BOSTON--(BUSINESS WIRE)--AcuityMD’s novel commercial platform for medical technology (MedTech) companies was selected by LivsMed, manufacturer of ArtiSential articulating instruments for laparoscopic surgeries. LivsMed will employ AcuityMD’s platform throughout the U.S. to accelerate commercialization of ArtiSential products, which feature a double-jointed end effector and an ergonomic grip that facilitate the surgeon’s natural movements. The devices enable surgeons to experience the same articulating advantages of expensive robotic platforms at a fraction of the price, while giving tactile feedback that robotic systems cannot provide.
As a startup company in growth mode, LivsMed faced significant commercialization challenges. For example, LivsMed customers include surgeons with a wide range of specialties across many therapeutic areas who perform a variety of laparoscopic surgeries – from general and bariatric to gynecological and thoracic surgeries. The lean sales force was spending excess time trying to identify potential customers, slowing time to revenue. Further, sales representative turnover post-COVID was difficult to manage for a growing team.
“We provide highly sophisticated instruments for very specific uses, plus a full pipeline of new products to introduce to surgeons, but this had been slow and cumbersome without the right technology,” explained Stephen Jarrells, vice president of strategic marketing at LivsMed. “We needed an industry-specific platform that combined rich data and intuitive workflows. AcuityMD’s specialized MedTech data model, including data from private and public payers, and user-friendly interface made it an easy choice for us.”
LivsMed is committed to ensuring an advanced and affordable approach to patient care in non-robotic surgeries even as robotic surgery has become dominant in the operating room. While digital surgery and robots continue to transform care, there is still a large gap for patients that are not benefiting from some of the advantages associated with the surgical robot. LivsMed enables all patients to optimize surgical outcomes with healthcare providers (HCPs) armed with the latest instrumentation regardless of economics.
“LivsMed came to us with a big commercial challenge – trying to find the right surgeons was like trying to find a needle in a haystack. Yet their innovative devices offer tremendous value for complicated surgeries,” said Michael Monovoukas, CEO and co-founder of AcuityMD. “Our platform helps LivsMed identify the right surgeons, accelerating sales growth and empowering their rapidly growing sales team with an easy-to-use platform. AcuityMD is committed to accelerating adoption of medical technology, and Livsmed's products offer a unique opportunity to expand high-quality care to thousands of patients.”
With the pace of MedTech innovation accelerating, AcuityMD increased its annual recurring revenue (ARR) in 2022 by 317%, and customer growth by 253%, increasing its customer base to over 80 MedTech companies. In fact, the company recently announced signing over 100 customers. AcuityMD’s platform translates large volumes of healthcare data, such as physician training backgrounds, procedural volumes, where surgeons operate, and peer networks, into intuitive workflows and recommendations that align with the MedTech industry’s unique commercialization process. It has resulted in more than 25% sales growth for top active sales reps and over $6 billion in opportunity pipeline.
LivsMed Inc. is a medical device company that brings groundbreaking technology to minimally invasive surgery. Founded in South Korea, LivsMed is the creation of Dr. Jung Joo Lee, who envisioned a new paradigm of laparoscopic surgery, where articulating technology is available to every surgeon.
With this vision, the ArtiSential™ product line was introduced to the Korean medical device market in 2018 and expanded into the US in 2019. Upon entering the US market, ArtiSential™ was immediately met with excitement from surgeons around the world, receiving the Red Dot Design Award and recognition from the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES). Working with physicians worldwide, LivsMed focuses on revolutionizing the capabilities of minimally invasive surgery, advancing patient outcomes and extending life for patients around the world.
Founded in 2019, 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 access to medical technology. For more information, visit acuitymd.com.