Surgalign's Holo Portal spine system was installed in two more Ohio locations, and demand is growing. However, the company is behind earlier 2022 goals for the system.
In August, Terry Rich, president and CEO of Surgalign, said the company planned to have Holo Portal in 10 to 15 sites by the end of 2022. However, in a Nov. 2 company news release, Mr. Rich backtracked that goal and pushed the timeline.
"Demand for Holo Portal is increasing, but we have experienced delays in contracts and procedures due primarily to ongoing staffing challenges at hospitals in the U.S.," he said in the release. "As such, we believe we will hit our target of 10 to 15 sites by the end of the first quarter of 2023, with further expansion planned thereafter."
Surgalign on Nov. 2 reported $20.2 million in third quarter revenue, down from $20.5 million year over year. The revenue dip was primarily related to staffing shortages and delays in securing new sites for Holo Portal.
The company also reported a net loss of $9.8 million during the third quarter.