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Luna Announces Multi-Year Agreement with Intuitive Surgical

Mon, 07/08/2013 - 9:00am
Business Wire

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.” About Luna 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.

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