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Meet
Turner Imaging Systems, Inc. developed the first portable, battery-powered, x-ray fluoroscopy imaging system called the Smart-C.
The Smart-C is lightweight (only 16 lbs.), is truly portable, has its own power source, emits low levels of radiation, requires only a small footprint to operate, integrates with a physician’s CRM, has very high image quality, and does not require use in a lead-lined exam room.
The company generates revenue through the sales/lease/rental of its Smart-C system, it also sells Smart-C service agreements and disposable drapes for use with its Smart-C system.
Problem They’re Solving
Orthopedic surgeons and podiatrists want to perform more procedures in their clinic but need a fluoroscopy system that is compact and portable, due to limited space.
Smart-C has the smallest footprint on the market, thereby enabling this.
In addition, professional sports teams want the ability to make return-to-play decisions on the field. Smart-C enables this as well.
Finally, orthopedic companies need to train physicians on the use of their products in cadaver labs. Smart-C is an ideal solution for this application.
Where They Are Headed
Turner Imaging is focused on expanding the use of Smart-C in the NICU where physician interest has been high. This will be a new application for the technology.
In addition, the company wants to grow Smart-C business in Europe where it already has regulatory clearance.
The company is also in the process of launching a new product, the Enduro DR, which will complement the Smart-C in existing markets and allow the company to expand into markets currently not served.
Finally, the company has plans to develop and commercialize a Gen 2 whole body fluoroscopy system which will greatly expand its market opportunity.
Opportunity Highlights
- Robust product pipeline: The company launched Enduro-DR this year, expects to launch the NICU application for Smart-C in 2025, and has plans to launch its whole-body Gen 2 fluoroscopy system in late 2026 which has validation from US Air Force and US Army.
- Strong Management Team with knowledge and expertise: The team is seasoned with strong product development and sales expertise. Dr. Clark Turner is s serial entrepreneur who had a successful exit with his first startup.
- Market Potential: There is a huge market potential. Fluoroscopy is a $2.5B global market growing at 5% annually. Smart-C expands the market opportunity to $4.1B based on company estimates.
- Consistent sales growth & Nearing break-even: Sales have experienced a CAGR of 25% over the past three years. The company is quickly approaching break-even on an operating income basis because of sales growth, gross margin improvement, and rigorous cost controls.
- Proprietary technology: Smart-C is the result of three years of product development resulting in numerous patents and trade secrets. Highly innovative product offering that significantly expands the market opportunity by allowing imaging at the point of care.
Management Team
Clark Turner, PhD, Founder/CEO
Inventor of NOMAD, handheld X-ray system. CEO and Chairman of Aribex (2004-2012) which produced a 9X return for investors. Five FDA 501(k) cleared devices including four battery-powered X-ray devices. Winner of Governor's Medal for Science and Technology, 2011.
Tom Youd, MS, MBA, COO and VP of Engineering
26 years of experience in design, development, and manufacturing of medical devices. Project Manager and Lead Design Engineer over Smart-C, dental imaging device, and two cancer ablation devices that received 510(k) clearance. Former Lead System Design Engineer for Surgical Navigation at GE Healthcare.
Tim Weeks, CPA CFO
Founder and CEO of Company Vitals. Specializes in investor relations and company startups. Former CEO of: Fastrack, Stroller Depot Stores and SafelineKids.
Mike Orthner, PhD VP of Product
Product Manager, Smart-C, Turner Imaging, Systems Senior Design Engineer, GE Healthcare. Senior Safety/Stewardship Engineer, GE Healthcare. Lead Systems Engineer, GE Healthcare. Three Patents for sensors and related technologies.
Rob Scorcia VP of Sales & Marketing
Extensive career in Sales and Marketing. Former VP Marketing and Business Development, Aspen Imaging. Global Business Development, Spellman High Voltage, Sales Manager, Americas, Spellman High Voltage.
Milestones
- 2016 – Company formation
- 2019 – FDA clearance and CE Mark for Smart-C
- 2020 – Smart-C product launch
- 2024 - Installed base of Smart-C reaches 340 units
- 2024 - Member of Inc. 5000 list
- 2024 – Launch of 2nd product line - Enduro DR
Key Metrics
- 340 existing customers of the Smart-C.
- Sales have experienced a CAGR of 25% over the past three years.
- Siemens, RadNet, US Air Force, US Army, and Patterson Veterinary are all valued partners of the company.
- $17M invested in the company to date.
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