AUSTIN, TX - Monogram Technologies Inc. (NASDAQ:MGRM), an AI-driven robotics firm specializing in orthopedic surgery, has announced a strategic partnership with Shalby Limited (NSE:SHALBY) to conduct a multicenter clinical trial for the mBÈs TKA System. This collaboration follows Monogram's recent 510(k) submission and subsequent FDA Administrative Review clearance.
Shalby Limited, recognized as a leading orthopedic hospital group, is set to enroll patients across various sites in India to evaluate the mBÈs TKA System's safety and effectiveness.
The system, paired with the Consensus CKS implant, aims to demonstrate substantial equivalence to Monogram's mPress implants for regulatory purposes.
Dr. Vikram Shah, Chairman of Shalby, expressed the institution's commitment to advancing orthopedic technologies and its goal to rank among the top 10 global orthopedic players within the next decade. He emphasized the potential of Monogram's system to significantly impact orthopedic medicine.
Ben Sexson, CEO of Monogram, highlighted the vast market potential in India, with over 200,000 TKAs performed annually. He noted India's growing robotics market and the importance of real-world data to validate the mBÈs TKA System's value proposition.
The clinical trial aims to provide Monogram with access to a network of experienced knee replacement surgeons and generate data for post-launch marketing and international commercialization efforts. The companies anticipate further collaboration, potentially extending to studies on next-generation solutions like mVision.
Shalby Limited, established by Dr. Vikram Shah, boasts over 30 years of healthcare experience. With the acquisition of California-based Consensus Orthopedics in May 2021, Shalby expanded its presence to the United States. The hospital chain is renowned for its joint replacement procedures, holding a significant market share in India's organized arthroplasty market.
Monogram Technologies, on the other hand, is developing a suite of orthopedic solutions, including the mBÈs precision robotic surgical system designed for high-precision implant insertions. The company is exploring additional applications for its AI-driven navigational tools.
The information in this article is based on a press release statement.
InvestingPro Insights
Monogram Technologies Inc. (NASDAQ:MGRM) has shown a striking performance in the market recently, with InvestingPro data revealing a significant return over the last week of 14.8%, and an even more impressive three-month price total return of 36.17%. This momentum aligns with the company's strategic moves, such as the recent partnership with Shalby Limited for clinical trials of the mBēs TKA System, which could be a catalyst for further growth.
InvestingPro Tips for Monogram Technologies indicate that analysts are expecting sales growth in the current year, which may be buoyed by the potential success of the mBēs TKA System in markets like India. Additionally, Monogram's financial health is underscored by the fact that it holds more cash than debt on its balance sheet, providing a solid foundation for its ambitious expansion plans. However, it's worth noting that analysts do not anticipate the company will be profitable this year, and Monogram is trading at a high Price / Book multiple of 7.93, suggesting a premium valuation.
With these insights, investors can gauge the company's potential for growth against its current valuation. For those looking for more in-depth analysis, InvestingPro offers a wealth of additional tips, with 11 more listed on the platform, each providing a unique angle on Monogram Technologies' financial and market position.
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