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WishBone Medical secured $10 million in growth capital financing from existing investors, LKCM Headwater Investments. WishBone will use the new funding to accelerate product development, expand its manufacturing facilities and support other operational initiatives to meet growing demands.
In the height of the COVID-19 pandemic, WishBone realized 150% orthopedic net sales growth from Q2 2020 to Q2 2021. “We partly attribute our recent success to the strides that healthcare facilities are taking to combat the spread of infection,” says WishBone’s Founder and CEO, Nick Deeter. “In addition to infection control, hospitals are working to equip overwhelmed staff with tools for greater efficiency. It’s becoming increasingly clear that these initiatives can be achieved with the help of single-use, sterile packed kits like ours.”
WishBone Medical will use the new capital to hire additional personnel and expedite product development while expanding the manufacturing facilities of its subsidiary, Red Star Contract Manufacturing. The strategic expenditures will be a means to broadening the company’s product portfolio and increasing inventory in support of sales.
The new funding follows a $20 million investment from LKCM Headwater in October 2020 which was used to pay down acquisition related debt. This round will be apportioned to WishBone in two tranches of $5 million this year as required by the company’s cash forecast.
Nick Deeter summarizes, “Our company has scaled rapidly within a few short years, and the momentum only continues to build with the help of our partners at LKCM. The new capital will drive growth and fuel our efforts to make innovative solutions widely available to orthopedic surgeons caring for children. Our team is geared up and excited to grow the niche market of pediatric orthopedics – This is the start of a new chapter for WishBone Medical.”
Source: WishBone Medical
WishBone Medical secured $10 million in growth capital financing from existing investors, LKCM Headwater Investments. WishBone will use the new funding to accelerate product development, expand its manufacturing facilities and support other operational initiatives to meet growing demands.
In the height of the COVID-19 pandemic, WishBone...
WishBone Medical secured $10 million in growth capital financing from existing investors, LKCM Headwater Investments. WishBone will use the new funding to accelerate product development, expand its manufacturing facilities and support other operational initiatives to meet growing demands.
In the height of the COVID-19 pandemic, WishBone realized 150% orthopedic net sales growth from Q2 2020 to Q2 2021. “We partly attribute our recent success to the strides that healthcare facilities are taking to combat the spread of infection,” says WishBone’s Founder and CEO, Nick Deeter. “In addition to infection control, hospitals are working to equip overwhelmed staff with tools for greater efficiency. It’s becoming increasingly clear that these initiatives can be achieved with the help of single-use, sterile packed kits like ours.”
WishBone Medical will use the new capital to hire additional personnel and expedite product development while expanding the manufacturing facilities of its subsidiary, Red Star Contract Manufacturing. The strategic expenditures will be a means to broadening the company’s product portfolio and increasing inventory in support of sales.
The new funding follows a $20 million investment from LKCM Headwater in October 2020 which was used to pay down acquisition related debt. This round will be apportioned to WishBone in two tranches of $5 million this year as required by the company’s cash forecast.
Nick Deeter summarizes, “Our company has scaled rapidly within a few short years, and the momentum only continues to build with the help of our partners at LKCM. The new capital will drive growth and fuel our efforts to make innovative solutions widely available to orthopedic surgeons caring for children. Our team is geared up and excited to grow the niche market of pediatric orthopedics – This is the start of a new chapter for WishBone Medical.”
Source: WishBone Medical
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JV
Julie Vetalice is ORTHOWORLD's Editorial Assistant. She has covered the orthopedic industry for over 20 years, having joined the company in 1999.
