OrthAlign expanded its footprint in the Ambulatory Surgical Centers (ASC) by adding 25% more facilities and achieved over 37% revenue growth in the segment. The increased presence in ASCs demonstrates OrthAlign’s adaptability to various clinical settings and the ability to offer solutions that cater to the evolving needs of the total joint market: technology in every room, for every surgeon, for every patient, at any time.
In November, Lantern®, OrthAlign’s flagship product, was presented the 2023 Industry Innovation Award by the American Association of Hip and Knee Surgeons for the addition of its gap balancing feature. The award recognizes cutting-edge innovation in the field of hip and knee replacement. Lantern Balance delivers an efficient, easy-to-use technology that aids surgeons in soft-tissue balancing during primary and revision knee replacement procedures. In the short time that Lantern and Balance have been on the market, over 15,000 procedures have been performed using it on total knee, partial knee, and revision knee procedures.
“I am thrilled with the results we delivered in 2023. Crossing $50 million in annual revenue is a testament to our products, and more importantly, our people that work so hard to deliver accurate, easy-to-use and efficient solutions to surgeons,” said Eric Timko, Chairman and CEO of OrthAlign, Inc. “Technology adoption and the shift to the ASC in orthopedics are happening faster than ever and we firmly believe that it takes a portfolio of technologies to address the needs of the entire market. Robotics certainly has its place, but Lantern is the simplest, universal solution for surgeons transitioning from manual to technology-assisted total joints. Our results speak to that. Technology in every surgery is the future, and we’re here to help drive that transition.”
OrthAlign remains dedicated to making empowering technologies accessible to all through a robust pipeline of products aimed at streamlining procedures and providing surgeons and their teams the tools they need to deliver exceptional healthcare to their patients.
SOURCE OrthAlign
PRNewsfoto/OrthAlign
