Page 44
Table 22 : M & A in the robotics space |
Date |
Target |
Acquirer |
Rationale |
EV ($ m ) |
Implied EV / Sales |
Median |
|
|
|
|
14.5x |
Mean |
|
|
|
|
26.0x |
Sep 2013 |
Mako Surgical |
Stryker Corporation |
Acquire the Mako partial knee , total knee , and total hip surgical platforms for orthopaedic procedures to feed synergies with |
1,650 |
16.0x |
|
|
|
Stryker ' s orthopaedic device portfolio |
|
|
|
Oct
2015
|
Blue Belt
Technologies
|
Smith & Nephew |
Add Blue Belt ' s CT free Navio navigation system for arthroscopy |
275 |
14.5x |
Apr 2016 |
Hansen Medical |
Auris Health |
Merger consolidate Auris ' technology platform , providing flexible catheter manipulation technology from the Magellan |
80 |
5.0x |
|
|
|
intravascular system |
|
|
|
Jul
2016
|
Medtech |
Zimmer Biomet |
Acquire the ROSA Brain and ROSA Spine systems , complementing
Zimmer Biomet ' s orthopaedic device portfolio
|
132 |
13.2x |
Sep 2018
Nov 2018
Mazor Robotics |
Medtronic |
Allow Medtronic to gain a foothold in the orthopaedic surgical robotics market |
1,700 |
26.2x |
Invuity |
Stryker |
Add Invuity ' s enhanced visualisation instruments to orthopaedic |
|
|
|
|
portfolio |
190 |
4.8x |
Feb 2019 |
Auris Health |
Johnson & Johnson |
Acquire Auris ' surgical robotics platform , potentially as a hedge |
|
|
against J & J ' s Verb Surgical partnership with Verily ( Alphabet ) |
3,400 |
N / A |
|
Aug 2019
Feb 2020
Jan 2021 Apr 2021
Corindus Vascular Robotics
Siemens Healthineers
Expand Siemens ' s advanced therapies portfolio through the addition of Conrindus ' s CorPath vascular robotic system
Digital Surgery |
Medtronic |
Acquired Digital Surgery encompassing their AI , data analytics and virtual training programs . |
OrthoSensor |
Stryker |
Stryker acquired OrthoSensor a privately held company that |
|
|
makes sensors for orthopaedic surgery |
Vicarious surgical |
D8 Holdings Corp . |
Business combination agreement to acquire robotic solution that |
|
|
is smaller has more degrees of freedoms and significantly |
|
|
reduced costs of goods than competitors . |
Source : Mergermarket , Company press releases , goetzpartners Research
1,100 |
102.0x |
N / A |
N / A |
N / A |
N / A |
1,100 |
N / A |
Challenges to overcome in robotic surgery
Surgical robots need to be clinically and economically validated New technologies and features for surgical robotics entering the market is driving significant growth . There are various regulatory hurdles to overcome in Europe and the USA with many companies target just one market . As additional technologies enhance and improve the accuracy of surgical robots their adoption will accelerate . This resembles the transition the conventional RT market underwent with the introduction of treatment planning software . The difficulty for surgical robotics is they must be evidence based in surgical oncology and at minimum provide comparable cancer outcomes in terms of recurrence and mortality to other surgical methods . Surgeons are starting to support this and due to easier learning curves and comfort will approve of their introduction , but the long-term outcomes need to back this up . The introduction of robotics in thoracic , head and neck and general surgery should see their adoption expand as the robots will be used by multiple teams rather than isolated urological use . This will ensure the capital cost is spread between departmental budget and could lead to more systems being installed . The surgical orthopaedics market has recently struggled with this with surgeons claiming improved outcomes in robotic knee replacements then being warned by regulatory authorities as there is no evidence to support this yet .
Robots need to be integrated into existing healthcare systems Robotic systems require much infrastructure to be used in operating rooms (“ OR ”). As these rooms become increasingly complex and heterogenous between systems , robots will need to adapt to this and be able to integrate with existing OR ’ s . Associated technological improvements including 5G data transfer in healthcare and tele medicine are essential to enhance a seamless transition into their mainstream use . The surgical robot can become a key pillar in the modern , integrated OR by amalgamating data channels to add proven additional value which in turn should drive uptake . Companies such as NTT Data are implementing 5G systems in healthcare and surgery , and surgical
Please see analyst certifications , important disclosure information , and information regarding the status of analysts on pages 91-94 of this research report .