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Cameron Piron
 

Cameron Piron

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    Cameron Piron Cameron Piron Presentation Transcript

    • IVEY Medical Technology SymposiumWhat investors are looking for?Cameron Piron
      June 10, 2011
    • Investment Experience
      Both sides of the fence:
      2004 - 2010
      Investee: Founded Sentinelle Medical
      2011+
      Investor: 4 Medical Device Companies
    • Investment Experience: Investee
      Founded Sentinelle Medical 2004
      Classic Boot-strap – First year spend $250K
      Investment totaling $18M:
      Family, Friends 2004-2005
      Interested customers 2005-2008
      Private investors 2007-2010
      2010 Revenue - $18M, 2011 Revenue - $30M (230 employees)
      As independent company 2+ times revenue growth per year
      Banks provided $500K operating line when doing $15M of revenue at 9% interest
      SRED $1.5M in final year
      Ontario programs were excellent (HTX, OCE, MITACS)
    • Investment Experience: Investor Return
      • $85M acquisition + Earn out over two years
      • Alignment of investors is critical from start to end
      • Very important to satisfy your investors – need their votes
    • Environmental Conditions
      • Largest market has been USA now 50% of market is O-US
      • Regulatory Hurtles Increasing
      • Private Equity and Venture Capital not engaged
      • Banks still not providing loans to small business
      • Governments entering restrictive spending
      • Technology is evolving at an exponential pace
      • Health care problems and opportunities also exponential
      • Opportunities abound, funding not available
    • Financial Crisis: Impact on Healthcare
      Interest to be 1/3 of overall spending
      Approaching 40%
      • Demographics push higher health care costs
      • Overall debt on course of being unmanageable
    • Environment: Deal Size – Med Device M&A Value
      • Deals increasing as health care companies need new product
      • Earn-out component increasing in deals – 50%/50%
      Source: Medical Device Daily, May, 2011
    • Investment Experience: Investor
      Recently able to invest
      Comfort in space that I understand well
      Range from $2m to $150M valuation ($0-$25M Revenues)
      Looking for…
      Diversification from other investments
      Well challenged business plan with flexibility
      Return concordant with risk in company
      Multiple generations of product planned
      Tied in with world leaders in R&D
      Buy in from Luminaries
      Talented and balanced team
      Lean operations
      In-evitable products
      Clear lead that is tied to the mast
    • Concluding RemarksNever been a time with so many opportunities in health care.Large companies need to acquire to innovate. Funding is very difficult to obtain from banks, private equity and venture capital.Funding is coming from sources you would not expect.Personal experience aligns with other success stories in medical device field.Tend to see successful companies with similar traits.