RTI Surgical, Inc. RTIX recently announced HealthPartners' positive coverage decision for its minimally invasive sacroiliac (SI) joint fusion surgery. Notably, this will increase access to the company's SImmetry System for HealthPartners members considering treatment of SI joint pain or dysfunction. This is likely to fortify RTI Surgical's foothold in the minimally invasive devices industry.
Following the news, shares of RTI Surgical inched up by a penny to $4.30 at close.
For investors' notice, HealthPartners is the largest consumer governed nonprofit health care organization in the United States.
More on SImmetry System
RTI Surgical's SImmetry System is a minimally invasive surgical solution, providing long-term pain relief through decortication technology, bone graft and threaded fixation.
Notably, the system currently sees robust demand and contributed significantly to RTI Surgical's Spine business in the recently reported third-quarter 2018.
Booming Minimally-Invasive Surgery Market
Reduced stay at hospital and lower healthcare costs, pain, scarring and tissue-damage are a few benefits of opting for minimally-invasive surgery over traditional procedures. Such surgical methods are currently raking in billions in the surgical industry.
Some of the MedTech bigwigs, deserving special mention in this regard are, Intuitive Surgical ISRG and Medtronic plc MDT . Intuitive Surgical's much-coveted da Vinci surgical system - an advanced robot-assisted surgical platform - and Medtronic's Minimally Invasive Therapies Group currently witness robust demand, worldwide.
BIS Research projects the global minimally invasive surgical systems market to reach a value of $40.52 billion by 2025 at a CAGR of 10.9%.
Hence, RTI Surgical's latest development seems a well-timed one.
We believe that such positive developments are likely to drive the shares of RTI Surgical and help the stock rebound as it has declined 9.5% against the industry 's rally of 8.2% in a year's time. The current level is also lower than the S&P 500 index's 1.9% gain.
The stock has a Zacks Rank #3 (Hold).
A better-ranked stock from the broader medical space is Surmodics, Inc. SRDX .
Surmodics has an expected long-term earnings growth rate of 10%. The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intuitive Surgical, Inc. (ISRG): Free Stock Analysis Report RTI Surgical, Inc. (RTIX): Free Stock Analysis Report Medtronic PLC (MDT): Free Stock Analysis Report Surmodics, Inc. (SRDX): Free Stock Analysis Report To read this article on Zacks.com click here.