Blue Belt is taking its robotics worldwide
converting it into a “smart drill” that combines robotic technology and engineering to allow the surgeon to precisely and accurately remove the damaged part of a knee without harming healthy tissue, then properly place the implant.
That, in turn, makes it more feasible for patients to avoid replacing their entire knee with an implant, setting them up for a faster and more complete recovery.
Blue Belt received FDA approval to market the system in the U.S. in December 2012 and began marketing it the following March.
The company has expanded its offerings with the development of its own implant, the Stride Unicondylar Knee, that received FDA approval in 2013. The plan is to pursue approval of a full-knee application next year.
Mr. Markovitz said they also have pipeline projects related to hip procedures.
Founded in 2003 by Mr. Markovitz, Mr. Jaramaz and UPMC surgeon Anthony DiGioia — the latter continues to serve an advising role — Blue Belt got its name from Allegheny County’s highway belt system. The Blue Belt runs near Carnegie Mellon University and its robotics institute where the technology behind Navio was first developed.
Those early years were lean, said Mr. Markovitz. For eight years they survived with help from local economic development programs, government grants, funding from CMU
“This is where the brain trust is. We’re a Pittsburgh company through and through.”
Craig Markovitz, Blue Belt Technology COO
and angel investors.
The big turn financially came in 2011 when a New York private equity firm that focuses orthopedics, Health Point Capital, decided to invest. Today, said Mr. Markovitz, Health Capital accounts for the majority share of the $90 million raised by Blue Belt. The company now has commercial agreements with six different implant manufacturers.
Blue Belt still trails the more-established Mako Surgical Group in Florida for market share, but Mr. Markovitz said they have won 14 of the last 18 contracts that the two companies have competed for in the past two years.
To date, Blue Belt has sold 43 Navio systems, which are priced at $400,000 to $450,000 each. Mr. Markovitz said the system is now used an average of 90 cases each month, most in the U.S. but also in France, Great Britain, Australia and Turkey.
“This is where the brain trust is,” Mr. Markovitz said. “We’re a Pittsburgh company through and through.”