
Our Insights
The Investment Environment + Last Month in Borna Health Fund
Investment Considerations for Medtech Mergers and Acquisitions
The ‘Borna M&A Framework’ (BMAF) compares acquisition strategy and execution to a management team holding a gun with two bullets. Each acquisition uses up a bullet. If the bullet is well utilized management gets another bullet.
Intuitive Surgical: How I missed its rise to dominance at three critical junctures but now believe in the company’s franchise power.
The first time I test-drove Intuitive Surgical’s robot was during the bake off for the IPO. The technology was amazing, and I could throw sutures with ease. The company had a few dozen systems installed and a respectable backlog, but I remained skeptical as it was targeting cardiac surgery, which several struggling public companies were unsuccessfully trying to revolutionize.
Grail’s Multi-Cancer Early Detection Test to Bring Seismic Change to Oncology Diagnosis and Treatment
With the Galleri MCED test, our healthcare system is on the cusp of enormous change that will advance the detection and treatment of cancer. The impact could be as significant as the introduction of antibiotics on infectious disease.
Healthcare’s Unsung Hero - The Medtech Sales Rep
A recent data search showed that the average medical technology sales rep earned twice as much as the average pharmaceutical rep. At first, this struck me as odd, but then I thought about how the medtech reps often contribute a significant amount of ‘hands on’ support.
