Thomas G. Ferro

If you’re waiting to start M&A conversations until you're ready to sell, we’ve got intel from 5 medtech CEOs with a track record of medtech exits who may tell you otherwise. They’d probably also tell you that companies that get acquired for the best valuations *start* building relationships with strategics at least 2-3 years before they even consider an exit. For an article I wrote for MassDevice, 5 CEOs who've successfully navigated M&A transactions told me this: The best exits are planned from day one. ➡️ Jennifer Fried (Flow Medical) says that before she even joined her current company, she was already calling potential acquirers. Not to pitch — to listen. "What do you really think about the pulmonary embolism space? What are the big inflection points?" Early conversations helped her understand market dynamics and have shaped the strategy at Flow. ➡️ Joe DeVivo’s (Butterfly Network, Inc.) approach is people-oriented. Joe has delivered 5 exits (!) and he knows M&A is about building relationships, not deal flow. "Simply befriend them. At trade shows, be very open. Keep the dialog going." The onus is on you to help potential buyers understand your business and why it’s worth acquiring. ➡️ James Reinstein (Conformal Medical) emphasizes market selection and timing: "Find a market that's growing fast, has few competitors, and is one that investors want to be in." The idea is to position yourself as part of a growing pie and then show acquirers you’re continually hitting key milestones. ➡️ Cary Vance (previously PhotoniCare, Inc.) says it’s important to cultivate relationships with multiple strategics, but is quick to point out that deals are never guaranteed. "Run your company as if you're going to make a go of it alone — don't count on an acquisition as your rescue plan." ➡️ Nitin Salunke (Supira Medical) says identifying an end goal as early as possible will put you at an advantage:  "Don't go fishing for deals. Make incremental progress on strategics' watch lists, rising from bottom to top." Let value guide your company’s trajectory and align your milestones with that to make the business acquisition-worthy. Simply put: You want your business to get bought, not sold. Strategics are rarely lining up to buy companies that are desperate to be acquired. But startups focused on building great businesses while cultivating the right relationships? They get bought. In short, this is what separates the successful exits from the failed attempts: - They educate potential acquirers without being pushy  - They understand that timing matters as much as value - They pick fast-growing markets with limited competition - They build companies strong enough to survive independently  - They align major conversations with their strongest milestones Check out the full article through the link in the comments. And last, big thanks to Chris Newmarker for your publishing support!

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Kestra Medical picks former Axonics exec, Al Ford, as new Chief Commercial Officer Kestra Medical Technologies announced today that it appointed Al Ford as its new Chief Commercial Officer (CCO). As CCO, Ford will be responsible for advancing sales strategy and leading the Kestra commercial team. Kirkland, Washington-based Kestra develops the Assure wearable cardioverter defibrillator (WCD) system. Assure, a modern wearable cardioverter defibrillator (WCD) system, received FDA approval in 2021. Kestra designed Assure to provide autonomous detection and defibrillation for ventricular arrhythmias. It can also detect and record other clinically significant arrhythmias. Brian Webster, president and CEO at Kestra said, “With significant experience managing sales and commercial operations, Al brings valuable knowledge, perspective, and leadership to our organization. Al also has deep experience in the underlying defibrillation technologies that are central to the Assure system. We are confident that he will be an impactful addition as we continue to drive adoption of our lifesaving system.” Ford has 20 years of experience in MedTech, most recently serving as CCO at Axonics, Inc. There, he led the worldwide commercialization team before Boston Scientific acquired the company for $3.7 billion in November. Prior to Axonics, he served as CCO at Cardiac Science Corporation. “I am honored to join Kestra in a commercial leadership role that aligns seamlessly with my experience,” said Mr. Ford.

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What would you do if you were 32 years old and handed $150M in responsibility? That’s exactly the position Gary Thomas, the SVP of Manufacturing/Product Development at Onkos Surgical found himself in... leading multiple business units across MedTech with barely a decade of experience under his belt. No manual. No roadmap. Just grit, great people, and an insane amount of determination to not let it fall apart. In our recent episode of 𝐓𝐡𝐞 𝐌𝐞𝐝-𝐓𝐞𝐜𝐡 𝐓𝐚𝐥𝐞𝐧𝐭 𝐋𝐚𝐛 podcast, Gary shared how those early high-pressure years shaped the leader he is today and how the lessons from that time still serve him when product launches go sideways or when team members say, “this can’t be done.” Support. Vigilance. Determination. That’s how you lead when the stakes are high and the clock is ticking. Leadership isn’t about having all the answers. It's about having the backbone when others doubt, and the humility to lean on the people around you. If you're a MedTech leader navigating complex product launches and looking for real talk on what it actually takes to lead under pressure… this is an episode you won't want to miss! Thanks for being a valued guest on the show Gary! -MR 𝐏𝐒 Link to full episode and all the others in the comments. #podcast #medtechtalentlab #leadership #hiring #recruiting

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VerAvanti Inc’s investment in intravascular imaging research will bring a new level of precision and confidence to preventative care for Atherosclerosis—safe, effective, and finally practical in the cath lab. Here’s what’s ahead: Improved Chronic Total Occlusions (CTO) Outcomes: With VerAvanti’s high-resolution imaging, crossing and treating CTOs will become safer and more predictable. This capability is already quite advanced in our labs and will continue to mature over the next few years. Patient Registry Launch: We’re building a real-world outcomes registry focused on patients with risk factors—age, obesity, family history, diabetes, and early cardiac symptoms. This will run alongside our initial CTO successes to document impact at scale. Shifting the Standard of Care: Once outcome data is established, VerAvanti’s platform will enable interventionalists to extend intravascular care to earlier-stage patients. Localized, image-guided treatment can complement systemic therapies—expanding your ability to intervene earlier, with clarity and precision. Lifespan and Quality of Life: This approach has the potential to significantly extend lives and reduce the burden of late-stage disease for millions. To the interventional community—and to our team and investors—thank you for helping drive this transformation forward.

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Big news in the Medtech world. A recent ruling has made waves, and it comes with a hefty price tag. Last month, a jury found Johnson & Johnson subsidiary, Biosense Webster, guilty of violating antitrust rules by withholding support from hospitals that bought reprocessed catheters. And just this Thursday, District Judge James Selna tripled the damages to a staggering $442 million, as allowed under antitrust law. Here's the backdrop: Innovative Health filed the lawsuit back in 2019, asserting that J&J had monopolized the heart-mapping catheter market and tied support for its Carto 3 mapping system to purchases of mapping and ultrasound catheters. The jury found J&J in violation of both the Sherman Act and California's Cartwright Act. Daniel Vukelich, CEO of the Association of Medical Device Reprocessors, hailed the ruling as "a seismic result" and a clear signal to device manufacturers against employing anti-competitive tactics. According to Vukelich, this judgment underscores the commitment to cost savings, sustainability, and patient care. Meanwhile, J&J plans to appeal the decision but will comply with the ruling and any court-ordered relief in the interim. A spokesperson from the company stated, "We strongly disagree with the jury's verdict and believe it will not withstand appellate review." The implications of this ruling are massive. It could reshape competitive practices and compliance standards within the medical device industry. It also serves as a crucial reminder that ethical business practices are not just a regulatory requirement—they're central to the mission of improving patient outcomes and sustaining healthcare systems. Let's hear your thoughts! How do you think this ruling will impact the future of Medtech, especially in the realm of reprocessed devices? #Medtech #HealthcareInnovation #AntitrustLaw

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2025 is off to a remarkable start, with nearly $1 billion raised in Medtech so far. The year has already seen multiple acquisitions, including Boston Scientific’s $664M purchase of Bolt Medical and Hologic's $350M acquisition of Gynesonics. Notably, six deals have already surpassed the $100M mark, setting an exciting tone for the year. In late December, we identified intravascular lithotripsy (IVL) and revascularization devices as one of the top five markets to watch in 2025. While it’s too early to take a victory lap, Boston Scientific’s acquisition of Bolt Medical appears to validate our forecast. While there are many deals to spotlight this week, let's take a look at these three from our Companies & Deals Database: Bolt Medical • Raise Amount: $664M ($443 million upfront and up to $221 million upon achievement of certain regulatory milestones) • Technology: Laser therapy for intravascular lithotripsy • Investors (Acquirer): Boston Scientific FIRE1 • Raise Amount: $120M Financing • Technology: Remote heart failure monitoring technology • Investors: Polaris Partners (led), Elevage Medical Technologies (led), Sands Capital, Longitude Capital, Andera Partners, Gilde Healthcare, Gimv, the Ireland Strategic Investment Fund, Lightstone Ventures, Medtronic, NEA (New Enterprise Associates), Novo Holdings, Seventure Partners. Aspect Biosystems • Raise Amount: $115M Series B • Technology: 3D bioprinting and tissue engineering technology • Investors: Dimension (led), Novo Nordisk, Radical Ventures, an undisclosed leading global investment firm, InBC, Pallasite Ventures, Pangaea Ventures, Rhino Ventures, T1D Fund: A Breakthrough T1D Venture. If you’re looking to keep up with more funding deals in 2025, our Companies and Deals Database is your go-to resource. Stay on top of every Medtech transaction with 6400+ Medtech companies and their deals all in one place. Get started today and never miss a deal. Subscribe today: https://lnkd.in/eEcPbuKx

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Last week, I was grateful for another opportunity to judge dozens of MedTech Innovator startup companies at the East Coast pitch event in Maryland alongside my Factor 7 Medical colleagues Nikhil Bhushan and William Phillips.   Here are two thoughts I was left with: 1️⃣ Founders with the ability to establish, leverage, and expand their network to subject experts for market feedback, guidance, and strategy were better positioned and more credible than those companies that were only focused on their technology. It takes a comprehensive view of the market and dynamics (not just the technology) to drive adoption and is necessary be successful in the MedTech industry. Leveraging MedTech Innovator and expert judges is a great step to help these innovative companies prosper. 2️⃣It’s been a tough couple of years to raise capital. I was impressed by several companies in demonstrating their grit and determination to make significant progress with minimal new capital. They are building respect among their peers, strategics, and investors in the MedTech ecosystem. It’s the little things over a course of time that can pay off big down the road.   If you attended MTI East and we didn't get a chance to connect, please message me!   #medtech #innovation #MTIRoadTour2025 #marylandmedtechweek #fischellinstitute

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The future of Medtech is converging in Dana Point in just 30 days. And the capital is showing up. Partnering is now open for LSI USA ‘25, and calendars are already filling up. It’s not too late to jump in. Some key numbers: Innovators: - 360+ Presenting Companies – those that have disclosed financials have already raised $7.97B and are collectively raising another $4.96B right now. Breakdown by stage: - Later Stage: 39 companies, raising an average of $50M - Series C: 30 companies, raising an average of $29M - Series B: 76 companies, raising an average of $21M - Series A: 129 companies, raising an average of $12M - Seed/Pre-Seed: 66 companies, raising an average of $3.6M Geographic breakdown: - United States: 64% of startups | 84% of investors/strategics - Europe: 19% of startups | 10% of investors - Canada/APAC/Israel: 17% of startups (Canada: 20 | APAC: 28 | Israel: 16) But here’s the most important signal: We're on track for a 1-to-1 Investor/Strategic to Startup Ratio. This is good momentum for our industry. See you in Dana Point. Join us: https://lnkd.in/e9SaGB2h

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The 11th Episode of "The MedTech Experience" long-form podcast is now available! Randy Moore, Co-Founder & Chief Medical Officer at ViTAA Medical Solutions and Giovanni Lauricella, CEO of Lifeblood, continue building this new series that brings to life the stories and lives of those who take on the MedTech industry everyday in their own way! Link to the full episode: www.lifeblood.com/podcast Building on the podcasting experience of the MedTech Money Podcast's 127 episodes (List of episodes: https://lnkd.in/e4wVXqnw) that demystified raising and investing capital, and the MedTech Startup's 20+ episodes (List of episodes: https://lnkd.in/e2Wq_32t), "The MedTech Experience" Podcast is the long-form podcast series that ties it all together with education, entertainment, and engagement! And, we have a sh*t ton of fun ripping these stories open to share the various personas that exist and the lives and companies they lead in our great industry of #MedTech! This series is made possible by "The Believers." Our gratitude goes to: Kevin Saem, Ph.D. and Zapyrus, Darcy Bachert, Chris Kennedy and Prolucid Technologies, Michael Byrne, Nicholas Hoffman and Minnetronix Medical, and Martin Gomez and Goodwin...and, the master editor, Benjamin Sanchez, Head of Operations at Lifeblood! Thank you! In this entertaining and educational episode...your Host, Giovanni Lauricella, interviews Randy Moore, Co-Founder & Chief Medical Officer at ViTAA Medical Solutions. Randy shares his story of how a patient's death led to founding ViTAA Medical with the goal of detecting aneurysms early to save lives. Giovanni and Randy discuss Canada's Texas of the North, the dual role of being an active surgeon and a MedTech entrepreneur, AI, fundraising, martial arts, and more! Learn more about ViTAA Medical Solutions and their aneurysm detection technology at www.vitaamedical.com Chapter Timeline: 00:00: Introduction 01:49: Texas of the North 23:53: Who is Randy Moore 42:37: Mentorship 47:17: ViTAA Medical Solutions 01:07:42: Practicing Physician CMO 01:15:36: Vascular Surgery 01:25:08: ViTAA Medical Solutions' Technology 01:31:58: Software Outsourcing 01:41:23: Fundraising 01:52:15: TMC Venture Fund 01:56:53: Patients Over Profits 02:05:25: Global MedTech Development 02:12:52: Implementing AI Technology 02:22:32: History Behind Abdominal Aortic Aneurysms 02:27:47: Work-Life Balance 02:31:44: Martial Arts Link to the full episode: www.lifeblood.com/podcast With love for Randy Moore, and "The Believers" who enabled The MedTech Experience Podcast to come to life, Giovanni Lauricella CEO of Lifeblood www.lifeblood.com

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Coaching and Mentoring in 2025 I continue to have amazing experiences helping MedTech companies prepare for commercialization of innovation with strong impact to advance patient care at Penn Health-Tech The Roux Institute at Northeastern University and MedTech Commercialization Institute - (of particular personal importance as MCI's mission is to help Israeli MedTech startups). 3 key tips + 2 foundational principles I have learned about effective coaching: 1. Nobody cares about you. Coaching is not an opportunity to tell war stories about your personal heroics. I used to like to reflect back to the glory days of the orthopedic juggernaut Synthes. Newsflash - most young entrepreneurs have never even heard of Synthes (acquired in 2012). We are there to help startups accelerate commercialization *today*. 2. Roll up your sleeves but keep your loafers on. Giving advice with no action is not helpful. Nor is doing the work for the startup. The magic lies in the middle - ask leading questions, provide resources, reference best practices, jump in if they hit a sticking point. 3. Step out of your comfort zone. As a coach / mentor - you should be learning as much from startups as they learn from you. I am working with a startup that hit a sticking point related to healthcare economics - an area in which I have competence, not expertise. It's been a valuable experience for me to take my proficiency to the next level while providing critically-important value to the startup. 4. Foundational Principle I - Set the example You are part of the team. Entrepreneurs will reflect your energy and drive. In medtech sales we learn to treat everyone like they are the most important person in the hospital. Apply the same level of engagement, passion, and positivity to the teams you are coaching as you would to the most senior CEO or VC investor. 5. Foundational Principle II - Keep the patient in the middle Coaches, mentors, investors tend to fixate on details around economics, incentives, workflows. All of these are important. However - the foundation of all MedTech innovation is advancing patient care. If that isn't the first thing we all think of when we get out of bed - we need to recalibrate. What are your tips and pearls for exceptional coaching and mentorship? Drop you comments below 👇

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