Robert Isaacs, TrackX Technology - Real-Time Virtual Fluoroscopy | LSI USA '24

Robert Issacs  0:03  
My name is Robert Isaacs. I'm former director of spine surgery at Duke University. Our team invented Bandini, had less Ray, took it into human eventually sold it off. And our current technology is called track X. Track x is an ability for surgeons to track their surgical tools in real time without the radiation exposure. And specifically, what we allow them to do is take every X ray they need to take, every X ray they want to take to be safe. But in between all those x rays, we fill in the gaps with virtual live fluoroscopy. They get live fluoroscopy without the radiation. It looks like this. That's a real X ray. And as they move their instrument, they see that's all virtually generated, and that's a real X ray. So as they're operating, they can always see where their tools are. They always know where they are. They can always remain safe and whatever they want. They can take an x ray to confirm what they're doing in real time, in a in a nutshell, track, x is powered by a snap. A snap is what you see here and this is green. It's attached to whatever surgical tool the surgeon wants to track, and then it's trackable in our software. When you add a snap to it, it's 17 million the most common medical procedures in the United States use fluoroscopy. Half of the most common medical procedures do so. Our team is, as I said, already invented and ultimately took into human and exited on multiple prior technologies. Our technology is based around a the snap technology, disposable technology, where we have nice margins per procedure, strong IP clearance, broad use from the FDA, for any use, for a fluoroscope. We're growing at over 100% year over year, and we have strong metrics in our KPIs, for anyone who's been in the or they know what it's like to do any fluoroscopic procedure. It's x ray, move x ray, move x ray, move x ray, X ray, X ray, trying to get that instrument, whatever it is, into the right spot at the right angle. Once they do, they're done, and they get to go to the next step, which looks exactly like that, x ray, X ray, X ray. Ultimately, what that leads is, although any individual X rays. No big deal. The cumulative impact of the hundreds 1000s of X rays that people take during a single procedure. Cause the FDA to call it one of the biggest problems in healthcare. Not surprising. Why? Four times higher rate of cancer amongst physicians. Half of us will get cataracts. And to the patient, you're increasing their lifetime risk of cancer by a couple percent per procedure they undergo. That's the problem. The solutions out there, and everyone has seen them all. The Bigs have a robot or a navigation system that they're pushing to effectively eliminate this problem. But the reality is that 80% of spine surgeons, which is where we're focused right now, do not use these devices, and that has not changed in the course of most of the last decade. They, most of us, find them cumbersome, complex and annoying systems that do not actually help with the problem. They increase our or time by half an hour or more, and robots and spine surgery have been shown in national paired database studies to actually increase the rate of major complications. But everyone knows how to use a fluoroscope, and fluoroscopes are not bad. They allow for real time confirmation. They're in every hospital in the country, every Outpatient Center, et cetera. The problem is the radiation exposure, and that's why we merged effectively, the two technologies, the radi the navigation backbone, onto a fluoroscopic procedure. And that's effectively track x, which allows people to use the same CRMs, the same instruments and instrumentation, the same workflow that they're used to. They do the procedure they're used to with the visualization that they expect. On the other hand, by adding a snap onto the tool, you get greater accuracy, decreased or time and over 90% radiation reduction. In essence, our system looks like that. You add a snap and you're ready to go. You'll get take an x ray you want, move it in the right position and confirm whenever you want. And what reality means is that's six seconds to do something that might take you a minute, a minute and a half to do with a dozen X rays or more, and then you rinse and repeat and do it on the other side, the net impact of that is over 90% radiation reduction in randomized control trials, almost half an hour or time saved again in randomized data, multiple studies showing equivalency to robots at the same time, we're almost an hour faster than the same procedure by the same surgeon over a three year period of time, using our technology, our business model is typically a razors and related strategy where we will consign a unit for free and live off the snap revenue, The disposal revenue that the hospitals generate, saving hospitals millions of dollars up front and just paying for the disposal, which is typical of the robots and navigation systems as well. Already, our go to market strategy is focused on minimally invasive spine surgeons, lateral endoscopic guys that are doing high volume minimally invasive cases, fairly typical surgery, essentially in its land and expand, and we've just started to get into the ASC market. Our as I said, we have a razors and blade strategy. We're generating roughly 4000 per procedure, although that's heavily skewed towards the more complicated procedures. Obviously, ASCs and easier procedures are less expensive, less complicated, and we. Can sign it, and we're making good revenue on those procedures. As we can sign units and hospitals, they generate a return in a reasonably short period of time. We hit a $4 million run rate. We grew it over 100% year over year, when multiple facilities, including a lot of smaller second tier facilities, as those are the ones that are really doing high volume, low complexity spine surgery, which is really where our focus is. We have a pathway to profitability and a solid track record. This is last eight quarters of continuous growth over the past eight quarters where we're growing cases per month, revenue per case and overall revenue for track X overall as an example, us doing lateral we're not tracking one step in a lateral procedure. We're tracking every step in the lateral procedure because we can attach our instruments, our snaps onto any instrument. That means we can track the skin, marking the initial dilator, the retractor, the cob, the broach, all the discectomy tools, and eventually the implant itself. No other company on the market could do anything close, and we're able to do that because of our universal snap concept. That is why we're getting such rabid fans of who are interested in what we're doing. At the other extreme, we have si fusion endoscopy, which is really a phenomenal product for us, very simple cases, but very complex. Early get the guy wearing the right position, and you're ready to go, although that's a very complicated step and probably takes a lot longer than what I just explained. The market opportunity for track X is immense. We're in MIS spine right now, really fairly narrow area of spine, but as you grow to greater orthopedics and beyond, fluoroscopy is a massive market, as I've already mentioned, we're in multiple hospitals. We have a solid pipeline intellectual property, where we're really the only company that's literally focused on the fluoroscope, not on the image, meaning we can have an entire suite of IP and we already had seven issued patents, 12 foreign and five pending. We're broadly cleared for any use, for a fluoroscope, for any purpose, which means we can letter to file to go into new areas of medicine, new fluoroscopes, new snaps and the like, a team that has been successfully building medical devices for for many, several decades, including numerous people from masor, which has really changed the aspects of our company and made it a little bit more of a professional organization. The growth opportunity here to get to all fluorosphe is real, but we're going to take small stepwise bites to get there, starting at mis spine and then growing into greater orthopedics. And so anyone who would like to talk more, to find out a little bit more about trackx, please contact me. Thank you very much for listening. Appreciate it.