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Computer Motion (Nasdaq-
RBOT)
Computer Motion is a medical robotic company with
extremely impressive technology. The technology that is being put to use by
Computer Motion Inc., (Nasdaq-RBOT) will change the way the world operates,
literally.
RBOT is the leader in medical robotics, a specialty that
is expected to develop into a multi-billion dollar industry. RBOT is the
dominant player in this ground-breaking technology that is changing the way the
medical profession performs surgery.
RBOT
has a suite of operating tools that are automating the Operating Room and
providing critical support to surgeons worldwide, RBOT has been able to perform
coronary bypass surgery, where the patient is out of the hospital in two days
and performing moderate exercise in one week. Traditionally, patients are in the
hospital for one to two weeks and in bed for one to two months.
Aside from enabling surgeons to perform closed chest
surgery, these tools benefit surgeons in so many other procedures and ways.
Their three core products are Aesop, Zeus and Hermes. Aesop is FDA approved and
finding market acceptance as well as gaining market share. Zeus just recently
gained FDA approval and will eliminate unintentional hand tremors produced by
prolong holding of surgical instruments. Zeus will also give better feedback
than what is currently available from minimally invasive surgical instruments.
The Zeus platform produces a steady magnified video image which facilitates
performance of minimally invasive surgical procedures. Best of all, Zeus makes
possible minimal invasive operations that currently can only be performed by
highly invasive open surgical procedures.
RBOT recently stated preliminary revenues for the third
quarter are expected to be up 75% versus a year ago third quarter. A good
portion of RBOT's float is owned by institutions and insiders and the stock has
just broken through its fifty day moving average.
RBOT has surrounded themselves with top-notch strategic
alliances to include Medtronic, Berchtold, Stryker, Steris, US Surgical, Vista,
Valley Lab, Skyton, Conmed, Karl Storz, W.L.Gore and Scanlon. These alliances
should help RBOT to implement their state-of-the-art technology seamlessly.
RBOT has a world-class, experienced managerial team to
include Oracle's CFO Jeff Henley who sits on the Board of Directors. Their
clinical advisory board consists of some of the finest doctors in their
respective fields, add to that a core robotic team of experts that have been
together for over a decade and it becomes readily apparent this is a company
that has done its homework!
To quote
Colonel (Ret.) Richard Satava, M.D. (Professor of Surgery at Yale University
Medical Center) "Computers and robotics will be the enabling technology to
create the next generation of surgical instruments and procedures. Computer
Motion's current technology is the cornerstone of nearly all future computer and
robotic enhanced surgery."
To summarize: RBOT currently provides an early
entry in the automated robotics industry within the medical field. Given the
high barriers to entry in this new and exciting technology as well as the time
to market for introducing new products and Computer Motion has a distinct
advantage in what is going to be a multi-billion dollar industry.
Computer
Motion's Home Page...
Full
Article...
Further reading and articles on this amazing technology can be accessed here...
Profile
Computer Motion, Inc. ("Computer Motion" or the
"Company") is committed to developing, manufacturing and marketing
proprietary robotic and computerized surgical systems that are intended to
enhance a surgeon's performance and centralize and simplify the surgeon's
control of the operating room ("OR"). The Company believes that its
products have the potential to revolutionize surgery and the OR by providing
surgeons with the precision and dexterity necessary to perform complex,
minimally invasive surgical procedures, and by enabling surgeons to control
critical devices in the OR through simple verbal commands. Computer Motion
believes that its products have the potential to broaden the scope and increase
the effectiveness of minimally invasive surgery ("MIS"), improve
patient outcomes and create a safer, more efficient and cost effective Operating
Room.
The Company currently markets the Automated
Endoscopic System for Optimal Positioning, a surgical robot capable of
positioning an endoscope in response to a surgeon's verbal commands. To
centralize and simplify control of the OR, the Company is developing the HERMES
Control Center for the voice control of medical devices in the operating room.
To enable new minimally invasive microsurgery procedures, such as endoscopic
coronary artery bypass grafting, the Company is developing the ZEUS Robotic
Surgical System. Computer Motion plays a significant role in transitioning the surgical
community from current open procedures to increasingly demanded endoscopic
procedures.
Founded in 1989, Computer Motion
has an exceptional group of over 150 employees at its ISO 9001 and EN 46001 registered corporate headquarters in Santa
Barbara, California, and offices throughout the United States and Europe.
Computer Motion is a public company listed on the NASDAQ National Market under
the stock symbol
RBOT.
Recent News and Press Releases
Corporate Financial Snapshot
Approximate as of 10/12/01
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Shares Outstanding: 10.2M
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Shares in the Float: 7.7M
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Market Cap: $ 36.0M
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Daily Volume: 65K (3 mo)
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Price to Sales: 1.93
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Sales per Share: $2.39
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52 Wk Hi/Lo: 8.625/2.25
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Cash per Share: $.25
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Business
Computer Motion is a high-tech medical-device company evolving surgical
practices to enhance patient lives. The company develops, manufactures and
markets proprietary computer-enhanced and robotic surgical systems, which
enhance surgeons' capabilities, improve outcomes and reduce costs.
Computer Motion's products include: the AESOP
3000, a voice-controlled endoscope positioning robot, the HERMES
Control Center, a centralized system designed to voice control a series of
networked "smart" medical devices, and the ZEUS
Robotic Surgical System for new minimally invasive microsurgery procedures,
such as endoscopic coronary artery bypass grafting (E-CABG ).
The Intelligent OR the Intelligent Choice
These
cornerstone technology platforms transform the OR by providing robotic
visualization for minimally invasive surgery procedures; wiring it with a single
computer network capable of controlling many of the devices and instruments; and
offering surgeons the advantages of robotic instrumentation to perform complex
minimally invasive surgery procedures. Like a computer-enhanced office, this
Intelligent OR will run faster, more efficiently and more effectively, spurring
productivity gains that will translate into significant cost savings for
patients and payers.
The Intelligent Operating Room
TM
While surgeons have made significant strides in recent years to improve surgical
techniques, the operating room (OR) itself remains under-automated.
Devices and equipment have invaded the OR, but it has happened in the absence of
an orderly framework. In the OR, the transfer of work from man to machine -
process that has revolutionized so many industries and workplace - has been slow
in developing.
With Computer Motion's advanced technology platforms, the operating room as we
know it today may soon be replaced by the OR of the Future - the Intelligent OR.
In this new environment, a network of voice-controlled medical devices serves
the needs of surgeons and OR staffs, facilitating a seamless exchange of
information, thus speeding surgeries and improving productivity. The use of
computer-enhanced and robotic systems provides surgeons with enhanced dexterity
and precision to enable new minimally invasive procedures currently not
possible, reducing patient pain, trauma and recovery time.
Traditionally, the vast majority of all surgeries have been open, requiring
large incisions measuring up to 18 inches to access the operative site. Although
this approach can be highly effective, it often results in significant trauma,
pain and complications, as well as significant costs related to lengthy
convalescent periods for the patient. In an effort to minimize these negative
factors, minimally invasive surgical techniques and related technologies have
been developed. MIS is as effective as traditional open surgery while offering
patients substantially reduced pain and trauma, shortened convalescent periods
and decreased overall patient care costs.
While these benefits are significant,
the minimally invasive approach presents challenges to surgeons, including the
intricate reconstruction of patient tissue by suturing, delicate manipulation of
small anatomical features and constrained access to, and limited visualization
of, the operative site. The Computer Motion vision is to bring the power of
computers and robotics to the operating room to facilitate a surgeon's ability
to perform complex surgical procedures and enable new, minimally invasive
microsurgical procedures that are currently very difficult or impossible to
perform. The Company's products are intended to provide better visualization and
improved dexterity for the surgeon, particularly for minimally invasive
techniques.
PRODUCTS
AESOP®
Robotic
Visualization
Computer Motion emerged as the
leader in medical robotics with the introduction of AESOP®. This
enabling technology brought together man and intelligent machine to create new
operating room solutions.
In minimally invasive surgery (MIS), an endoscope (a slender camera) and long,
narrow instruments are passed into the patient's body through small incisions.
The surgeon performs the procedure while viewing the operation on a video
monitor. MIS provides the benefits of reduced patient pain and trauma, faster
recovery times and lower healthcare costs. AESOP imitates the form and function
of a human arm and eliminates the need for a member of the surgical staff to
manually control the camera. With precise and consistent scope movements, AESOP
provides the surgeon with direct control of a steady operative field of view.
AESOP
approximates the form and function of a human arm and allows control of the
endoscope through simple verbal commands, eliminating the need for a member of a
surgical staff to manually control the camera, while providing a more stable and
sustainable endoscopic image. The Company estimates that over 85,000 MIS
procedures have been successfully assisted by 475 AESOP systems in 400 hospitals
and surgery centers around the world. The Company's product development strategy
is intended to leverage the AESOP system's broad-based technology platform, and
lead to a family of products that improves the control of devices in the
operating room and enables new minimally invasive surgical procedures.
The Company believes that the AESOP platform is the world's
first Food and Drug Administration ("FDA") cleared surgical robot and
incorporates the world's first FDA-cleared voice control interface for use in
the operating room. The AESOP 3000 platform, introduced in
December 1997, is the world's first FDA-cleared surgical robot capable of
assisting in new advanced minimally invasive cardiothoracic procedures. The
AESOP 3000 robotic arm features added flexibility and functionality over its
predecessor, providing the range of motion necessary for endoscopic viewing in
the thoracic (chest) cavity. Computer Motion is leveraging the core technologies
underlying the AESOP platform to develop the HERMES Control Center and the ZEUS
Robotic Surgical System.
Market Opportunity
Each year, approximately 4 million minimally invasive procedures are performed
worldwide that are candidates for use with AESOP. Approximately 17,000 AESOP
robots are needed to meet the current MIS case load.* Currently, less than
one-third of the market potential for MIS is being performed with this
patient-friendly technique. The market opportunity for AESOP continues to grow
as more traditional "open" procedures evolve toward a less invasive
surgical approach.
AESOP & Beyond
 With
RBOT's leadership and expertise in computers and robotics, Computer Motion has
created a powerful vision for new healthcare solutions. The HERMESTM
Control Center and the ZEUSTM Robotic Surgical System have evolved
from the technology platforms behind AESOP to complete an unprecedented trilogy
of cornerstone products comprising the Intelligent ORTM. With this
foundation in place, Computer Motion is positioned to deliver healthcare
solutions for tomorrow.
The Power of Productivity with AESOP
- Available 24 hours a day, reducing scheduling conflicts and costly
overtime charges
- Provides direct control of a motionless operative field of view to the
surgeon
- Proven clinical expertise in over 70,000 surgical procedures
- Used in a broad range of surgical disciplines
- Documented time and cost savings
*Each AESOP robot has an average 240 case capacity per year. Source: Computer
Motion
HERMES™
Integration & Control
The HERMESTM Control Center is uniquely positioned to pave the way
for voice control in the hospital, providing standardization and control in the
OR and beyond.
Unlike many industries and workplaces, the operating room has remained
under-automated. Hospitals continue to look for ways to make the operating room
safer, more productive and more cost effective. The HERMES Control Center offers
significant solutions to this challenging environment by creating a network to
control the mass of medical devices with simple, user-friendly interfaces for
the surgeon and OR staff. This Intelligent Operating RoomTM runs
faster and more efficiently, improving productivity and patient care.
The Integrated and Interactive OR
Since many medical devices are located outside the sterile operating field, the
surgeon must rely on the OR nurses and surgical assistants to set up, adjust and
determine the status of these disparate devices during surgery. HERMES is a
platform providing surgeons and operating room staffs with quicker access to
information and increased control over their environment.
Today's offices
include computers that are networked to printers, fax machines, modems, scanners
and other enabling tools. Similarly, HERMES allows the OR to be networked with
OR-specific equipment, such as tables, lights, cameras and surgical equipment.
These HERMES-ReadyTM devices can be controlled by simple surgeon
voice commands or via a hand-held touch-screen pendant from within the operating
field. The OR staff can then focus on assisting the surgeon and taking care of
the patient.
Market Opportunity
Computer Motion is striving to bring voice control and standardization to each
of the approximately 84,000 operating rooms worldwide. To leverage the
proprietary voice recognition technology, Computer Motion has established
strategic partnerships with world-class operating room suppliers to develop and
market an extensive line of HERMES-Ready medical devices and surgical equipment
for various surgical specialties.
The devices controlled by the HERMES system
which are currently FDA-cleared include the endoscopic camera and light source,
insufflator, arthroscopic shaver, VCR, video printer, video frame grabber and
the Computer Motion AESOP system. The HERMES system provides both visual and
digitized voice feedback to the surgical team. The visual feedback is displayed
on the endoscopic video monitor and the digitized voice feedback is
device-specific. Both feedback features are customizable by a surgeon in real
time, allowing a surgeon to modify the amount and type of feedback received.
To
leverage its proprietary voice recognition technology in the arthroscopic and
laparoscopic markets, Computer Motion has partnered with Stryker Corporation, a
leading manufacturer of endoscopic equipment. Stryker purchases the HERMES
system as an original equipment manufacturer ("OEM") and markets the
HERMES system as an integrated component with several of its laparoscopic and
arthroscopic products. Computer
Motion intends to partner with other leading medical device manufacturers to
expand the number and type of devices to be integrated with the HERMES
controller. Catheterization labs, diagnostic imaging centers and angiography suites
represent an additional 10,000 sites for our voice-controlled network. For
instance, RBOT envisions HERMES-Ready surgeon dictation devices, imaging systems
and patient records, all of which could be instantly accessed to support the
surgeon and staff easily and effectively.
The Intelligent Network for the Intelligent OR
- Simple, universal interface to complex equipment
- Extends the surgeon's reach outside the sterile OR field
- Immediate and centralized access to device information
- Improved staff communication
- Flexible network to expand number and types of devices
- Creates a safer, more streamlined environment
ZEUS™
Robotic Instrumentation
Computer Motion is creating a new world of possibilities in minimally invasive
surgery (MIS) with the ZEUS Robotic Surgical System.
ZEUS allows surgeons to go beyond the limits of MIS enabling a new class of
delicate procedures currently impossible to perform. As Computer
Motion's robotic technology
becomes integrated into MIS procedures, the company believes ZEUS will help decrease
patient pain, trauma and shorten convalescent periods. Additionally, the Company believes that an increase
in minimally invasive procedures would result in lower overall healthcare costs
to patients, hospitals and healthcare payers.
AESOP and ZEUS are FDA-approved, the ZEUS component is
also CE-Marked for commercial
sale in the European Community.
Market Opportunity
The annual worldwide market potential for MIS is estimated at over $3.5 billion.
Surprisingly, only 28% of the 15 million procedures that comprise this market
are being performed with this less painful technique. The surgical revolution
and significant benefits promised by MIS have been limited to simpler
procedures, such as a gall bladder removal. MIS techniques limit a surgeon's
precision and dexterity, effectively preventing its natural evolution and
wide-spread acceptance in the more technically complex procedures, where
surgeons have found viewing procedures on a video monitor and operating with
long, slender "chopstick" instruments to be difficult and
uncomfortable.
The Missing Link for MIS
Computer Motion believes its ZEUS Robotic Surgical System will be the missing
link needed to eliminate the existing MIS challenges. Using the ZEUS System,
surgeons have greater dexterity and precision and a more natural and ergonomic
feel of surgery. The ZEUS System has the potential to provide the technological
breakthrough to significantly increase the number and type of minimally invasive
procedures performed. ZEUS uses an innovative partnership between surgeon and
technology to extend surgical capabilities. At the console, the surgeon controls
the instrument handles and views the operative site on a monitor. With a
computer interface, the surgical instruments replicate the surgeon's actions at
the operative site in real time.
In this advanced operating room, humans and robots are performing in concert,
enhancing the surgeon's skill and ability. As minimally invasive procedures
become increasingly advanced, exacting and steady movements are required and can
be better accommodated by computerized surgical instruments. ZEUS eliminates
human hand tremor and allows the surgeon to scale his or her natural hand
movements to micro-movements inside the body. Computer Motion believes that
these benefits will give rise to new procedures, including a closed-chest heart
bypass surgery through incisions of only a few millimeters. Computer Motion's
initial ZEUS focus is cardiac surgery. With over 750,000 heart bypass procedures
performed annually, cardiac surgery remains the largest surgical discipline
still using highly invasive techniques.
Surgical Solutions with Computers and Robotics
ZEUS is designed to deliver the following benefits:
- Tiny incisions, roughly the diameter of a pencil
- Significantly reduced patient pain and trauma in MIS cases
- Shorter hospital stays and convalescent periods with MIS cases
- Applicable for beating-heart and stopped-heart approaches
- Improved surgeon precision and dexterity
- Improved visualization in 2-D or 3-D field
- Minimized surgeon fatigue with an ergonomic operating environment
Manufacturing
The Company's
manufacturing operations are required to comply with the FDA's Quality System
Regulation ("QSR"), which addresses the design, controls, methods,
facilities and quality assurance used in manufacturing, packing, storing and
installing medical devices. In addition, certain international markets have
quality assurance and manufacturing requirements. Specifically, the Company is
subject to the compliance requirements of ISO 9001 and 9002 certification and
Conformity Europeane ("CE") Mark directives which impose certain
procedural and documentation requirements with respect to device design,
development, manufacturing and quality assurance activities. The Company has
obtained such certification and is subject to audit on an annual basis for
compliance.
Marketing
The Company's
products are sold throughout the world. Payment terms worldwide are consistent
with local practice. Orders are shipped as they are received and, therefore, no
material backlog exists. No distributor organization or single customer
accounted for more than 10% of 1999 revenue. In the United States, the Company
sells directly to hospitals through an employee-based sales organization. In
Western Europe, the Company is developing an employee-based sales organization,
which will be principally focused on sales in France and Germany. The Company
co-markets the ZEUS product line with Medtronic, Inc. in Europe, the Middle East
and Africa. Throughout the rest of the world, the Company uses independent
distributor organizations including the Ethicon Endo-Surgery Division of Johnson
& Johnson, Inc. Under the Company's OEM agreement with Stryker Corporation,
Stryker may distribute the Company's HERMES product for control of various
Stryker endoscopic devices on a worldwide basis.
Research and Development
The
Company's research and development function is focused on the development of new
medical products and improvements to existing products. In addition, research
and development expense reflects the Company's efforts to obtain FDA approval of
certain products and processes and to maintain the highest quality standards of
existing products. The Company's research and development expenses have
traditionally been well above 50% of revenue. The medical
devices manufactured and marketed by the Company are subject to regulation by
the FDA and, in most instances, by state and foreign governmental authorities.
Under the Federal Food, Drug and Cosmetic Act, and regulations thereunder,
manufacturers of medical devices must comply with certain policies and
procedures that regulate the composition, labeling, testing, manufacturing,
packaging and distribution of medical devices. Medical devices are subject to
different levels of government approval requirements, the most comprehensive of
which require the completion of an FDA-approved clinical evaluation program and
submission and approval of a pre-market approval ("PMA") application
before a device may be commercially marketed.
Patents Licenses and Proprietary Rights
Protection of the Company's intellectual property is important to the
Company's business. The Company maintains a policy of seeking device and method
patents on its inventions, obtaining copyrights on copyrightable materials and
entering into proprietary information agreements with its employees and
consultants with respect to technology which it considers important to its
business. The Company also files for trademark registration and service mark
registration on those marks which may be used in marketing efforts with respect
to the products developed, sold and distributed by the Company. The Company also
relies upon trade secrets, un-patented know-how and continuing technological
innovation to develop and maintain its competitive position. The Company
currently holds 19 issued United States patents, one European patent and has 32
domestic and foreign patent applications pending disclosing concepts related to
medical devices and methods, medical robotics and speech recognition
applications.
Management
Robert Dugan Chairman
and Chief Executive Officer
ROBERT W. DUGGAN has been Chairman of the Board of Directors since 1990, and
Chief Executive Officer since October 1997. Mr. Duggan has been a private
venture investor for more than 25 years, and has participated as a director of,
investor in and advisor to numerous small and large businesses in the medical
equipment, computer local and wide area network, PC hardware and software
distribution, digital encryption, consumer retail goods and outdoor media
communications industries. He has also assisted in corporate planning, capital
formation and management for his various investments. He is a member of the
University of California, Santa Barbara Foundation Board of Trustees, as well as
the University's Engineering Steering Committee.
Yulun Wang PH.D
Chief
Technical Officer
YULUN WANG, PH.D., has been
Chief Technical Officer of the Company since January 1996, and a Director since
1990, and has served in numerous other capacities since he founded the Company
in 1989. He
had been a Director of the company since its inception. Dr. Wang is the
principal architect of the company's product strategy, and inventor of many of
the technologies that are used to create the company's products. Dr. Wang has
over 40 publications and holds over two dozen patents and patents-pending. He
frequently gives presentations at major medical meetings on the future of
robotics and computers in the field of surgery. Prior to founding the company,
Dr. Wang taught at the University of California, Santa Barbara. He has also been
the recipient of many research grants from the National Aeronautics and Space
Administration (NASA), National Institute of Health and Defense Advanced
Research Projects Agency (DARPA). Dr. Wang earned B.S., M.S. and Ph.D. degrees
in electrical engineering from the University of California at Santa Barbara.
Gordon Rogers Chief
Financial Officer
GORDON L. ROGERS joined the Company as Vice President, Chief Financial
Officer and Secretary in March 2000. From 1999 to 2000, Mr. Rogers served as
Vice President of Finance at ViroLogic, Inc., a medical biotechnology company.
Previously, he spent five years at Nellcor Puritan Bennett, Inc., one of the
world's largest medical device manufacturers, most recently as Controller for
Worldwide Field Operations.
SEC
Computer Motions Inc., filings with the SEC can be found at
the Securities Exchange Commissions
website the latest filing was a form S-3/A on 9/21/01.
Corporate Contacts
Computer Motion Inc.
130-B Cremona Drive
Goleta, CA, USA 93117
Phone: (805) 968-9600
Fax: (805) 685-9277
Email: corporaterelations@computermotion.com
10/17/01
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