Your SlideShare is downloading. ×
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Cameron Piron
Upcoming SlideShare
Loading in...5

Thanks for flagging this SlideShare!

Oops! An error has occurred.

Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Cameron Piron


Published on

Published in: Health & Medicine
  • Be the first to comment

  • Be the first to like this

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

No notes for slide


  • 1. IVEY Medical Technology SymposiumWhat investors are looking for?Cameron Piron
    June 10, 2011
  • 2. Investment Experience
    Both sides of the fence:
    2004 - 2010
    Investee: Founded Sentinelle Medical
    Investor: 4 Medical Device Companies
  • 3. 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)
  • 4. Investment Experience: Investor Return
    • $85M acquisition + Earn out over two years
    • 5. Alignment of investors is critical from start to end
    • 6. Very important to satisfy your investors – need their votes
  • Environmental Conditions
    • Largest market has been USA now 50% of market is O-US
    • 7. Regulatory Hurtles Increasing
    • 8. Private Equity and Venture Capital not engaged
    • 9. Banks still not providing loans to small business
    • 10. Governments entering restrictive spending
    • 11. Technology is evolving at an exponential pace
    • 12. Health care problems and opportunities also exponential
    • 13. 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
    • 14. Overall debt on course of being unmanageable
  • Environment: Deal Size – Med Device M&A Value
    • Deals increasing as health care companies need new product
    • 15. Earn-out component increasing in deals – 50%/50%
    Source: Medical Device Daily, May, 2011
  • 16.
  • 17.
  • 18. 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
  • 19. 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.