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MAKO Surgical Corp.

MAKO Surgical Corp. was a publicly traded medical device company based in Florida. On September 25, 2013, the Board of Directors of Mako Surgical accepted a deal to be acquired by Stryker for $1.65B.[4][5] The deal closed in December 2013.

MAKO Surgical Corp.
IndustryMedical devices
Founded2004[1]
FounderRony Abovitz, Maurice Ferre M.D.
DefunctDecember 17, 2013 (2013-12-17)
FateAcquired by Stryker Corporation
Key people
Maurice Ferre M.D., Fritz LaPorte, former CFO, Treasurer, Sr. VP of Finance
Products
  • RIO Robotic Arm Interactive Orthopedic Systems
  • RESTORIS Implants for partial knee and total hip arthroplasty[2]
RevenueIncrease US$ 102.72Million (2012)[3]
Increase US$ -32.55Million (2012)[3]

Founded in 2004, the company manufactures and markets surgical robotic arm assistance platforms, most notably the RIO (Robotic Arm Interactive Orthopedic System) as well as orthopedic implants used by orthopedic surgeons for use in partial knee and total hip arthroplasty. They are known for their intellectual property of devices,[6][7] and have over 300 U.S. and foreign patents and patent applications. The company has won numerous awards, including being named the fastest growing technology company in 2011 on Deloitte's Technology Fast 500. Before it was purchased, it was publicly traded on the NASDAQ under the stock symbol "MAKO."[8]

History

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MAKO Surgical was founded in 2004 by Rony Abovitz and other key members of its predecessor Z-KAT, Inc.[9] Z-KAT was founded in 1997 by Rony Abovitz, William Tapia, Michael Peshkin Ph.D., Julio Santos-Munne, and Wayne J. Kerness, M.D. and was developing a novel haptic robotic system for medical applications, amongst a wide variety of computer-assisted surgery technologies. Z-KAT's initial haptic robotic arm technology, known as the Whole Arm Manipulator (or WAM Arm) was originally developed at MIT and then at Barrett Technology. Z-KAT's core technology team had adapted the WAM Arm for use as a testbed for surgical procedures. The initial success of the internal tests led to the development of a business plan to focus exclusively on the idea of haptic robotic technology in orthopedic surgery. MAKO's original technical team (Rony Abovitz, Arthur Quaid Ph.D., Hyosig Kang Ph.D., Lou Arata, Ph.D., and others) demonstrated a number of breakthroughs in robotics and controls, enabling a haptic robotic system (6dof) to perform accurate bone shaping through minimally invasive incisions (knee and hip).[citation needed]

MAKO's first MAKOplasty Partial Knee Replacement Procedure was performed in June 2006 by Martin Roche M.D. and the company went public on the NASDAQ with their IPO in February 2008. The company's first MAKOplasty Total Hip Arthroplasty (THA) procedure was performed in October 2010. The company reached milestones with the 500th MAKOplasty procedure performed in 2008, the 1000th by 2009, and more than 23,000 by 2012.[citation needed]

Products

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MAKO Surgical Corp. markets the RIO Robotic Arm Interactive Orthopedic System and RESTORIS Family of Implants for partial knee and total hip arthroplasty, known as MAKOplasty.[1] MAKOplasty increases accuracy in aligning and placing implants.[10] The RIO system assists surgeons by creating a 3-D model of the patients' anatomy, enabling surgeons to develop a pre-surgical plan that customizes implant size, positioning and alignment specifically for each patient.[10] During the procedure, real-time visual, tactile, and auditory feedback enforces a safety-zone and facilitates ideal implant positioning and placement, which reduces potential for complications.[11]

MAKOplasty is offered in over 150 hospitals, such as Jordan Hospital in Massachusetts,[10] Mercy Medical Center in Baltimore,[12] Quincy Medical Center in Massachusetts,[13] Hospital for Special Surgery in New York,[14] the St. Cloud Hospital in St. Cloud, Minnesota,[15] and the Mayo Clinic Hospital in Jacksonville, Florida.[16]

Mako Total Knee was launched in 2017, which combines Mako Robotic-Arm Assisted Technology with the Triathlon Total Knee System [17]

Impact of acquisition

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Stryker's 2013 acquisition of MAKO Surgical for $1.65B was criticized at the time as too expensive, but by 2019 Stryker felt justified in its purchase. In 2019, Stryker had about 860 Mako robots installed globally.[18] By the end of 2020, about 44% of all its total knee replacement procedures were done with the Mako robot. [19]

Stryker's move into robotics that began with its MAKO Surgical acquisition has developed further with the 2021 acquisition of OrthoSensor, adding an intraoperative sensor technology to enhance Stryker's Mako robots. [20] Stryker's strength in robotics is cited as one cause of its upward stock price in 2021.[21] Equity research analyst Dave Keiser identifies Mako as the transformational acquisition in terms of Stryker getting on board with robotics before some of their competitors in the space.[22]

Awards

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  • 2010, R&D Robotic 3D Visualization Surgical Tool Award for their RIO Robotic Arm Interactive Orthopedic System by Research and Development Magazine.
  • 2010, Gold Medical Design Excellence Award.
  • 2010, Fast Tech Award for being one of the fastest growing technology companies in South Florida by the South Florida Business Journal.
  • 2011, No.1 on the Technology Fast 500 as the fastest growing technology company by Deloitte.[23]
  • 2011, Fast Tech Award as one of the 25 fastest growing technology companies in South Florida by South Florida Business Journal.[24]
  • 2011, CSSEC Award for loyal, customer-focused staff members presented by the Technology Services Industry Association.[25]
  • 2011, ACE Award (Achievement in Customer Excellence) from MarketTools.[26]
  • 2012, South Florida Manufacturer of the Year by the South Florida Manufacturers Association.[23]

See also

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References

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  1. ^ a b Maranjian, Selena (14 February 2013). "Buy, Sell, or Hold: MAKO Surgical". Motley Fool. Retrieved 15 February 2013.
  2. ^ Marie Savard (2 February 2009). Hi-Tech Knee Replacement (Television). Good Morning American via ABC News.
  3. ^ a b "MAKO Surgical Financials". MarketWatch. Retrieved 29 March 2013.
  4. ^ Walker, Joseph; Stynes, Tess (2013-09-25). "Stryker to Acquire Mako Surgical for About $1.65 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-09-25.
  5. ^ "UPDATE 2-Stryker buys Mako Surgical to gain robot surgery skills". Reuters. 25 September 2013. Archived from the original on 2021-10-01.
  6. ^ "Mako Surgical Corp". The Boston Globe. 20 September 2011. Archived from the original on 24 September 2015. Retrieved 18 February 2013.
  7. ^ Brian Williams. Robo-Doc (Television). NBC Nightly News. Archived from the original on October 2, 2013.
  8. ^ Bandell, Brian (7 January 2013). "Mako Surgical Meets 2012 Sales Targets". Biz Journal. Retrieved 15 February 2013.
  9. ^ Business Insider, Jan. 1, 2015
  10. ^ a b c "Jordan Hospital: MAKOplasty Now Available At Jordan". Wicked Local - Plymouth. 1 November 2012. Retrieved 15 February 2013.
  11. ^ Domb, M.D., Benjamin (23 August 2012). "Questions To Ask Your Doctor Before Getting A Hip Replacement". The Doings. Archived from the original on 11 June 2014. Retrieved 18 February 2013.
  12. ^ "MAKOplasty: Only At Mercy Medical Center". Maryland Physician Magazine via Issue.com. July–August 2012. Retrieved 15 February 2013.
  13. ^ Doyle, Karen (March 2012). "MAKOplasty Improves Surgical Precision and Patient Outcomes at Quincy Medical Center". MD News. pp. 6–8.
  14. ^ Pearle, Andrew. "Robotic Knee Resurfacing". Hospital For Special Surgery. Archived from the original on 13 February 2013. Retrieved 25 February 2013.
  15. ^ "Orthopedics | CentraCare, Central Minnesota". CentraCare. Retrieved 2024-01-25.
  16. ^ "Now At Saint Anne's Hospital: Makoplasty". The Women's Journals. Retrieved 25 February 2013.
  17. ^ "Triathlon Primary Total Knee System". Stryker. Retrieved 4 December 2022.
  18. ^ Pedersen, Amanda (29 January 2020). "Stryker Proves That the Juice Was worth the Squeeze for Mako". www.mddionline.com. Retrieved 16 October 2021.
  19. ^ Little, Jeff (2021-04-13). "This Important Acquisition Is Starting to Pay Off for Stryker". The Motley Fool. Retrieved 16 October 2021.
  20. ^ Newmarker, Chris (2021-01-05). "Stryker acquires OrthoSensor and its knee surgery sensor tech". MassDevice. Retrieved 16 October 2021.
  21. ^ Zacks (9 September 2021). "Stryker (SYK) Hits New 52-Week High: What's Driving It?". www.nasdaq.com. Retrieved 16 October 2021.
  22. ^ Rachal, Maria (9 December 2019). "Executive of the Year: Kevin Lobo, Stryker". MedTech Dive. Retrieved 17 October 2021.
  23. ^ a b Bandell, Brian (7 January 2013). "Fast Tech Awards". Biz Journal. Retrieved 15 February 2013.
  24. ^ Torres, Ashley (14 October 2013). "Photo Gallery: Fast Tech Awards". Biz Journal. Retrieved 15 February 2013.
  25. ^ "Avaya, Cisco, Corptax, HP Software, and Mako Surgical Achieve Certified Support Staff Excellence Center Designation from the Technology Services Industry Association" (Press release). Technology Services Industry Association. 17 October 2012. Archived from the original on 30 June 2013. Retrieved 15 February 2013.
  26. ^ "Winners Announced For The 2011 MarketTools ACE Awards" (Press release). MarketTools. 15 February 2011. Retrieved 15 February 2013.
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