Surgalign

History

2023: Bankruptcy filing

On June 20, 2023, US medical technology manufacturer Surgalign filed for voluntary bankruptcy under Chapter 11 of the US Code.

Prior to this, the company approved a corporate restructuring plan, which included the termination of some units with low performance indicators, as well as the intention to continue brand and product rationalization programs.

US spinal implant maker Surgalign files for bankruptcy

In March 2023, the American manufacturer of spinal implants announced that the company had reduced its headcount by about 20%, as well as cutting non-core costs and redistributing resources. In June 2023, Surgalign decided to file for bankruptcy with an assessment of assets and liabilities in the range from $50 million to $100 million in the Bankruptcy Court in Texas.

According to Reuters, Chapter 11 bankruptcy is often called reorganizing, since the debtor, as a rule, continues to manage the enterprise, has the authority and duties of a trustee and can conduct operational activities. The advantages of Chapter 11 bankruptcy in the United States include maintaining control over the company and the ability to continue to do business. This allows for a more complete refund to stakeholders.

Surgalign is known for creating the HOLO Portal system, which is the world's first surgical management system incorporating the HOLO AI augmented reality (AR) digital medical platform. HOLO AI is a suite of AI software designed to provide surgical outcomes, reduce complications, and increase patient satisfaction. In May 2022, Surgalign began a limited release of the device to the market with plans to expand its use at the facilities. In addition, Surgalign planned to add new apps and features to the platform to help improve the quality of care and improve patient outcomes.^[1]

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