Restoration Robotics, Inc. (HAIR - Free Report) recently attained CE Mark approval for the commercial rollout of the ARTAS iX Robotic Hair Restoration System, equipped with implantation functionality, in Europe.
This regulatory approval is expected to strengthen the company’s hair restoration business and expand its global presence.
More About the ARTAS iX System
The ARTAS Robotic Hair Restoration System is the first and only hair restoration system in the world that combines robotics and AI technology to aid surgeons through the most crucial and monotonous stages of the hair restoration process. It enables accurate, proficient and repeatable hair restoration, and automates the vital aspects of hair transplantation procedures like graft harvesting, recipient site making, and now, implantation.
The CE Mark approval came on the heels of the company’s receipt of ISO 13485:2016 Certification for ARTAS iX in January 2019. With this approval, ARTAS users in Europe can now use this new platform, which includes novel implantation functionality, improves clinical outcomes and further enhances the hair restoration process. Management expects to continue selling through its international sales team and distributor partners in new markets across Europe.
Per Mordor Intelligence, the global hair restoration market is expected to see a CAGR of 20% during the forecast period of 2016-2024. Hence this regulatory go-ahead comes at an ideal time.
Lately, the company has been showcasing the ARTAS iX system across various public platforms. In March 2019, Restoration Robotics announced that the first solo ARTAS iX surgery in the world had been performed by thefirst female surgeon, who purchased this system.
In the past three months, the stock has rallied 11.7% compared with the industry’s rise of 3.4%.
Zacks Rank and Key Picks
Restoration Robotics currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are Medtronic (MDT - Free Report) , Baxter (BAX - Free Report) and NuVasive (NUVA - 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.
Medtronic’s long-term earnings growth rate is expected at 7.13%.
Baxter’s long-term earnings growth rate is projected at 12.8%.
NuVasive’s long-term earnings growth rate is expected to be 12.75%.
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