Adept Technology and Prosurgics Collaborate to Develop Next Generation Surgical Robotics Systems
Adept Technology, Inc. Posted 03/04/2008Adept's Advanced Robotic Technology and Expertise Uniquely Suited for Projected $2.5 Billion U.S. Surgical Assistant Robotic Market
Tuesday, March 4, 2008 (Robotics Online) — Adept Technology, Inc. (NASDAQ:ADEP), a global, leading provider of intelligent robotics systems, and Prosurgics, a leading image-guided surgical robotics company, today announced an agreement to collaborate on the design and development of the next generation of Prosurgics' surgical robotic systems for image-guided and navigated neurological and soft tissue surgery.
The companies will leverage Adept's leadership in advanced image-guided robotic products and Prosurgics' depth of experience in image-guided and navigated surgical robotic systems to create innovative products to address critical needs within the fast-growing surgical robotics market. The surgical robotics market in the USA alone is forecast to be worth approximately $2.5 billion by 2011 (BCC Research) with an expected average annual growth rate of 43% in the period 2006-2011. Examples of the emerging surgical robotics market are in cardiac and prostate surgery. Surgical robots are now performing more than 50% of prostatectomies in the US. Clinical outcome data for the latter has shown superior patient outcomes while at the same time delivering a compelling economic benefit.
"The surgical robotics market requires very high precision products with no room for error," said Rob Bucher, Adept's chief executive officer. "Our goal in working with Prosurgics is to create technology platforms that can be used in a range of surgical systems thereby lowering these systems' total cost of ownership and expanding the reach of our technology throughout the surgical market. Prosurgics' technology and commercial strategy is complementary to our own and will strengthen Adept's position in this important high growth market allowing us to more quickly address the market."
"This collaboration with Adept Technology is a major milestone in Prosurgics' rapid growth in the global surgical robotics market," said Paul Moraviec, Prosurgics' Chief Executive. "Adept's leading position in advanced robotics will enable us to jointly develop competitive and innovative surgical robotic solutions, optimizing time to market and reducing cost. Our vision is to provide affordable products that enable surgeons to deliver improved outcomes to their patients and that will optimize economics for healthcare providers."
About Adept Technology, Inc.
Adept is a global, leading provider of intelligent robotics systems and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing and other automated processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaged Goods, Life Sciences, Disk Drive/Electronics and Semiconductor/Solar; as well as to traditional industrial markets including machine tool automation and automotive components. More information is available at www.adept.com. Adept is headquartered in Livermore, Calif. and can be reached at 925-245-3400 or www.adept.com.
About Prosurgics Ltd.
Prosurgics is a leader in the rapidly growing worldwide market for image-guided surgical robotics. Its range of robotic solutions improves patient outcomes and healthcare economics in hospitals around the world. The company's comprehensive technology portfolio encompasses image-guided and tele-manipulator systems, together with surgical planning and intra-operative navigation capabilities. Complemented by the closest understanding of surgeons' evolving needs, Prosurgics delivers innovative and effective solutions for today's surgeons and hospitals. Prosurgics provides the highest levels of customer care from its offices in the UK (High Wycombe) and Germany (Berlin), and through expert distributors throughout the world. Further information is available at www.prosurgics.com. Prosurgics is headquartered in High Wycombe, United Kingdom, telephone: +44 (0)1628 536900.
All trade names are either trademarks or registered trademarks of their respective holders.
This press release contains certain forward-looking statements including statements regarding revenues, profitability, products, market opportunities and Adept's growth and impact of its restructuring based on its current products, strategy and market presence that involve a number of risks and uncertainties. The Company's actual results could differ materially from those expressed in any of the above forward-looking statements for a variety of reasons, including but not limited to, factors affecting our operating results including factors difficult to forecast; future economic, competitive and market conditions including those in Europe and Asia and those related to the Company's strategic markets; risks of acceptance of the Company's new or current products in the marketplace; the actual results of our restructuring activities, and potential impact of current restructuring efforts; the financial and operating risks and regulatory requirements associated with international operations, sales and foreign suppliers; the cyclicality of capital spending of the Company's customers and lack of long-term customer contracts; customers' ability to pay invoices in a timely manner; the risk that some customers may become insolvent; dependence on the continued growth of the intelligent automation market; the highly competitive nature of and rapid technological change and competition within the intelligent automation industry; the lengthy sales cycles for the Company's products; the Company's limited cash resources and significant fixed costs which are not easily reduced; the Company's outsourced manufacturing dependence and risks associated with sole or single sources of supply and lengthy procurement lead times; risks associated with the seasonality of the Company's products; risks associated with product defects; potential delays associated with the development and introduction of new products or software releases; the Company's ability to sell its products through systems integrators and original equipment manufacturers who may also promote competing products; risks associated with variations in our gross margins based on factors not always in Adept's control; the need to hire and retain qualified managerial personnel and to complete acquisitions to expand operations; risks of unfair termination claims by employees; risks associated with variations in gross margins; risks related to the Company's potential inability to strengthen its internal controls over financial reporting; potential securities class action litigation if Adept's stock price remains volatile or operating results suffer; and costs of being a public company as a result of legislation requiring greater general and administrative costs to be incurred.
For a discussion of risk factors relating to Adept's business, see Adept's SEC filings, including the Company's annual report on Form 10-K for the fiscal year ended June 30, 2007, which include the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors contained therein.
Press and Industry Analysts:
Lauren Bucher, 925-245-3400
Lisa Cummins, 925-245-3413
Chief Financial Officer