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Medtronic (MDT) Gets Health Canada License for Hugo RAS System
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Medtronic plc’s (MDT - Free Report) subsidiary, Medtronic Canada ULC, recently received a Health Canada license for the Hugo robotic-assisted surgery (RAS) system for utilization in urologic and gynecologic laparoscopic surgical procedures. Notably, these surgical procedures account for about half of all robotic procedures performed.
The Hugo RAS system is a modular, multi-quadrant platform that brings together wristed instruments, 3D visualization and a cloud-based surgical video capture option in Touch Surgery Enterprise. This system is backed by dedicated support teams specializing in robotics program optimization, service and training.
The receipt of the Health Canada license for employing the Hugo RAS system in urologic and gynecologic laparoscopic surgical procedures is likely to bolster Medtronic’s Surgical Robotics business, part of the company’s Medical Surgical portfolio.
Enhanced Access to Robotic-Assisted Surgery in Canada
Despite providing several benefits of minimally-invasive surgery, about 3% of soft tissue surgeries are performed robotically worldwide. The Health Canada license for the Hugo RAS system brings forth a new opportunity for Canadian healthcare, allowing more patients to benefit from robotic-assisted surgery by addressing the historical cost and utilization barriers that have hampered robotic surgery adoption for two decades.
Image Source: Zacks Investment Research
Per Medtronic Canada management, minimally-invasive technology has a role in addressing the surgical backlog in Canada. With only 1-2% percent of surgeries performed with robotic assistance in Canada, the launch of the Hugo RAS system is anticipated to improve patient and healthcare provider experience. As a first step, the company plans to work with hospital partners to select the ideal candidates for RAS based on patient outcomes and cost.
More on the News
The Health Canada licensing follows important milestones in the global launch of the Hugo RAS system. The significant milestones include the CE Mark authorization of the Hugo RAS system in Europe and the first urologic and gynecologic cases in Latin America and India, which are part of the Hugo RAS system patient registry.
The Hugo RAS system is commercially available in certain regions. Within the United States, the Hugo RAS system is an investigational device that is not for sale. The Touch Surgery Enterprise is not designed to direct surgery or assist in diagnosing or treating a disease or condition.
Industry Prospects
Per a report published in MarketsandMarkets, the global surgical robots market is expected to see a CAGR of 17.6% from 2021 to 2026. Factors driving market growth include several benefits of robotic-assisted surgery, growing funds for robotic research, increasing adoption of surgical robots and advanced visualization capabilities associated with robotic-assisted surgeries.
Given the substantial market prospects, the receipt of the Health Canada license for the Hugo RAS system seems well-timed.
Other Notable Developments
Medtronic engaged in a number of significant developments in November 2021.
Medtronic Canada ULC received a Health Canada license for the GI Genius intelligent endoscopy module. The GI Genius is a computer-aided detection system that employs artificial intelligence to highlight colon regions with visual characteristics associated with various forms of mucosal abnormalities.
The company gained FDA 510(k) clearance for its PillCam Small Bowel 3 HOME (SB3) system for remote endoscopy procedures. The latest approval for PillCam allows patients to get gastrointestinal care in the comfort of their homes.
Share Price Performance
The stock has outperformed its industry over the past year. It has declined 0.6% compared with the industry’s 3.8% fall.
Zacks Rank and Key Picks
Currently, Medtronic carries a Zacks Rank #3 (Hold).
NextGen has a long-term earnings growth rate of 8.5%. The company surpassed earnings estimates in the trailing four quarters, delivering an average surprise of 16%.
NextGen has outperformed its industry over the past year. NXGN has declined 7.1% versus the industry’s 42.9% fall.
McKesson has a long-term earnings growth rate of 8.9%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 19.9%, on average.
McKesson has outperformed its industry over the past year. MCK has gained 25.7% versus the 11.9% industry rise.
HealthEquity has a long-term earnings growth rate of 13.4%. The company surpassed earnings estimates in the trailing four quarters, delivering an average surprise of 9.8%.
HealthEquity has outperformed its industry over the past year. HQY has declined 34.2% versus the industry’s 54.5% fall.
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Medtronic (MDT) Gets Health Canada License for Hugo RAS System
Medtronic plc’s (MDT - Free Report) subsidiary, Medtronic Canada ULC, recently received a Health Canada license for the Hugo robotic-assisted surgery (RAS) system for utilization in urologic and gynecologic laparoscopic surgical procedures. Notably, these surgical procedures account for about half of all robotic procedures performed.
The Hugo RAS system is a modular, multi-quadrant platform that brings together wristed instruments, 3D visualization and a cloud-based surgical video capture option in Touch Surgery Enterprise. This system is backed by dedicated support teams specializing in robotics program optimization, service and training.
The receipt of the Health Canada license for employing the Hugo RAS system in urologic and gynecologic laparoscopic surgical procedures is likely to bolster Medtronic’s Surgical Robotics business, part of the company’s Medical Surgical portfolio.
Enhanced Access to Robotic-Assisted Surgery in Canada
Despite providing several benefits of minimally-invasive surgery, about 3% of soft tissue surgeries are performed robotically worldwide. The Health Canada license for the Hugo RAS system brings forth a new opportunity for Canadian healthcare, allowing more patients to benefit from robotic-assisted surgery by addressing the historical cost and utilization barriers that have hampered robotic surgery adoption for two decades.
Image Source: Zacks Investment Research
Per Medtronic Canada management, minimally-invasive technology has a role in addressing the surgical backlog in Canada. With only 1-2% percent of surgeries performed with robotic assistance in Canada, the launch of the Hugo RAS system is anticipated to improve patient and healthcare provider experience. As a first step, the company plans to work with hospital partners to select the ideal candidates for RAS based on patient outcomes and cost.
More on the News
The Health Canada licensing follows important milestones in the global launch of the Hugo RAS system. The significant milestones include the CE Mark authorization of the Hugo RAS system in Europe and the first urologic and gynecologic cases in Latin America and India, which are part of the Hugo RAS system patient registry.
The Hugo RAS system is commercially available in certain regions. Within the United States, the Hugo RAS system is an investigational device that is not for sale. The Touch Surgery Enterprise is not designed to direct surgery or assist in diagnosing or treating a disease or condition.
Industry Prospects
Per a report published in MarketsandMarkets, the global surgical robots market is expected to see a CAGR of 17.6% from 2021 to 2026. Factors driving market growth include several benefits of robotic-assisted surgery, growing funds for robotic research, increasing adoption of surgical robots and advanced visualization capabilities associated with robotic-assisted surgeries.
Given the substantial market prospects, the receipt of the Health Canada license for the Hugo RAS system seems well-timed.
Other Notable Developments
Medtronic engaged in a number of significant developments in November 2021.
Medtronic Canada ULC received a Health Canada license for the GI Genius intelligent endoscopy module. The GI Genius is a computer-aided detection system that employs artificial intelligence to highlight colon regions with visual characteristics associated with various forms of mucosal abnormalities.
The company gained FDA 510(k) clearance for its PillCam Small Bowel 3 HOME (SB3) system for remote endoscopy procedures. The latest approval for PillCam allows patients to get gastrointestinal care in the comfort of their homes.
Share Price Performance
The stock has outperformed its industry over the past year. It has declined 0.6% compared with the industry’s 3.8% fall.
Zacks Rank and Key Picks
Currently, Medtronic carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are NextGen Healthcare, Inc. , McKesson Corporation (MCK - Free Report) and HealthEquity, Inc. (HQY - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NextGen has a long-term earnings growth rate of 8.5%. The company surpassed earnings estimates in the trailing four quarters, delivering an average surprise of 16%.
NextGen has outperformed its industry over the past year. NXGN has declined 7.1% versus the industry’s 42.9% fall.
McKesson has a long-term earnings growth rate of 8.9%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 19.9%, on average.
McKesson has outperformed its industry over the past year. MCK has gained 25.7% versus the 11.9% industry rise.
HealthEquity has a long-term earnings growth rate of 13.4%. The company surpassed earnings estimates in the trailing four quarters, delivering an average surprise of 9.8%.
HealthEquity has outperformed its industry over the past year. HQY has declined 34.2% versus the industry’s 54.5% fall.