Joseph McGinley Presents McGinley Orthopedics at LSI Europe '23

Transcription

Joseph McGinley  0:06  
All right, thank you everyone. Appreciate it. My name is Joe McGinley, I'm the founder and CEO McGinley orthopedics. Today we're going to be telling our story, we're going to tell our story of how products came about how we're affecting patients and how this is going to change the lives of patients all around the world. I'm going to tell the story relative to one of my hobbies, which is mountaineering. And last year, when I gave this presentation, we talked about what I was going to do, I went to Everest this past year, and if you follow that it was the worst year on record. As far as deaths, injuries, pretty much everything else that 200 Air rescues from about 21,000 feet. However, we got halfway up saw all this chaos and decided to turn around. So that's where precision counts and mistakes matter. You have to be able to recognize the problem address the problem even under extenuating circumstances. So our company McGinley orthopedics, is focused on precision mistakes on a mountain that can lead to death or injury. We saw it we saw it firsthand, we saw people making poor decisions and continuing to move on mistakes and surgery can have the exact same consequences. And these are unintentional consequences. These are you know, essentially unintended, you have products, you have technologies out there, you've been used to using them. You think that's all that's available, we're here to change that story, we're here to make that the history of medicine, a little bit of a summary of our company. These are just some of the results. So we are engineering based My background is in engineering, a lot of our company was founded with engineers, we have 135 issued and pending patents already. Think about that. We're a small startup, early revenue, 135 patents, we have five products on the market, to product families, but essentially, five products overall, we are vertically integrated. We have in house engineering, we have manufacturing, we're able to prototype and produce in less than a week, we're FDA registered as far as our production facility. So we can easily take an idea, sketch it out on a napkin, go down to our production facility and create that idea in real time. We have about six additional products in the pipeline, several others beyond that, given that patent portfolio we have. Okay, now let's get a little bit closer as far as what we're working on. This is common in orthopedics, believe it or not, these are everyday orthopedic surgery. So we looked at it and said, what's the actual problem? Well, the problem is right now surgeons have you ever broken bone, they're putting hardware in place. They're using technology, it hasn't changed really, in decades, really, since the 1960s and 70s. They're using power tools that are less advanced than what you find at the hardware store. So that results in problems that results in mistakes. And if you look at it in various ways, we did a survey of surgeons, at one of the trade shows hundreds of surgeons participated. And we asked them you know, in the past six months, have you had hardware placed in the wrong location? Believe it or not 53% said yes, I remember hardware being placed in the wrong spot. This resulted in a change we had to perform on this patient. Okay, that's fine. What about objective data? What about publish studies? There's numerous published studies out there that show Believe it or not that this is correct information. If you Google it, one in five surgical screws are misplaced. That's either too long or too short. Think about that in any other industry. If any product in this room had a one in five error of the screw being placed. Would you sit in that chair? Would you use that table? Would you find that airplane? Would you drive that car? Absolutely not. But in surgery that's considered standard of care. When they say standard of care. That means the best current standard that's out there right now, in orthopedics. That's one in five screws either being too long or too short. We took this a step further and said okay, we know screws are bad. We know they're long, they're short, what about the actual drilling process itself when the surgeon is drilling through the bone what happens? We measure this we did a large study at USC this ended up getting published. The average plunge with a spinning drill bit as a surgeon is drilling through your bone is 6.3 millimeters that vary based on the surgeons experience level from 12 millimeters down to about two to three millimeters average 6.3. Now on the other side of that bone, it's not just air, right? There's muscle, there's soft tissue, there's tendons, there's nerves, there's arteries, any of those structures can be hit. Some matter how you look at this, this is a problem. So our story story focused on precision. This is the napkin sketch of our original idea from about 10 years ago. We're out at a restaurant myself, Dr. Scott Kosan co founder, we identified this problem sketched out a solution in real time that lead to stories of patients coming forward. Jan Campbell, she's a patient in Casper, Wyoming. She had a screw that was too long this was her X ray those screws Believe it or not, were two centimeters too long and are like every step she took from this is a routine fracture. tibial plateau fracture every step she took. She can feel the muscle tearing across the screws. She had this in place for over a year so we identified it we found a surgeon for her to get those out. But that's it. This should this story shouldn't have occurred. If they are using our technology if they're using a telephone This problem would not have occurred. So our goal is to eliminate these types of stories of screws being too long and, and resulting in disability in patients all across the country. Our solution is handheld robotics, very simple concept taking sensor technology embedding it in the power tools. Everyone in this room has a smartphone on them, I assume. That's embedded technology that's sensor embedded technology. We're just used to it anything in our life right now has sensors in it, you know, we have Alexa, we have Siri, we have all these other technologies that sensor embedded, we're taking the same concept and applying them to orthopedic power tools and putting the sensors right in the surgeon's hand. With the IntelliSense you can sense while you're drilling in real time, you get instantaneous feedback. Several features this type of technology touchscreen, it really is limitless. Once you have sensors in place, real time depth measurement, auto stop integrated surgical lighting. Our second product that we have FDA cleared, it's a lever action plate, that's the radius plate. Same thing we took engineering technology to help realign fracture fragments to make sure the patient has a better outcome reducing risk and injury in patients. We have several additional products in development, some of the ones we're more excited about is our navigation system are now putting navigation right in the palm of the surgeon's hand, no longer need for a million dollar robot technology right in the surgeon's hand. Taking that further integrated AI everything you see on the screen here is patented or we have patents pending for in various stages. So these products are all either in prototype or final stage is a essentially a life chart of our company starting in about 2012. You can see the patents are in the red line, lots of patents sort of tapering off. Now leading up to market we have early stage revenue, we have products entering the market, you can see how that transitions over time. Part of that was we got listed on a GPO with Viziant. That's increasing our sales as we speak, we got listed as an innovative technology went through a whole evaluation process with them. That was great. That gives us much easier access to hospitals, ratios, hospitals and pricing and this technology is beneficial to their patient. As we're doing a marketing campaign this past year, we saw a lot of unexpected interests. We saw a lot of patient advocacy groups reach out safety groups reach out patent attorneys saying hey, how can I invest? And then malpractice attorneys both investing and saying how do we how can we help our clients? How can we help our customers reduce future injury so because of this we sort of saw where the market is going, it's being patient driven, believe it or not, patients are asking for this they call our office every day, say which surgeons are using this who in my area can I go to to use these particular products. That's new, whoever thought of a power tool as a patient driven products. In medicine, we're seeing that because it's not a power tool. It's handheld robotics, it's making a difference in their care and their outcome. This is a snapshot of the market. This is a $2.7 billion market just for the IntelliSense handheld robotics. We are early stage revenue, we have over 2000 cases in the OR so far, we're expecting an average about 100% growth year over year for the next several years. potential exit. If you look at comparables in this market, it's about 600 million to a billion dollars is approximate estimate based on what we see with other companies out there. states in yellow or locations. It's where we're already at. And the various colors of gray where we're entering or expect to be entering within the next year. We have interest really across the entire country in the United States. This is our milestones. This is a fun chart. As you know the CEO running a company is sort of missed the day to day sometimes because you're just into it. But when you graph it out on the chart, it's pretty impressive to see how this came about. Our company's ISO certified, we actually have aerospace manufacturing certification in the United States. We're FDA registered. We have in house engineering, quality systems finance, marketing, we sort of built this over time to have a strong stability and strong presence. We've raised over 27 million today to get us on the market and to get to the future as far as we're going currently debt free and looking for growth in the coming years. Exit Strategy acquisition partnership in the market for a sales team. That's what we're looking for. That's where we're speaking with right now we've engaged STS Capital, and we're looking to head in that direction in the coming years. I'll be around the rest of the week. If you have any questions feel free to catch me This is all my contact information cell phone, email QR code, go ahead and scan that or find me I'd be glad to chat with you telling you about McGinley orthopedics tell you about our story. Thank you very much