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2020 in Review

We are coming to the end of a year like no other, and despite the global challenges, it has been a big year for us at Formus Labs. I want to give a huge thanks to all our supporters around the world. I am incredibly proud of what the team has achieved this year and I am grateful for the support our investors, mentors, friends, and family have provided.

Looking back, here are some highlights throughout this year as we’ve built toward our vision of being the nexus of orthopedic technology:

  • In January, we shipped a major revamp of our software platform which has now planned over 300 cases across the hip, shoulder, and knee joints.
  • In March, we launched a clinical evaluation of the Formus Hip planner across multiple sites in Australia and New Zealand, validating the accuracy and value of our product.
  • In April, we raised an oversubscribed convertible note, supported by our amazing existing investors as well as top calibre investors from the USA.
  • Since July, we achieved our ISO-13485 certification, obtained regulatory approval in Australia and New Zealand, and were successfully audited as an approved supplier to our international partner, Zimmer Biomet.
  • Between August and December, our team doubled in size to 12 talented individuals, bringing on board expertise in regulatory, quality, product, UI, and industrial computer vision.
  • In October, we unveiled Formus Spine, extending the Formus Platform into one of the most active orthopedic segments.
  • In November, we filed our fourth patent of the year, adding to a portfolio spanning orthopedic planning, analysis, and in a variety of joints.
  • In December, we are conducting final testing on our platform ahead of a new cohort of commercial users at the start of next year.
  • Also this month, we are putting the final touches on our FDA application with expected approval in Q1 2021

These milestones have been reached through a huge concerted effort from the team. Despite working mostly remotely, we have built strong bonds on the back of ever-improving processes that have allowed us to deliver at a continuous pace. So once again, I want to congratulate the team on what they have built and continue to build in the face of the difficulties 2020 had brought on.

On that note, we did manage to finally fly everyone together for our Christmas Party on Waiheke Island. Here is the team at the beautiful Casita Miro.

Happy holidays from the Formus team on Waiheke!

Looking ahead to 2021, there is much to be excited about as we continue our journey. Some upcoming goals include

  • Growing our user base in Australia and New Zealand;
  • Entering the US market following FDA approval;
  • Bringing online X-ray-to-3D capabilities to lower the barrier for patient-specific 3D planning;
  • Integrating the Formus Platform with robotics and patient outcome data;
  • Growing the team further with senior leadership roles in commercial strategy and R&D;
  • And raising our Series A with local and international investors to supercharge our mission.

2021 will be an even bigger year for us and I look forward to sharing our progress with you.

I wish you all a safe and happy holiday!

Sincerely yours,

Ju Zhang, CEO

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