Surgalign files for bankruptcy: A timeline of the company over 1 year

Spinal Tech

Spine devicemaker Surgalign announced it filed for Chapter 11 bankruptcy. Here is a timeline of the company in the last year:

July 2022: Selvon St. Clair, MD, PhD, performed the first case in Ohio using Surgalign's artificial intelligence and augmented reality system for spine surgery, Holo Portal.

August 2022: Surgalign reached a $2 million settlement with the U.S. Securities and Exchange Commission related to activities between 2015 and 2019. The settlement resolves an investigation that involved pulling sales forward from future quarters to address projected shortfalls in sales, according to a news release. Along with the payment, the company agreed to refrain from future SEC violations. 

November 2022: Surgalign's board of directors on Nov. 8 approved a corporate restructuring program that included discontinuing some products.

March 2023: Xtant Medical has acquired Surgalign's Coflex product line for $17 million.

Surgalign released Holo AI Insights to assist clinical decision-making in spine surgery.

April 2023: Surgalign received a notice April 10 saying the company isn't in compliance with the $10 million minimum stockholders’ equity requirement for listing.

May 2023: Surgalign launched Holo AI Insights for neurovascular research. 

Surgalign reported a $3.9 million dip in revenue year-over-year during the first quarter. 

June 2023: Surgalign files for Chapter 11 bankruptcy and plans to sell its assets to Xtant Medical Holdings.

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