Luna Announces Multi-Year Agreement with Intuitive Surgical
Companies map out plan to continue to work together to integrate Luna’s shape-sensing technology into robotically assisted surgical systems
ROANOKE, Va., (July 8, 2013) – Luna Innovations Incorporated (NASDAQ: LUNA), which develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets, today announced a multi-year agreement that amends its development and supply agreement with Intuitive Surgical, Inc., (NASDAQ: ISRG), the global leader in robotically-assisted minimally invasive surgical systems. The agreement provides for the achievement of various development milestones through 2015.
The new agreement builds on previous work between the companies to integrate Luna’s high-speed shape-sensing technology into Intuitive’s platform for robotically-assisted minimally invasive surgery. The agreement covers the work planned over a multi-year period so that the component representing Luna’s technology is ready to be brought to market. Under the existing development and supply agreement, Luna is the exclusive supplier to Intuitive of these components.
“This new commitment with Intuitive further expands our relationship with a leader in the growing field of robotically-assisted surgery,” said My Chung, Luna’s CEO. “It further demonstrates the significant advancements our company has made toward revenue-enhancing productization as we continue to focus on shape sensing as an area for growth. We’re pleased to strengthen our relationship with Intuitive and are committed to achieving key milestones in the agreement in the years ahead.”
Luna Innovations Incorporated (www.lunainc.com) focuses on sensing and instrumentation. Luna develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. The company’s products are used to measure, monitor, protect and improve critical processes in the markets it serves.
Forward Looking Statements
This release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to: the uniqueness of Luna’s technology and intellectual property, the future relationship between Luna and Intuitive and incorporation of Luna’s technology into Intuitive’s products. Statements that describe the company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward-looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including technical and scientific difficulties, complications or difficulties in improving medical surgeries and/or outcomes, market forces in the medical industry, and issues that might arise in any particular business relationship, and risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov, and at the company’s website at http://www.lunainc.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.