Medpoint targeting significant growth in 2023

“Medpoint is an Irish company, set up to meet the growing demand for physio, injury management and near patient diagnostic healthcare products,” he said.

Escalating healthcare costs and the onset of Covid-19 have caused investors to focus on the medical device industry more than ever. Within such growth, global medical device manufacturers are constantly working to improve their standards and make the life of healthcare providers and patients easier.

Brown said that the global medical device market is worth over $21bn annually. “It is still growing due to ageing populations, the prevalence of infectious diseases as well as the increasing prevalence of chronic diseases and technological innovation.”

“We are launching our follow on €500k EIIS funding round to expand and scale our sales and marketing functions, as well as growing staffing numbers to 10 by 2023. We are targeting a turnover of €5m over the next five years for both domestic and international markets.”

“We will achieve this by cultivating key supplier relationships and becoming the partner of choice to the medical community,” said Brown.

The company which was founded in 2020 has allocated 20% of its share capital to private investors including EIIS. It recently moved to its new premises in Dublin 18 and employs six staff but plans to expand this to ten by the end of 2023.

Brown has over 25 years’ experience in growing and scaling businesses in a variety of sectors including eight years in the medical and biotechnology industry. An experienced entrepreneur and accountant by profession, he started and trained in BDO and Mazars before setting up a corporate care business which he later sold to Nasdaq-quoted Bright Horizons Family Solutions.

Joining Brown is fellow director, Lisa Mitchell who heads up Medpoint’s Marketing & IT function. “Mitchell has a degree in Information Technology from Trinity College Dublin (TCD) and has over 20 years’ experience in all aspects of IT and infrastructure. She has worked in a variety of roles including with Zurich Insurance, Irish National Insurance and Phillips.”

Medpoint sources and distributes a range of healthcare and diagnostic products for its expanding customer base including doctors, physiotherapists, nursing homes, chiropractors, pharmacies and professional sporting organisations, said Brown.

“We serve the physio and near patient diagnostics healthcare market with products in a variety of categories including ergonomic and clinical equipment, exercise and rehabilitation, injury treatment and management and diagnostic testing products. The demographic profile of its customers is aged over 35 years and is split evenly between male and female.”

“We are committed to supplying patient and healthcare professionals with a range of niche medical products by offering superior levels of customer service and engagement.”

Medpoint will focus on the Irish market first before expanding to other EU markets in 2023, said Brown. “Of particular interest to Medpoint is the ergonomic and clinical equipment market where the company sees significant opportunities to specialise in neck pain products. Many studies over the years have pointed to an annual prevalence rate in the population of between 30% and 50% with women reporting higher statistically.”

“Medpoint is also focusing on the expanding and growing market for medical aids particularly for Ireland’s growing older population as well as targeting HSE tender opportunities in 2022 and 2023 and European markets,” he said.

During 2022, Medpoint’s has made a significant investment and upgrading of their company website in order to facilitate increased B2B & B2C demand.

Their EIIS scheme provides access to risk capital finance with significant tax breaks for investors. The five-year investment timeframe will allow the company to scale without the additional pressure of debt repayments on cashflow.

The company hopes to be in a position to launch a Series A funding round towards the end of 2023 which should see an increase in its current valuation to investors.

Brown said that with rising inflation, EIIS has the potential to offer a better return on investment than traditional bank deposit rates. “Unlike some EIIS schemes, shares in Medpoint are uncapped and there are no entry or exit fees. The minimum investment is €5,000 and with investors receiving a tax refund of up to 40%, the scheme is highly attractive.”

Funding will be used to ramp up and scale its marketing opportunities and deliver turnover of €5m by 2026.

For more information, email: eiis@medpoint.ie see medpoint.ie/eiis Tel: 01 901 0395.