Elliot Street Presents Inovus Medical at LSI USA '23

Transcription

Elliot Street  0:04  

First of all, let's say thank you very much to Scott and team for inviting me back to speak again this year. For those who don't know me, my name is Elliot Street. I'm the co founder and CEO of Inovus Medical. And I'm going to be talking to you today about connected surgical training. Every year, we are 143 million surgical procedures short. That's leading to over 1.5 million unnecessary deaths per year. Now, to frame that for you, that 1.5 million is the equivalent to all the deaths from HIV, malaria, multi drug resistant TB, and complications of pregnancy combined. A lack of ability to meet the demand for surgical care really is one of the greatest existential crises in healthcare that no one's really talking about. And how did we get here? Well, the traditional approach to surgical training really just cannot keep up with the modern requirements and demands that we have. This is an antiquated approach of work, we'll see one do one teach one model. But the majority of the early learning curve is very much at the patient bedside. And simulation is still very much a nice to have. So we haven't moved into the simulated environment like other industries. And there are a few reasons for that. pre existing simulators are often too costly, or difficult to access. The realism often isn't very good. And they're not often scalable. So what's the solution to this problem? Well, quite simply, we need to train 500,000 More surgeons to meet this demand. 100,000 of those need to be specifically minimally invasive surgeons. To do this, we need a fundamental shift in the way in which we deliver surgical training, we need to be able to place simulation at the core of the surgical training continuum or pathway. And to be able to do that we need to bring to market technologies that are more affordable, more accessible and more functional that have come before at Inovus we like to think that's what we're doing. We have an evolving ecosystem of surgical simulators, which are connecting practice to procedure and they are powered by our digital surgery platform Totem. Now, I'm not going to tell you that Totem, what I'm going to do is share a video with you a couple of minutes long and that's going to tell you hopefully everything you need to know about the technology

Video playing  2:44  

achieving surgical mastery is a journey not a destination you will begin with excitement as you explore you learn you progress and you unlock your potential. There will be challenges pressure, highs and lows but with each practice to each procedure you will learn you will improve and and you will refine. With time comes knowledge and expertise and in time you share these with others guiding the future research are always maintaining your own capacity to grow no matter where you are on your journey to mastery we are with you every step of the way. Totem, surgical training Remastered.

Elliot Street  4:29  

Saw a few clips of some surgical procedures going on there. That's through our novel headset free augmented reality. We don't have really that much time to go into that today. But what I'll share with you is our ecosystem of simulators that we have we have a portfolio of laparoscopic simulators portfolio vis Raska B simulators a growing range of open procedural training products which are powered by the total mobile application. And as you can see here, they're all brought together by by the total software important we have this hub and spoke model with all of our simulators which really allows us to address slight issue of scale that I mentioned before, sort of our Inovus as a business, our purpose is to improve the lives of those undergoing surgical care, through connected training. And we're on a mission to become the world's partner for surgical training. And we know we can deliver on that by putting our core values, those values that I spoke about, before that were the main issues, front and center. That's focusing on developing technology that's more affordable, more accessible, and more functional. And that's, that's come before us. To the business, we're in 11 year old business, we've been busy building a strong operation, which is supplying products in over 70 countries worldwide from our UK headquartered manufacturing facility, we have offices across the USA, we raised just over $10 million to date, and we target ourselves for doubling our revenue. So 100% revenue growth, but importantly, profitable revenue growth. All this is driven by our patented novel augmented reality technology, which you saw a couple of clips in, which is using over 70% of NHS Trusts to train surgeons, and OBGYNs, again, all powered by the total digital surgery platform. Just wanted to touch on a couple of important strategic partnerships that we have, these are just two of many, we are the exclusive provider to AGL for their EMS program. So if you're an OBGYN in the United States, you're learning minimally invasive surgery, with the people providing the platform for you to do that. You're similar partnerships in the UK with the Royal College of Surgeons, where we provide the lap past programs for training the general surgeons across the country. It's important if we're training that many surgeons, it's important that we have some strong evidence behind the innovation that we're delivering. And here's some of that evidence. Studies have shown this coming in a peer reviewed journal later this year that our technologies lead to 41% reduction in time to operate. So surgeons are more 41% more efficient after using our platforms, they often also move their instruments 60% Less so 60% reduction in distance traveled reduces the risk of complications significantly. All this leads into things like $114 million worth of cost saving per Health System per procedure. terms of business model the way the business makes money, we have a razor razor blade model for some of those simulators that you saw, with recurring revenue coming from access to the totem platform. The markets we're in we sit at the intersection between the Healthcare Simulation market and the digital surgery market. We think about customer segments, we have products that go into the hands of the surgeons themselves, that solve the needs of the residency programs and the hospital systems that train those surgeons, and very importantly, technology that goes into the hands of the medical device companies that are training surgeons how to use their products safely. With the most important bit are brilliant team. We're 65 and growing. That's across commercial development, operations and finance. And as I say, headquartered in the UK, with offices across the USA. And they're supporting us, our senior leadership team. And he mentioned at the top of this, I'm the Clinical co founder surgeon by training, solving my own problems. That's how we got going. I have a brilliant technical co founder Jordan, who's a hybrid hardware engineer and software engineering were supported by some brilliant board members with multiple exits, and over $250 million worth of raises under their belts and talking raises. Later this year, we will be looking to raise a growth capital round, likely in q3 or q4. And we'd love to speak to anyone who'd be interested in joining us on our journey to becoming the world's partner for surgical training. All that remains is for me to say thank you very much for your time hearing about how Inovus is remastering surgical training