Established in Israel Corindus was sold to Siemens Healthineers for $ 1.1 billion

Established in Israel and operating in the United States in recent years, Corindus was sold to Siemens Healthineers, part of the German Siemens Group, for $ 1.1 billion.
The company was set up in the Technicon incubator called Navicath, attended by Prof. Rafi Biar who recently retired from the position of CEO of Rambam Hospital and entrepreneur Tal Wandrow.
The company was originally founded to solve the medical problems of the doctors who work in the catheterization room. These doctors are exposed to a great deal of radiation, and their health is also damaged by wearing lead aprons to reduce radiation, which cause them serious problems in terms of back pain and headaches. The intention was to get the doctors out of the catheterization room into an external room, and to allow them to navigate the operation using a robotic arm. Over time, it turned out that besides physician help, the use of a robotic arm can accurately predict surgery and enable uniform performance among physicians with varying levels of training, allowing for remote surgery and more.
At the beginning of the year, the company conducted a first trial in surgery where the doctor was several tens of miles away from the patient's bed. The trial was conducted in India, and five patients were analyzed. So far, the product has been used mainly for surgery in which the doctor stayed in the same hospital, but outside the catheterization room. The greater the distance, the greater the technological challenge due to possible delays in signal reception. Nevertheless, the surgeries were successfully carried out, essentially fulfilling a dream of the medical device industry, to bring the capabilities of the most talented and expert doctors in the world even to distant places, provided that they had a suitable operating room.
According to Mark Toland, president and CEO, "The combination of Siemens Lathiners' capabilities in high-quality imaging and digital intelligence and digital medicine will integrate with our robotics system to enable significant change in the medical care provided to patients with cardiovascular disease. The companies' products have a huge technological synergy and the companies share a common vision. These should allow us to achieve seamless integration between our businesses. "
According to Michelle Theres, President of Advanced Technologies at Siemens Lathenyers, "The acquisition of Corindus together with our strong technology portfolio will enable further growth of the robotics field in the blood vessels."

Corindus' first product was approved for marketing in 2012. The current version is the third generation of the company's products. As is often the case with young companies selling expensive and innovative medical equipment alone, it took a while for the company to start earning revenue. In the second quarter of 2019, the company posted $ 4.6 million in revenue, a 175% increase in revenue last year, and an annual look that brings the company to $ 20 million a year in sales, where medical device companies like Corindus typically go on corporate radar The big ones. Corindus had a partnership with Siemens, Philips, and the high premium paid implies that there may have been more than one competitor on the acquisition.