Henry Pinchbeck Presents Insight Surgery at LSI Europe '23

Insight Surgery provides digital planning and point-of-care surgical guides for all surgical disciplines.
Henry Pinchbeck
Henry Pinchbeck
CEO, Insight Surgery



Henry Pinchbeck  0:05  
Hello, everyone, and thank you for the invites being here today. I'm Henry Pinchbeck, CEO of Insight Surgery. I'm calling this the headline slot. I think first up, which is really impressive. Thank you for the slot right at the start of the day on the first day amazing. So let's talk about Insight Surgery. Insight surgery is a personalized surgery company. That means we digitize surgical planning and automate the design of patient specific medical devices. And before we get into kind of what that all means, I'm going to give you a little example of the impact of personalized surgery which I see on a day to day basis. So personalized surgery, it this example I'm gonna give now is in orthopedic oncology, it's one of our largest areas we work on. And this particular examples in the upper limb are though, orthopedic oncology sarcomas affect patients all over the body particularly complicated in the pelvis. And in this case, you can see here, this is a patient that suffering from osteosarcoma of the wrist, and the surgeon wants to resect all that diseased bone and replace it with some healthy allograft bone. So what we do was we digitize the surgery, lots of talk today about digital surgery, we physically digitize the surgery, we digitize the surgery. And then we design patients specific surgical guides to attach to the patient during surgery. These are 3d printed, custom made devices. We in this particular case, we create two of them, one for the resection of the unhealthy tissue, and one for the reconstruction of the of the wrist with the allograft bone. Now these guides are in use and the surgeons at the Royal National Orthopaedic Hospital, who we work with very closely, are using them as their standard of care these days for these kinds of cases. And in their cases, they've found in the cohorts, they've found using the guides, zero positive margins. So none of the patients using guides had their sarcoma encroached upon less blood loss for the patient, less time in theater, fewer complications, quicker discharge from the ICU, and quickly discharged from hospital. And those findings were published at the M saucer meeting last year. But impact actually isn't enough. Impact isn't enough for these kind of cases, what we want to see to see true market coverage and true scale is these devices need to have, they need to be delivered quickly. They need to be accessed by the surgeon simply and they need to be at the right price point at the moment. They are too expensive. They're too slow, and they can't be accessed. So what I'm going to do is take you through the pain point that we're solving at Insight Surgery, and therefore I'm gonna show you the rest of the marketplace where we are. So how is personalization being adopted through the surgery pathway. So first of all, right at the start of our marketplace, we've got the big companies that do scanners, CT scanners, MRI scanners, CTS and MRIs. They're the raw material of our marketplace. And once we have that raw material is then segmented. And that's the word we use in our marketplace for resolving down that data into something that's usable. And the companies you can see them materialize and synopsis for example, they're working on the automation of that segmentation process. The next stage is the digitization of the surgery. That's the bit that insight surgery works at. This is our area of expertise. This is where our tech stack works. And then you digitize that surgery. And then during that process, we also design these patients specific medical devices. The next stage is the translation stage. How do you translate that digital plan onto a patient, we do it with patient specific medical devices. Other companies do it with VR and AR navigation robotics, you can see some of the really big companies at the bottom they're getting into this. But I think that's at the end of the market. And they're kind of missing the point that in the middle of this market, there's a big black hole that needs to be filled. Without those segmentation, digital planning, the idea of getting into automated robotics is ridiculous, you can't get there. So these other processes are needed first. So once we've got them, then you can get into surgery. I'd also say at this point, that these technologies are not competitive technologies. Quite often we see surgeons who want to plan digitally, then use a patient's specific device, maybe it may be a guide, maybe an implant, but then they want to place it using surgical navigation. So that's what I think we're going to see, we're going to see the convergence of these technologies, not one or the other. Okay, oops, sorry. So what do we do in our marketplace? And how do we do it? So what we have is a cloud place solution that is an end to end platform. This allows the digitization this process and the design of these devices. So first of all it automates that's the thing that's needed here, automation of the digital planning automation of all of these stages. At the moment the marketplace is still too driven by things using as one offs that just does not work. We need a slick system. So our automation means that we can take these devices and deliver them in days. Not 10 weeks, which is the current standard, our platform is FDA cleared, and ISO quality certified. The plan that we create the digital plan can also be viewed in AR and VR. And we've patented it and that patents pending registration in both the UK and the USA, we've delivered over 1000 patients specific devices through our embedment platform already. Let me just click back a little bit into this point about the automation of design. So this is a real differentiator for us and also for the marketplace. Now, it's really important because each type of surgery is going to have a different type of algorithm as needed for that digital surgery. So I've given the example here of this is a total shoulder replacement. This is a glenoid guide that we've designed and actually released. So we've patented this, but we've patent covers two things, it covers the guide itself, which you can see right here. But also importantly, it covers the process and covers the process of picking up the data from the patient scans. And then using that to determine where that guide goes and how it's determined. And that means that we can design these guides now in minutes. It used to be an hour, it used to be in days, and now we can design them in minutes. This guide has actually been released, it's now on for sale in the UK and in Europe. And we'll see this having much wider application much wider simply than than what we use it for. This could be used in automated robotics, for example, or in VR and AR. What have we done to date? Well? Well, I'd say we've achieved an awful lot with not very much. So we've only had a little bit of investment today, it's 1.8 million, and we've got a team of 12 was working on this. In the UK, we've we're well established, we've got five facilities in the UK, we're turning over almost a million pounds this year. That's because we're selling these medical devices into the marketplace, that 900 pounds this year is an increase of about 60% from the year before. But with the same number of engineers we're seeing actually showing that automation means you can improve your margins and use the same number of people to to get their work done. And amazingly, we finally got into an NHS framework and anyone who knows that the NHS and knows the UK, that is a really quite complicated thing to do. Okay, so we realized that the UK isn't the big market here, the big market is in the US. So we've opened up in the US we've got an FDA clearance, and we've opened up a facility at the Texas Medical Center in Houston to anyone who has not been to that that's this facility. It's incredible. It's the largest medical facility in the world, as hospital think it's 30 hospitals within five mile radius. We were at a contract with Houston Methodist, and we're selling to hospitals around the states. Next door, we want to increase our sales, get out their appointed team and distributors, increase our revenues and also open some more facilities. First of all, in New York. You'll see that some of the some of the clients we work with at the bottom there. Here's the team me on the left. I am a lawyer Don't blame me for it. I'm an expert in medical device regulations, which is underpins almost all of our marketplace. My co founders, the technologist, he builds the platform. And then we have an amazing clinical team as well. Dr. Tom Costello, one of the most impressive surgeons in orthopedic oncology in the UK, Mr. N. Hennessy again, and a consultant pediatric care, a very strong non exec team Peter who's the chairman of ABHI, Jackie, who's a VP of Medtronic ex VP of Medtronic, and our strategic director in the in the US, Dr. Scott Parazynski. So there is an ask I am raising finance. So obviously, I wouldn't be here otherwise, the current round is two and a half million dollars, we've got a million dollars already committed. If you come and speak to me afterwards, I'll let you know what the valuation is as well. With that money, we want to just increase our sales, increase our revenues, I can take this company to break even relatively quickly because we're a very cash generative business now. So our revenues can be up to 26 million by 2027. And as you can see, on the right hand side, the use of the funds, it's all about growth, more staff, more engineers, more facilities, and also I want to get CMF custom implants into the US market as well. So that's Insight Surgery, I'd say for the investors listening, we're highly de risked business, we've done all the hard lifting, we've got the platform got the FDA clearance, come and have a chat with me because I do need to raise this finance. Okay, thanks so much.

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