Microbot Medical Inc. (MBOT Quick QuoteMBOT - Free Report) recently announced the successful completion of its GLP pivotal pre-clinical study. The study was conducted under the guidelines of the FDA-required levels of planning, controlling, monitoring and reporting, using a porcine model.

Per Microbot Medical, the study was conducted by three interventional radiologists who utilized the LIBERTY Endovascular Robotic Surgical System to perform a total of 96 robotic navigations.

It is worthwhile to note that Microbot Medical, a pre-clinical medical device company, is the developer of the LIBERTY Endovascular Robotic Surgical System.

The latest favorable study outcome is a significant stepping stone for Microbot Medical to move forward to human clinical studies.

Significance of the Results

Microbot Medical’s management believes that the latest positive study outcomes are a significant step forward to continue its transition from research and development and pre-clinical phase into the clinical, regulatory and pre-commercial phase. Management also expects to submit its investigational device exemption (IDE) application to the FDA soon and commence its pivotal human clinical trial to complete its transition to a clinically-stage company.

Per management, the LIBERTY Endovascular Robotic Surgical System aims to improve the way surgical robotics are currently being used in endovascular procedures by eliminating the need for large, complex, and expensive capital equipment.

Per Microbot Medical, the results of the study will likely support its IDE submission to the FDA to commence its human clinical study.

Industry Prospects

Per a report by Future Market Insights published on GlobeNewswire, the global micro robots market was estimated to be $31.73 billion in 2023 and is anticipated to reach $159.17 billion by 2033 at a CAGR of 17.5%. Factors like the increased application across various domains and the rising demand for minimally-invasive surgical procedures are expected to drive the market.

Given the market potential, the recent positive study outcome is expected to provide a significant impetus to Microbot Medical operations.

Notable Development

Last month, Microbot Medical entered into a collaboration agreement with Corewell Health. The collaboration, which will take place in multiple phases, aims to enable telerobotics between remote centers by utilizing the LIBERTY Endovascular Robotic Surgical System.

Price Performance

Shares of the company have lost 61.8% in the past year against the industry’s 1.7% rise and the S&P 500's 23.8% growth.

Image Source: Zacks Investment Research

Zacks Rank & Key Picks

Currently, Microbot Medical carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA Quick QuoteDVA - Free Report) , Merit Medical Systems, Inc. (MMSI Quick QuoteMMSI - Free Report) and Integer Holdings Corporation (ITGR Quick QuoteITGR - Free Report) .

DaVita, sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.

DaVita’s shares have gained 38.6% compared with the industry’s 10% rise in the past year.

Merit Medical, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, with the average being 14.4%.

Merit Medical has gained 9.1% compared with the industry’s 12% rise in the past year.

Integer Holdings, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 11.9%.

Integer Holdings’ shares have rallied 44.7% compared with the industry’s 1.7% rise in the past year.