Bionik Laboratories announced today that it appointed a new chief executive officer and president, as well as a chief financial officer.
The company named Richard Russo, who previously served as CFO, as its new president and CEO. It selected Dan Gonsalves to assume the role as EVP and CFO. Gonsalves previously held the position of corporate controller.
Boston-based Bionik Labs made both appointments effective immediately.
The company said its new executive appointments will implement its recently announced strategic growth plan. This plan includes a roadmap of branded outpatient care centers and commercial expansion to new global markets. The company aims to amplify data collection and analysis across its devices, too.
“Bioniks’ new strategic plan is designed to bring neuro-recovery care centers nationwide to showcase and provide additional accessibility to our technology and solutions through a patient care model that goes beyond the boundaries of insurance,” said Russo. “With my appointment as CEO, I’m excited to have the confidence of the Board to lead Bionik through the next stages of growth and development.”
Bionik’s growth strategy
Bionik plans to implement neuro-care centers throughout the U.S. It acquired the first such center in Clermont, Florida, last month. The company said it is also evaluating further acquisition candidates.
With InMotion devices present across 20 countries, Bionik plans to expand even further. That includes new markets like Europe, China, Canada and Brazil. InMotion helps stroke survivors and others with neurological conditions regain arm and hand movement. It trains shoulder protraction/retraction, flexion/extension, abduction/adduction, internal/external rotation, elbow flexion/extension and hand grasp/release.
The company also aims to enhance its data collection and focus on IoT and integration. This could further enhance its InMotion Connect cloud-connected data analytics platform, the company said. The company aims to build a large dataset to enhance AI-powered outcomes with real-time performance metrics and prediction metrics, too.
Bionik said it currently has InMotion robotic devices installed across 450 global locations, including more than 300 in the U.S.
“The global neurorehabilitation devices market alone is projected to reach $4.9 billion by 2028,” said Gonsalves. “With a growing installed base of InMotion® devices driving awareness and usage and a global distribution strategy, Bionik expects to build on its upward trajectory.”