Standard Bariatrics Accelerating Growth of MedTech in Ohio
Startup was recipient of JobsOhio Growth Capital Fund Investment
Standard Bariatrics was founded in 2014 by Dr. Jon Thompson, a UC Health surgeon. Since it began its journey to create revolutionary technology, Standard Bariatrics has raised $55 million. In 2021, the company’s Titan SGS® was cleared by the U.S. Food & Drug Administration (FDA). One year later, Standard Bariatric was acquired by Teleflex, a global provider of medical technologies, for $300 million.
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.
“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,” said Liam Kelly, Chairman, President, and CEO Officer of Teleflex. “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.”
With more than 14,000 employees worldwide and $2.81 billion in 2021 fiscal year revenue, Teleflex is the 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.
From Startup to Acquisition in 8 Years
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,” said Matt Sokany, President & CEO, Standard Bariatrics. “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.”