Standard Bariatrics Accelerating Growth of MedTech in Ohio After $300 Million Acquisition
Teleflex Inc. adds to their growing product portfolio
Teleflex Incorporated, TFX (NYSE) provides medical technologies that are designed to improve the health and quality of people’s lives. Teleflex applies purpose driven innovation – a relentless pursuit of identifying unmet clinical needs – to benefit patients and healthcare providers. The Teleflex portfolio is diverse, with solutions in the fields of vascular access, interventional cardiology and radiology, anesthesia, emergency medicine, surgical, urology and respiratory care.
They have more than 14,000 employees worldwide and reported $2.81 billion in 2021 fiscal year revenue. They are home to trusted brands united by a common sense of purpose including Arrow®, Deknatel®, LMA®, Pilling®, QuikClot®, Rüsch®, UroLift®, and Weck.®
Standard Bariatrics provides unique product in gastrectomy market
Standard Bariatrics first entered the commercial market in 2018 with its one-of-a-kind clamp for Sleeve Gastrectomy, priming the market for its marquee product, a surgical stapler. In late 2021, it received FDA approval for the first of its kind surgical stapler, Titan SGS, reaching $1 million in nationwide sales in just three months after commercial launch.
The stapler is the only one on the market purpose built to create an optimal sleeve by producing a symmetrical, continuous 23cm staple line. The Titan SGS® long staple line enables surgeons to plan and place staples in one firing, minimizing re-insertions and variations sometimes associated with the use of multiple overlapping short-cartridge staple firings. Additionally, the design may result in a more secure staple line and fewer chances of leaks, as evidenced with higher burst pressures.
We are excited to enter into this transaction, which we expect to be immediately accretive to Teleflex’s revenue growth and also enhance our gross margin profile over time. The acquisition of Standard Bariatrics adds an exciting and differentiated product serving the large and growing sleeve gastrectomy market, which we estimate to be approximately 120,000 procedures annually in the U.S.”
– Liam Kelly –
Chairman, President, and CEO Officer of Teleflex
From Startup to Acquisition in 8 Years
2014
Technology licensed; pre-seed funding: $135K Ohio Third Frontier grant
2015–2016
Seed funding: de-risked by Ohio funds
2018–2021
Series A and B: institutional venture
2022
After raising $55M in total, acquired in a $300M transaction.
Teleflex plans to grow and drive further innovation in Ohio.
Third Standard device (Standard Bougie) received FDA clearance.
About JobsOhio Growth Capital Fund
JobsOhio Growth Capital Fund is an evergreen co-investment fund that invests in Series A and beyond. We help founders with right-time, frictionless capital along with unmatched access and support to grow their business. We look for transformative, high growth early-stage companies that will become Ohio’s next generation of great employers and intellectual property creators.
Having this access to capital gave us the confidence to continue our company’s commitment to Ohio recognizing the access to this JobsOhio partnership and access to quality suppliers and engineering talent from local colleges like UC, JobsOhio’s ability to offer capital at reasonable terms in an expedited timeline was critical to SB as we dealt with the pandemic and later follow-on capital needs.”
– Matt Sokany–
President & CEO, Standard Bariatrics
