Integra's (IART) SurgiMend Gets Innovative Technology Contract
Integra LifeSciences Holdings Corporation IART recently announced the receipt of an “Innovative Technology contract” from Vizient for its SurgiMend Collagen Matrix for Soft Tissue Reconstruction. The contract was awarded based on the recommendation by hospital experts who serve on one of Vizient’s member-led councils. The members determined that SurgiMend Collagen Matrix brings improvement to the health care industry.
The recent achievement is likely to fortify Integra’s focus on expanding its capabilities in the growing field of regenerative tissue technology.
Few Words on Vizient
Vizient signifies a varied membership base that includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers.
Through its Innovative Technology Program, Vizient works with member-led councils and task forces to assess products for their potential to bring real innovation to health care.
More on SurgiMend Collagen Matrix
SurgiMend is the only product derived from a bovine dermis source cleared by the FDA to reinforce soft tissue where weakness exists and for surgical repair of damaged or ruptured tissue membranes, including plastic and reconstructive surgery, hernia repair, and muscle flap reinforcement.
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SurgiMend’s wide portfolio offers clinicians with advanced clinical solutions in a variety of shapes and sizes for a range of soft tissue repair and regeneration applications that improve patient outcomes.
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A product gets Innovative Technology contract when it shows exceptional quality that differentiates it from other products in the market. Vizient’s member council determined that SurgiMend Collagen Matrix for Soft Tissue Reconstruction met this standard and identifies its potential to enhance quality outcomes.
The contracts are suggested after review and interaction with products submitted through Vizient’s Innovative Technology Program. Vizient’s member-led councils recognize products and technologies that have the potential to enhance clinical care, patient safety, health care worker safety or advance business operations of health care organizations.
Industry Prospects
Per a report by Allied Market Research, the global regenerative medicine market was valued at $5,444 million in 2016 and is estimated to reach $39,325 million by 2023, at a CAGR of 32.2%. The emergence of the stem cell technology, the untapped potential of nanotechnology, the increase in chronic diseases and trauma emergencies, and the advancement in monitoring devices and surgical technologies are factors driving market growth.
Notable Developments
During the first-quarter 2021 earnings update, Integra noted that its Tissue Technologies business grew 2.2%, excluding the impact of both the full quarter of divested orthopedic sales from 2020 and a partial quarter of acquired ACell revenues in 2021. First-quarter sales in wound reconstruction grew 3.7% on an organic basis driven by sales in Integra Skin and PriMatrix. International sales in Tissue Technology increased mid-single digits on an organic basis.
In January 2021, Integra acquired ACell. The acquisition strengthens Integra’s orthopedics and tissue segment by adding ACell’s proprietary technologies and innovative products. ACell is a strategic fit for Integra as it adds a differentiated porcine matrix to its portfolio of bovine-derived engineered collagen, human amniotic tissue and acellular dermal matrices.
Price Performance
Shares of the company have gained 35.5% in a year’s time compared with the industry’s growth of 16.4%.
Zacks Rank and Key Picks
Currently, the company carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Envista Holdings Corporation NVST, BellRing Brands, Inc. BRBR and Laboratory Corporation of America Holdings or LabCorp LH, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
BellRing Brands has an estimated long-term earnings growth rate of 22%.
LabCorp has a projected long-term earnings growth rate of 11%.
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