Bryan Lord Presents Pristine Surgical at LSI USA '23

Transcription

Bryan Lord  0:05  

Well, thank you. Before I start, I just want to give a shout out to Scott Pantel and the crew at LSI. It's really remarkable to see the growth of this, of this effort Scott's a fellow entrepreneur, with the rest of the companies here, we kind of consider ourselves an OG, if you will, we are at the very first LSI, and have seen the spectacular growth and also frankly, powering through COVID. And through what is it called the atmospheric river, right, that's hitting all of us as well. So kudos to the LSI group. Thank you for having us here in the in the three spot this morning. So as mentioned, we've done this pitch before. And so I'm going to actually tailor my talk a little bit more of an update. So I'll give you just a little bit of intro on what we're doing. And then the remainder of my talk will be more of an update on what we've accomplished since the last time we spoke actually at LSI London. So to begin and just as a quick baseline, if you've ever had a shoulder malady, you might have had a rotator cuff tear and ACL tear. For example, if you go into a surgeon like our chief medical officer, Dr. Steve Schneider, who's here and say, Dr. Schneider, I need to get fixed you will also be introduced to this tool set here. This is an arthroscope visual is an arthroscope and endoscopic visualization system of a particular type used for for in the joints called an arthroscope. These towers are expensive pieces of capital equipment, they cost about $100,000 apiece to buy. They cost about $6,000 a month for the service expense, and you have to sterilize all the equipment that you see here. So there's a whole asteroid belt of activity that needs to be coordinated by staff in addition to the surgeons that use this tool. So what we've done is simplified this entire tool set from the prior slide into a single use device. So you see here our single use arthroscope. We combine the external light source we combine the external camera head and we locate them chip on a tip on the on the scope as you see here. That scope fits into a single use kit. As you see on on the left everything that you need in the sterile field to perform the surgery for the visualization aspect of the surgery is provided in that sterile kit. It plugs into a box classic razor razor blade model that we call our image processing unit. And that box sits on a classic cart and tower will provide screen will provide that rack if our customers so choose. So as mentioned, we spoke at the London LSI event. We had some fun with that Dr. Schneider actually was presenting at the Boston OSEP Summit, which is the orthopedic Emerging Technology Summit in Boston at the very same time that the event was going on in London and we made a special announcement we had kind of blinking fonts and whatever else we announced six months ago that we had achieved the first single use endoscope with 4k visualization. And that was a major achievement from our technical team to move really to the state of the art in terms of visualization that now shows that our scope is either on par if not better, in terms of visualization from that slide that you saw at the outset the current incumbent technology. So here we are six months later at the emerging medtech summit back here in Dana Point, I picked this slide off the website, I should have photoshopped it some clouds and some rain on top. But you know, you'll you'll roll with me here. So we've got some announcements to make here. In fact, three, a couple updates. And then and then one in particular an announcement. So I'll highlight three things that have happened in the last six months. Number one, our single use scope is now FDA cleared. So we announced that we achieved 4K, we filed with the FDA at the tail end of last year and we got the approval in January or announced the the the the approval from the clearance from the FDA in January significant milestone to say the least right? big achievement for all of our tech, technical as well as our regulatory team. Second is that we've been working on the branding aspect of our device. And so we're pleased to announce the choice of Summit as our primary brand for all of our visualization devices. Dave, great, great job on that. So we think Summit has actually a couple of different things that we like about it. One, we think single use visualization is the pinnacle of visualization for minimally invasive surgery. And second, we're located in New Hampshire, home on Mount Washington, the East Coast, highest mountain, which has been in the news for other weather related events as well. And so you got a nice little tie in there with with Summit. And so you see here some of what our branding looks like and how soon we'll be introducing Summit to the world with the world's first 4k single use arthroscope. And in fact, q2 Watch this space. So the beginning part of q2, we will be having our first unmanned procedure with Dr. Mark Gettleman at scopey here in Los Angeles at the Southern California orthopaedic Institute along with our chief medical officer Dr. Schneider set second party q2 is when we expect revenue to begin for the company. So we're excited about a tremendous q2. If we're invited back for the next, for the next LSI, we'll give you some more updates from there. This wouldn't be possible if it wasn't for the work of our highest top tier high volume manufacturing partners. We have three minitronics medical that I know there's some Matt is here. There's some representatives from electronics here world class and in their engineering capability and their ability to build the boxes for us, primarily. Sterling industry is in Toronto, primarily does the final assembly for our kits. And then we have a special relationship with Petrona in South Korea for some of our high quality optics as well. Our 2023 Launch Plan is whoops, got a little left formatting problem there. We're going to be rolling out on a staged rollout here through the course of 2023. So starting tail end of q2, we'll start with our limited market release with five facilities that we already have identified, do a beta launch with 30. And then another 90 facilities that follow from there, all of these have been identified and will be rolling out with gusto. There are folks that are waiting with bated breath to get these scopes in their hand. So just one more sort of update as well. So this is number three. In the world of minimally invasive visualization, there's really two halves, you've got the rigid endoscopy half and then you've got the flexible endoscopy half and for the uninitiated, I like to use kind of a silly metaphor here to describe the two the two sides of the of the house. One is rigid endoscopy where you're poking, as you see this tire poker here, poking into the body, and flexible endoscopy to even be a little bit sillier right, where you're navigating an orifice like the center of a doughnut, you definitely do not want to penetrate the skin in flexible endoscopy. So as a result of that you have two different types of scopes, where the form follows the function. You have a rigid endoscope that's designed to penetrate any of the flexible endoscope that's designed to navigate. And this gives me a good framework to be able to show for you what our roadmap is. So we're starting in sports medicine, as I talked about with our single use arthroscope. We'll be then moving into general surgery. We're already have a prototype for our laparoscope. And then we'll be moving into flexible endoscopy as well. So the new news, if you will, is that just the last couple of about six weeks ago, we actually were at at Cisco a doing some final testing on the arthroscope. And we decided actually to do some testing on the development of the further aspects of the platform you see here. Sid Desai, our Chief Technology Officer demonstrating for the first time the fully functional laparoscope has that proceeding and development with really tremendous lighting capability. That's really the key in visualization in laparoscopy. And then you also see the prototype here for our flexible endoscope as well. So as mentioned, we'll be starting in arthroscopy and sports medicine, but we're really not a one trick pony. We're really platform play. And we'll be rolling out these products in the months and years ahead as well. So we took a little snapshot here of the of the table at scoli. You can see our single use arthroscope lined up against the single use laparoscope as well as our flexible endoscope. And when you see all those put together, this is a really a dynamic platform. 4k in our single use arthroscope. 4k in our single use laparoscope 4k In our flexible endoscope, as well. So we're excited about the platform to launch. And then we're excited excited about the development of the platform beyond. All of this is stitched together by a cloud based platform that we call pristine connect. So this is a cloud based system that connects to the image processing unit that's common to all three of our different devices, manages inventory, provides digital services for our customers, and really connects all of these things together in a cloud cloud based platform that together really makes surgeries a whole lot easier for our facilities as well as the facility managers, facility managers. So when you put all this together, we have a tremendous opportunity. 125 million procedures per year TAM and a $56 billion dollar total bill the market. So if you put all these things together, this is the story of pristine surgical. We're the first 4k single use digital endoscope platform. We're the only cloud enabled scopes by subscription business model powered by that Pristine Connect platform. And we have the largest revenue opportunity of anybody public or private in the single use visualization space. So we're Pristine Surgical our mission is to simplify endoscopy and I thank you for your attention.