BOSTON--(BUSINESS WIRE)--AcuityMD, providers of a novel commercial platform for medical technology (MedTech) companies, is ending 2022 with impressive business, customer, and employee growth. Founded in 2019, the start-up increased its annual recurring revenue (ARR) by 317%, customer growth by 253%, and new hires by 246%. For comparison, the average revenue growth rate for B2B software companies in the U.S. between two and four years of age is currently 82%.
“It’s incredibly rewarding to experience AcuityMD’s steady growth,” said Mike Monovoukas, founder and CEO of AcuityMD. “We struck a chord when users of our platform outperformed their peers in sales by up to 25% and sourced more than 40,000 new leads over the past two years -- which translates to over $2 billion in new annual pipeline. We’re thrilled to provide such a high return on investment to our customers.”
The global medical device industry is growing faster than ever – currently projected to grow from $495.46 billion in 2022 to $718.92 billion by 2029 at a compound annual growth rate (CAGR) of 5.5% during the forecasted period, partially due to a growing demand for innovative devices in surgical procedures and at-home sensors, plus the newly favorable regulatory environment. The FDA granted breakthrough designation to 213 devices in 2021, compared to just 130 in 2019.
“On average, medtech companies spend as much as 40% of potential revenue on sales efforts,” Monovoukas continued. “AcuityMD’s commercial platform drives this expense way down by strategically identifying high-value opportunities and surgeon profiles, which ultimately empowers doctors with best-in-class technology and improves access to advanced healthcare.”
With the pace of medical technology innovation rapidly accelerating, AcuityMD fills a void for a data-driven commercial solution. Medical device companies have traditionally relied on one-size-fits-all CRM software coupled with data exports to reach potential customers. AcuityMD’s platform is specifically built for the MedTech industry’s unique business requirements. It transforms large volumes of healthcare data, such as procedural volumes, shifts where surgeons operate, and peer networks, into intuitive workflows that prioritize sales efforts and align with the industry’s commercialization process.
What MedTech Companies Are Saying
"We use AcuityMD to empower our sales team with insights that help them achieve their quotas,” said Mike Wijas, vice president, EndoTherapy sales at Olympus. "Instead of spending large amounts of time doing search engine research or gathering word-of-mouth intel from counterparts, the sales team can now access AcuityMD to identify opportunities more effectively and hit the ground running. We invest in their success, and it has paid dividends.”
"We turned to AcuityMD to expand our market share, and it's been a game-changer,” said Jim Keaster, general manager at Mac Medical, an independent medical device distributor. “AcuityMD provided our field teams with the tools and insights to work smarter and more efficiently. With AcuityMD, not only did we exceed our initial expectations, but we have also expanded our business.”
Summary of Business Growth in 2022
- Increased Investment – AcuityMD raised $31 million in Series A funding in May 2022, on top of a $7 million seed round in May 2021.
- Employee Headcount – With the funding raised, AcuityMD grew its staff by nearly 250%, including hiring Chief Revenue Officer Alex Wakefield, former CEO of Longbow Advantage, and the expansion of its engineering, sales, and marketing teams.
- Customer Growth – In 2022 alone, AcuityMD increased its customer base to 60 industry leaders, including Embody, Miach Orthopaedics, Enovis, Palette Life Sciences, and Spark Biomedical. Weekly active users of the platform have also grown 180%.
- Product Innovation – AcuityMD released multiple new modules to its platform in 2022, including Markets to size and segment markets ahead of product launches, Territories to align, manage, and compare sales geographies, and Explore to analyze market and customer data sets. AcuityMD also released a mobile app that enables sales representatives to access information on-the-go.
“This is just the beginning of our mission to accelerate access to cutting-edge medical technology,” concluded Monovoukas. “The FDA annually approves about 6,000 new devices, and we plan on continuing to remove the challenges that come with bringing these life-saving products to market.”
AcuityMD is a leading technology partner to the commercial MedTech industry. Thousands of sales and marketing professionals use AcuityMD’s commercial platform to identify target markets, surface top opportunities, and grow their business. With customers ranging from pre-commercial to enterprise, AcuityMD is committed to providing MedTech companies with unparalleled visibility to accelerate patient access to medical technology.