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Corindus Vascular Robotics is a developer of robotic systems for vascular surgery. The company became famous largely due to the creation of the first FDA robot approved for percutaneous coronary interventions. The solution, called CorPath System , provides high accuracy in intervention procedures, increasing the efficiency of operations and minimizing the costs associated with complications from improper stent placement during manual procedures. CorPath System can be used in the most difficult clinical cases, where the surgeon's hand was previously indispensable.
Performance indicators
2015
In 2015, Corindus Vascular Robotics revenue amounted to $2.7 million against almost $3 million a year earlier. Net losses during this time rose to $28.8 thousand from $24.5 thousand.
History
2022: Company Name Change to Siemens Healthineers Endovascular Robotics
On December 14, 2022, Siemens Healthineers announced the renaming of the manufacturer of robotic surgeons Corindus: now this structure is named Siemens Healthineers Endovascular Robotics.
Siemens Healthineers acquired Corindus Vascular Robotics in 2019 for $1.1 billion. Reportedly, the current renaming is the last stage in the integration of this business as part of the concluded transaction. It is emphasized that the unit will help improve the technique of surgical interventions using robotics to improve the accuracy of intervention procedures. Siemens Healthineers Endovascular Robotics says it will continue to offer the CorPath GRX system for endovascular surgery while working on a revolutionary approach to treating patients with emergencies.
 | Completing the evolution of our brand marks the latest step towards becoming a single company and we remain focused on innovative solutions. Our flagship product, the CorPath GRX system, is designed to support endovascular interventions, and we look forward to operating under the Siemens Healthineers Endovascular Robotics brand, "said Wayne Markowitz, executive vice president of Siemens Healthineers. |  |
According to MarketsandMarkets forecasts, the global market for robots for surgical interventions will reach $14.4 billion by 2026. The CAGR (compound percentage CAGR) is expected to be 17.6%. The growth in this market is primarily due to the advantages of robotic surgery, technological advances, as well as increased investment in the development of appropriate systems. Robots are used in gynecological, urological, orthopedic, neurosurgical and other minimally invasive operations.[1]
2019: Siemens Healthineers buys Corindus Vascular Robotics for $1.1bn
On August 8, 2019, Siemens Healthineers announced the acquisition of Corindus Vascular Robotics for $1.1 billion. This is the largest purchase for a German company since it became independent and went public.
In terms of one Corindus share, the transaction value was $4.28, which is $2.42 higher than the exchange closing rate on the eve of the announcement of the sale of the company.
After the Corindus takeover was announced, the robot surgeon maker's securities rose 76% and Siemens Healthineers fell 1.2%.
It is planned to close the deal before the end of 2019. First, it must be approved by regulators and shareholders of Corindus. Siemens Healthineers will redeem all outstanding Corindus shares and pay for them from their own funds, that is, without exchanging for their securities.
Prior to that deal, Philips held a 12.8 percent stake in Corindus and was the company's second-largest shareholder. Philips says it has no intention of claiming Corindus
| | Thanks to Corindus, Siemens Healthineers has been able to become one of the leading players in robotic vascular surgery and perform minimally invasive procedures more accurately, faster and more efficiently, said Siemens Healthineers CEO Bernd Montag, commenting on the deal. | |
Siemens Healthineers is also confident that combining technology with Corindus will reduce variability in the treatment of different patients, increase access to healthcare and improve patient care outcomes.
After completing all formalities, Corindus will join Siemens Medical Solutions.
As part of the deal, Citigroup Global Markets acted as Corindus' sole financial adviser, while Cadwalader, Wickersham & Taft LLP advised the manufacturer on legal matters.
2017: Raising $45 million in investment from Boston Scientific et al.
At the end of February 2017, Corindus Vascular Robotics announced an investment of $45 million. Among the company's investors was a large manufacturer of medical devices Boston Scientific.
As part of a private offering, Corindus Vascular Robotics sells about 68 million shares at a fixed price of $0.6616 apiece. It is planned to close the deal by March 15, 2017 - on this day the company will publish its annual financial statements.
On the day Corindus Vascular Robotics reported an investment, the company jumped 28%. By the close of the exchange on March 1, 2017, the value of one security Corindus Vascular Robotics amounted to $0.85, and the market capitalization of the manufacturer of robotic surgeons was almost $106 million.
In addition to Boston Scientific, Corindus Vascular Robotics has investment funds from Consonance Capital, Hudson Executive Capital LP and BioStar Ventures. In addition, the largest shareholder of Corindus Vascular Robotics - the HealthCor Partners Management fund - and Philips Corporation (also owned a stake in the company at the time of the investment transaction) took part in the financing transaction. [2]
Notes
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