Minerva Surgical, Inc. (UTRS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la atención médica quirúrgica de las mujeres, Minerva Surgical, Inc. (UTRS) surge como una fuerza pionera, revolucionando procedimientos ginecológicos mínimamente invasivos a través de la tecnología médica de vanguardia. Al crear meticulosamente un modelo de negocio integral que entrea innovadores de investigación, asociaciones estratégicas y soluciones quirúrgicas avanzadas, la compañía está transformando cómo se conciben, desarrollan y entregan intervenciones quirúrgicas. Este intrincado lienzo de modelo de negocio revela un plan estratégico que posiciona a Minerva Surgical a la vanguardia de la innovación médica, prometiendo resultados mejorados de los pacientes, complicaciones quirúrgicas reducidas y enfoques innovadores para las tecnologías de salud de las mujeres.

Minerva Surgical, Inc. (UTRS) - Modelo de negocios: asociaciones clave

Distribuidores de dispositivos médicos y cadenas de suministro de atención médica

Minerva Surgical Partners con los siguientes distribuidores clave:

Distribuidor	Detalles de la asociación	Cobertura geográfica
Salud cardinal	Contrato de distribución de dispositivos médicos a nivel nacional	Estados Unidos
McKesson Corporation	Gestión de la cadena de suministro de equipos quirúrgicos	América del norte

Hospitales y centros quirúrgicos

Las asociaciones estratégicas incluyen:

• Red quirúrgica de Mayo Clinic
• Departamentos ginecológicos de Cleveland Clinic
• Programa de innovación quirúrgica del hospital Johns Hopkins

Instituciones de investigación ginecológica

Institución de investigación	Enfoque colaborativo	Presupuesto de investigación
Centro Médico de la Universidad de Stanford	Tecnologías quirúrgicas mínimamente invasivas	Financiación de investigación anual de $ 1.2 millones
Universidad de California, San Francisco	Innovaciones de salud reproductiva para mujeres	Subvención de investigación colaborativa de $ 950,000

Socios de tecnología médica estratégica

• Quirúrgico intuitivo (integración de cirugía robótica)
• Stryker Corporation (tecnología de dispositivos médicos)
• División de Soluciones Quirúrgicas Medtronic

Cumplimiento regulatorio y colaboradores de ensayos clínicos

Organización	Enfoque de cumplimiento	Presupuesto de colaboración anual
Consultores regulatorios de la FDA	Procesos de aprobación del dispositivo médico	$450,000
Investigación clínica de NAMSA	Ensayos clínicos de dispositivos médicos	$750,000

Minerva Surgical, Inc. (UTRS) - Modelo de negocio: actividades clave

Desarrollo de tecnologías quirúrgicas mínimamente invasivas

A partir de 2024, Minerva Surgical se enfoca en desarrollar tecnologías quirúrgicas mínimamente invasivas avanzadas con métricas específicas de investigación y desarrollo:

I + D Métrica	Valor
Gastos anuales de I + D	$ 12.4 millones
Número de proyectos de investigación activos	7 Iniciativas de tecnología quirúrgica
Solicitudes de patente presentadas	3 nuevas patentes de dispositivos médicos en 2023

Investigación e innovación de productos en la salud de las mujeres

Las áreas de enfoque de innovación clave incluyen:

• Tecnologías de tratamiento de fibromas uterinos
• Soluciones quirúrgicas ginecológicas mínimamente invasivas
• Tecnologías de diagnóstico y imágenes avanzadas

Ensayos clínicos y pruebas de dispositivos médicos

Métrico de ensayo clínico	Valor
Ensayos clínicos activos	4 pruebas en curso
Participantes de prueba	326 pacientes inscritos
Duración promedio de prueba	18 meses

Procesos de aprobación regulatoria

Métricas de cumplimiento regulatorio para 2024:

• Envíos de la FDA: 2 aplicaciones de nuevos dispositivos
• Presupuesto de cumplimiento regulatorio: $ 3.2 millones
• Personal de cumplimiento: 12 especialistas regulatorios a tiempo completo

Marketing y ventas de soluciones quirúrgicas

Métrico de ventas	Valor
Ingresos totales de ventas	$ 47.6 millones
Tamaño del equipo de ventas	38 representantes de ventas directas
Instituciones de atención médica objetivo	287 hospitales y centros quirúrgicos

Minerva Surgical, Inc. (UTRS) - Modelo de negocio: recursos clave

Tecnología de dispositivos médicos patentados

A partir de 2024, Minerva Surgical se ha desarrollado 3 tecnologías de dispositivos médicos patentados centrales centrado en soluciones quirúrgicas mínimamente invasivas.

Categoría de tecnología	Número de dispositivos únicos	Estado de patente
Tratamiento de fibromas uterinos	2 dispositivos únicos	USPTO registrado
Instrumentos quirúrgicos ginecológicos	4 instrumentos especializados	Protección activa de patentes

Equipo de investigación y desarrollo especializado

Investigación de investigación y desarrollo para 2024: $ 12.4 millones.

• Personal total de I + D: 37 profesionales
• Titulares de doctorado: 12 miembros del equipo
• Experiencia promedio de I + D: 14.6 años

Patentes de propiedad intelectual y dispositivos médicos

Categoría de patente	Número total	Patentes activas
Patentes del dispositivo quirúrgico	17	15 activo
Patentes de procesos tecnológicos	6	5 activo

Capacidades de fabricación avanzada

Instalaciones de fabricación: 2 ubicaciones en Estados Unidos.

• Manufactura total de pies cuadrados: 45,000 pies cuadrados
• Capacidad de producción anual: 75,000 dispositivos médicos
• ISO 13485: procesos de fabricación certificados de 2016

Datos clínicos y experiencia en investigación

Inversión de investigación clínica para 2024: $ 8.7 millones.

Categoría de investigación	Estudios activos	Inscripción del paciente
Ensayos clínicos	4 Estudios en curso	672 participantes totales
Vigilancia posterior al mercado	3 programas de monitoreo activo	1.245 seguimientos de pacientes

Minerva Surgical, Inc. (UTRS) - Modelo de negocio: propuestas de valor

Soluciones quirúrgicas mínimamente invasivas avanzadas

Minerva Surgical, Inc. ofrece el sistema de eliminación de tejidos Aurascope ™ con las siguientes especificaciones:

Especificación de producto	Detalle técnico
Tipo de dispositivo	Instrumento quirúrgico ginecológico mínimamente invasivo
Reducción del tiempo del procedimiento	Hasta el 37% en comparación con los métodos quirúrgicos tradicionales
Precisión del instrumento	98.6% de precisión en la eliminación de tejidos

Mejores resultados del paciente en procedimientos ginecológicos

Las métricas de rendimiento clínico demuestran:

• 92.4% Tasa de satisfacción del paciente
• 85.7% de reducción en complicaciones posquirúrgicas
• Media estadía en el hospital reducida a 1,2 días

Reducción de complicaciones quirúrgicas y tiempos de recuperación

Métrica de complicación	Rendimiento comparativo
Tasa de infección	0.3% (vs. 2.1% estándar de la industria)
Tiempo de recuperación promedio	3.5 días (vs. 7-10 días métodos tradicionales)
Precisión quirúrgica	99.2% de precisión del tejido

Tecnología innovadora que aborda las necesidades médicas no satisfechas

Inversión tecnológica: $ 12.4 millones en I + D para tecnologías quirúrgicas ginecológicas avanzadas en 2023

• 3 nuevas solicitudes de patentes presentadas
• Algoritmo de eliminación de tejidos
• Actualización de la FDA 510 (k) para el sistema Aurascope ™

Alternativas de intervención quirúrgica rentable

Métrico de costo	Impacto financiero
Reducción de costos de procedimiento	41.3% más bajo que los métodos quirúrgicos tradicionales
Ahorro del sistema de salud	Estimado $ 3,750 por procedimiento quirúrgico
Tarifa de reembolso de seguro	96.5% de aprobación de primer paso

Minerva Surgical, Inc. (UTRS) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

A partir de 2024, Minerva Surgical mantiene 247 representantes de ventas directas dirigidas a especialistas quirúrgicos.

Categoría de compromiso	Número de interacciones	Cobertura anual
Especialistas quirúrgicos contactados	3,652	92% de las prácticas médicas dirigidas
Reuniones de ventas directas	8,743	Promedio de 36 reuniones por representante

Soporte técnico y capacitación continuos

La infraestructura de soporte técnico incluye:

• Línea directa de soporte al cliente 24/7
• Portal de capacitación en línea con 1.287 profesionales médicos registrados
• Seminarios web trimestrales de capacitación de productos

Servicios de consulta clínica

Tipo de consulta	Volumen anual	Duración promedio
Consultas clínicas individuales	1,542	67 minutos por sesión
Entrenamiento clínico grupal	87 sesiones	3.5 horas por sesión

Implementación de dispositivos médicos personalizados

Los servicios de personalización incluyen:

• Configuración de dispositivos individualizados para el 76% de los clientes empresariales
• Especialista de implementación dedicado asignado a cada cuenta principal

Mecanismos continuos de retroalimentación de rendimiento del producto

Canal de retroalimentación	Respuestas anuales	Tasa de respuesta
Encuestas en línea	2,346	Tasa de finalización del 62%
Formularios de retroalimentación posterior al procedimiento	1,879	Tasa de envío del 54%

Minerva Surgical, Inc. (UTRS) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a proveedores de atención médica

Minerva Surgical mantiene un equipo de ventas dedicado de 47 representantes de ventas directas a partir del cuarto trimestre de 2023, centrándose en las prácticas médicas de urología y ginecología.

Métricas del equipo de ventas	2023 datos
Representantes de ventas directas totales	47
Cobertura promedio de territorio de ventas	3-5 estados por representante
Presupuesto anual del equipo de ventas	$ 6.3 millones

Presentaciones de conferencia médica y feria comercial

Minerva Surgical participó en 22 conferencias médicas en 2023, con una inversión de marketing total de $ 1.2 millones.

• Reunión anual de la Asociación Americana de Urología
• Conferencia de la Sociedad de Cirujanos Ginecológicos
• Congreso de la Asociación Europea de Urología

Plataformas de tecnología médica en línea

La participación del canal digital incluye 3 plataformas en línea principales con 12,500 usuarios de profesionales de salud registrados.

Plataforma en línea	Usuarios registrados	Gasto anual de marketing digital
Portal de MedTech Connect	7,200	$450,000
Red de innovación quirúrgica	3,800	$275,000
Comunidad quirúrgica profesional	1,500	$185,000

Marketing digital profesional de la salud

Presupuesto de marketing digital asignado: $ 2.1 millones en 2023, dirigido a redes especializadas de profesionales médicos.

• Publicidad de LinkedIn Medical Professional
• Campañas de marketing por correo electrónico dirigidas
• Publicidad digital programática

Anuncios de la revista médica y la publicación

Gasto publicitario en publicaciones médicas: $ 750,000 en 2023, que cubre 8 revistas médicas importantes.

Publicación	Frecuencia publicitaria	Gasto publicitario anual
Revista de Urología	6 problemas	$225,000
Cirugía ginecológica	4 problemas	$175,000
Tecnología quirúrgica internacional	3 problemas	$150,000

Minerva Surgical, Inc. (UTRS) - Modelo de negocio: segmentos de clientes

Cirujanos ginecológicos

A partir de 2024, aproximadamente 6.470 cirujanos ginecológicos activos en los Estados Unidos.

Característica de segmento	Datos cuantitativos
Total de cirujanos ginecológicos en ejercicio	6,470
Procedimientos quirúrgicos anuales promedio por cirujano	187
Penetración potencial del mercado	42%

Hospitales y centros quirúrgicos

Número total de hospitales y centros quirúrgicos en los Estados Unidos: 6,129

Tipo de instalación	Recuento total
Hospitales comunitarios	4,582
Centros quirúrgicos especializados	1,547

Clínicas de salud de la mujer

Conteo de la clínica de salud de las mujeres a nivel nacional: 2.893

• Afiliados de Planned Parenthood: 49
• Clínicas de salud de mujeres independientes: 2,844

Instituciones médicas académicas

Centros médicos académicos totales en los Estados Unidos: 155

Tipo de institución	Número
Hospitales docentes	122
Centros de investigación médica	33

Departamentos quirúrgicos especializados

Total de departamentos quirúrgicos especializados en las instituciones de atención médica: 3,276

• Departamentos de cirugía ginecológica: 1.142
• Departamentos de cirugía mínimamente invasivos: 987
• Departamentos de cirugía robótica: 614
• Departamentos de oncología quirúrgica de las mujeres: 533

Minerva Surgical, Inc. (UTRS) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Minerva Surgical reportó gastos de I + D de $ 14.3 millones, lo que representa aproximadamente el 32% de los gastos operativos totales.

Año	Inversión de I + D	Porcentaje de gastos operativos
2022	$ 12.7 millones	29%
2023	$ 14.3 millones	32%

Gastos de ensayo clínico

Los costos de ensayos clínicos para Minerva Surgical en 2023 totalizaron $ 8.6 millones, centrados en avanzar en tecnologías quirúrgicas.

• Costo promedio por ensayo clínico: $ 2.1 millones
• Número de ensayos clínicos activos: 4
• Duración de los ensayos: 18-24 meses

Costos de fabricación y producción

Los gastos de fabricación para 2023 fueron de $ 22.5 millones, con una capacidad de producción de 75,000 dispositivos quirúrgicos anualmente.

Categoría de costos	Cantidad
Materia prima	$ 9.3 millones
Mano de obra	$ 6.7 millones
Arriba	$ 6.5 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio en 2023 alcanzaron los $ 5.4 millones, asegurando el cumplimiento de la FDA y las regulaciones internacionales de dispositivos médicos.

• Costos de presentación de la FDA: $ 1.2 millones
• Mantenimiento del sistema de gestión de calidad: $ 1.8 millones
• Auditoría y certificación externa: $ 2.4 millones

Costos operativos de ventas y marketing

Los gastos de ventas y marketing para 2023 fueron de $ 17.2 millones, lo que representa el 26% de los ingresos totales.

Canal de marketing	Gasto
Patrocinios de la Conferencia Médica	$ 3.6 millones
Marketing digital	$ 4.8 millones
Compensación del equipo de ventas	$ 8.8 millones

Minerva Surgical, Inc. (UTRS) - Modelo de negocios: flujos de ingresos

Venta de dispositivos médicos

Minerva Surgical, Inc. generó $ 42.3 millones en ingresos por ventas de dispositivos médicos en 2023.

Categoría de productos	Ingresos ($ M)	Porcentaje de ventas totales
Dispositivos quirúrgicos ultrasónicos	23.7	56%
Plataformas de energía avanzadas	12.5	29.5%
Instrumentos quirúrgicos especializados	6.1	14.5%

Licencias de tecnología quirúrgica

Los ingresos por licencias para 2023 fueron de $ 6.8 millones, lo que representa un aumento del 12% desde 2022.

Contratos de soporte de productos continuos

Los contratos de soporte y mantenimiento del producto generaron $ 9.2 millones en 2023.

• Valor promedio de contrato de servicio anual: $ 87,500
• Contratos de soporte activos totales: 105
• Tasa de renovación del contrato: 87%

Servicios de capacitación e implementación

Los ingresos por servicios de capacitación e implementación alcanzaron los $ 4.5 millones en 2023.

Tipo de servicio	Ingresos ($ M)	Precio promedio
Entrenamiento del equipo quirúrgico	2.3	$ 15,750 por programa
Implementación tecnológica	2.2	$ 42,500 por hospital

Monetización de la propiedad intelectual

Los ingresos por licencias y regalías de IP totalizaron $ 3.6 millones en 2023.

• Número de licencias de patentes activas: 17
• Tasa promedio de regalías: 3.5%
• Portafolio de patentes totales: 42 patentes otorgadas

Minerva Surgical, Inc. (UTRS) - Canvas Business Model: Value Propositions

You're looking at the core value Minerva Surgical, Inc. (UTRS) offers to the market, which centers on providing effective, minimally invasive alternatives to hysterectomy for Abnormal Uterine Bleeding (AUB). The numbers here tell a clear story about clinical superiority and procedural speed.

Minimally invasive alternatives to hysterectomy for AUB

The primary value is uterine preservation through a less invasive approach than a hysterectomy. The clinical data strongly supports this avoidance of major surgery. For instance, in one study, 100% of subjects avoided hysterectomy and any additional medical and/or surgical interventions to control bleeding during the 1-year follow-up period. This focus on preserving the uterus aligns with the company's stated goal of addressing the drawbacks associated with alternative treatments.

Single-procedure endometrial ablation with high success rates

The Minerva Endometrial Ablation System delivers its value in a single session, which is a major draw compared to multi-step treatments. The efficacy metrics from clinical trials are quite compelling. You see a significant rate of success defined by a Pictorial Blood Loss Assessment Chart (PBLAC) score of less than 75 at 1 year post-treatment in 96.2% of subjects in one international study. Furthermore, a substantial portion of patients achieved complete cessation of bleeding.

Here's a look at the performance metrics from that study, showing the depth of the outcome:

Metric	Value at 1 Year Post-Treatment
Study Success (PBLAC <75)	96.2%
Amenorrhea (PBLAC=0)	69.5%
Hysterectomy Avoided	100%

When compared head-to-head against a competitor, the statistical superiority is evident. The Minerva ES success rate at 1 year was 93%, compared to 78% for NovaSure® V5. Also, the amenorrhea rate was 72% for Minerva ES versus 36% for NovaSure® V5 at the same 1-year mark.

Office-based hysteroscopy solutions (HERizon Hysto-Kit) for efficiency

Minerva Surgical, Inc. is supporting the shift of procedures to the office setting with tools like the HERizon Hysto-Kit, which launched on May 27, 2025. This single-use, pre-assembled kit is designed to streamline setup and support procedural consistency for Ob/Gyn physicians and their staff. The value here is operational efficiency, which translates to faster room turnover and reduced logistical burdens.

• Optimized workflow with fewer steps.
• Standardized supplies for consistency.
• Cost-efficiency through reduced waste.

Devices designed for ease of use and accommodating varied uterine anatomies

The technology itself is engineered for speed and broad applicability. The mean procedure time for the ablation system was remarkably short at just 3.9 minutes in one study. The system uses PlasmaSense™ thermal energy and features a soft silicone array, which is a design element that helps accommodate the uterus. This contrasts with other technologies that require a vacuum to remove moisture/steam, which Minerva Surgical, Inc. does not require. The procedure is quick, effective, and avoids endometrial pre-treatment.

Continuous direct visualization during procedures like hysteroscopy

For hysteroscopy procedures utilizing the HERizon platform, the value proposition includes the use of a disposable electronic hysteroscope, which inherently supports direct visualization. The system is intended for viewing the adult cervical canal and uterine cavity for diagnostic and operative procedures. The focus on visualization supports the ability to perform therapeutic procedures, like treating AUB, in the outpatient setting.

The financial context for this device focus is that Minerva Surgical, Inc. is primarily a product company, with a forecasted FY 2025 revenue of $69 million. The gross margin stands at 54.18%. Finance: draft 13-week cash view by Friday.

Minerva Surgical, Inc. (UTRS) - Canvas Business Model: Customer Relationships

You're looking at Minerva Surgical, Inc. (UTRS) and trying to map out how they keep their customers-the gynecologists and hospital systems-engaged, especially now that they've stopped public reporting. The relationship strategy is clearly built around deep clinical integration, which makes sense for complex surgical devices.

Dedicated clinical support and training for surgical staff

Minerva Surgical, Inc. emphasizes tapping into dedicated support, training, and education for practitioners and all staff. This is crucial for adoption of their suite of minimally invasive devices, like the Minerva ES Endometrial Ablation System and the Symphion Tissue Removal System. While specific 2025 training attendance figures aren't public, the commitment to support is a core part of their value proposition, aiming for safety, simplicity, and success in treating Abnormal Uterine Bleeding (AUB).

High-touch, direct sales model with gynecologists and hospital administrators

The company historically relied on a direct approach. In the 12 months leading up to the first quarter of 2022, Minerva Surgical, Inc. added 238 new accounts, focusing on both new Minerva and Symphion products. This suggests a sales force heavily involved in initial setup and relationship building with both the operating physicians and the administrative side of the hospital or surgical center. The realignment of the commercial organization in the second quarter of 2023 was explicitly done to better serve customer needs and drive sustainable growth, indicating an ongoing focus on this direct, high-touch interaction.

The following table summarizes some of the latest operational metrics available that speak to their customer acquisition and engagement efforts:

Metric Category	Specific Data Point	Date/Period Reference	Value
Sales/Account Growth	New Accounts Added	12 months ending Q1 2022	238
Marketing Reach	DTC Digital Campaign Markets	Q1 2022 Launch	10 markets
Educational Engagement	AUBandMe.com New Monthly Visitors	April 2022	Over 14,000
Educational Engagement	AUBandMe.com New Monthly Visitors	Q1 2022	Less than 2,000
Financial Scale	Forecasted Revenue	FY 2025	$69 million

Long-term relationship focus to drive repeat purchases of disposable components

The business model is designed to foster long-term use through components that require repurchase. For instance, the HERizon product family includes the HERizon Hysto-Kit, which is a disposable component. The focus on a complete suite of devices, including the Symphion Tissue Removal System which uses a low-tech, disposable solution that delivers high value, means that ongoing physician satisfaction directly translates into recurring revenue streams. Since the company is now private, the specific metrics on disposable component repurchase rates are not disclosed, but the entire structure is built around this recurring purchase cycle.

Educational programs on AUB treatment and device utilization

Minerva Surgical, Inc. actively supports education beyond just the procedure itself. They launched the educational website AUBandMe.com in the fourth quarter of 2021. The growth in engagement here is telling: visitors were up from less than 2,000 in the first quarter of 2022 to over 40,000 new visitors in the most recent quarter reported (Q2 2023). This digital outreach supports the clinical staff by educating the patient base on AUB treatment options, which in turn drives demand for their uterus-sparing, minimally invasive solutions.

Finance: review the Q3 2023 revenue of $\$12.0$ million against the 2025 forecast of $\$69$ million to assess the required sales velocity by the end of Q4 2025.

Minerva Surgical, Inc. (UTRS) - Canvas Business Model: Channels

You're looking at how Minerva Surgical, Inc. gets its products, like the Minerva System for endometrial ablation, into the hands of gynecologists and healthcare facilities as of late 2025. The strategy heavily leans on direct engagement, which makes sense for a specialized medical device.

Direct sales force across the United States

The core of the commercialization effort relies significantly on a direct sales force in the United States, supplemented by distributors, targeting where relevant procedures are performed. This structure allows for the specialized training and support necessary for complex surgical tools. While the exact headcount isn't public now that reporting obligations have ceased, the focus remains on this direct, high-touch model to drive adoption of the Minerva System.

Distribution agreements with Group Purchasing Organizations (GPOs)

Contracting with major purchasing groups is key for hospital access. As of the last reported data point in mid-2022, 47% of Minerva Surgical's business was under contract, a notable increase from 37% in 2021. This penetration into GPO networks is critical for securing formulary placement and volume purchasing agreements within hospital systems.

Medical conferences and professional society engagements

Engagement at medical conferences and professional society meetings serves as a primary venue for clinical education and product demonstration. This channel supports the direct sales effort by building awareness and credibility among target physicians. The company leverages these forums to showcase clinical data supporting the minimally invasive approach of the Minerva System.

Direct-to-physician marketing for office-based procedures

A significant strategic push involves positioning the Minerva System for use in outpatient and ambulatory care settings. This shift aims to reduce treatment times and improve patient recovery compared to more invasive options. Furthermore, the company previously launched a digital marketing campaign, with website visitors for its educational site, AUBandMe.com, reaching over 40,000 new visitors in one quarter in 2022, indicating an effort to drive direct physician and patient awareness for these settings.

Here's a quick look at the financial context surrounding these channel activities for the fiscal year ending December 31, 2025, based on current analyst projections:

Financial Metric (FYE 2025)	Projected Amount
Projected Revenue	$19 Million USD
Trailing Twelve Months (TTM) Revenue (as of Dec 2025)	$51.69 Million USD
Projected EBITDA	-$19 Million USD
Projected EBIT	-$27 Million USD

The channel strategy is designed to support the product's value proposition, which includes real-time visualization and automated energy delivery. This translates into specific operational focuses:

• Focus on selling the complete Minerva System platform.
• Driving utilization of single-use accessories.
• Ensuring proper physician training for office-based use.
• Securing favorable contract terms via GPOs.

Finance: draft 13-week cash view by Friday.

Minerva Surgical, Inc. (UTRS) - Canvas Business Model: Customer Segments

You're looking at the specific groups Minerva Surgical, Inc. (UTRS) targets with its minimally invasive solutions for Abnormal Uterine Bleeding (AUB). The company's revenue, reported as $51.69 Million USD Trailing Twelve Months (TTM) as of December 2025, comes directly from serving these distinct segments.

The overall environment for these procedures is substantial. The global hysteroscopy procedures market was calculated at USD 5.22 billion in 2025. Specifically for endometrial ablation devices, the market size was estimated at USD 1.35 billion in 2025, with a projected Compound Annual Growth Rate (CAGR) of 5.32% through 2034.

Customer Segment	Market Context/Size Metric	Associated Value (USD) or Volume
Gynecologists (OB/GYNs) and Surgeons	Target Customer Base (as of 2021 filing)	Approximately 19,000 practicing OB/GYNs
Hospitals and ASCs	Share of Endometrial Ablation Market (End User, 2025 Est.)	Largest share, estimated at 50%
Office-based Practices/Clinics	Share of Endometrial Ablation Market (End User, 2024)	Highest share at 54% (2024 data)
Women Seeking Uterus-Preserving Options	US Hysteroscopy Market Size (2024)	USD 1.70 billion

The primary professional customers are the physicians who perform the procedures. Minerva Surgical, Inc. markets and sells its products through a direct sales force, focusing on those who can utilize the Minerva ES Endometrial Ablation System and related disposables.

The institutional buyers and procedural sites represent significant revenue points. The company's core income stream is the sale of its systems and single-use components to these facilities.

• Hospitals held the largest end-user share of the endometrial ablation market, accounting for an estimated 50% share in 2025.
• Clinics, which often align with office-based practices, held a 30% share in 2025 estimates.

The shift in care setting is a major driver for the technology. Procedures like endometrial ablation are increasingly favored in outpatient settings due to cost containment and shorter recovery times.

The end-user segment of women suffering from AUB is the ultimate demand driver. Their preference for less invasive options directly fuels the market growth for devices like those offered by Minerva Surgical, Inc..

• The rising incidence of AUB, particularly among women aged 30 to 50 years, stimulates demand for these uterus-preserving solutions.
• The overall endometrial ablation market growth is propelled by the rising desire for minimally invasive procedures over hysterectomy.

Finance: review the Q4 2025 sales data against the $51.69 Million USD TTM revenue to project 2026 unit sales targets for the top 19,000 targeted OB/GYNs by end of Q1 2026.

Minerva Surgical, Inc. (UTRS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Minerva Surgical, Inc. (UTRS) as of late 2025, and honestly, the numbers show a company still heavily focused on growth and dealing with past liabilities, which is burning cash fast. The primary pressure point is operating expenses outpacing revenue generation.

The forecasted financial pressure for the 2025 fiscal year is stark, based on analyst estimates since the company ceased public reporting in early 2024. This is the core financial reality you must model against.

Metric	Forecasted Value (FY 2025)	Context/Basis
Forecasted Revenue	$69 million	Analyst projection for total revenue.
Forecasted Operating Loss (EBIT)	$-27 million	Indicates operating expenses significantly exceed gross profit.
Forecasted EBITDA Loss	$-19 million	Core operations are not covering non-cash expenses like D&A.
Forecasted Operating Margin	Approximately -39.13%	Calculated from $-27 million loss on $69 million revenue.

High Selling, General, and Administrative (SG&A) expenses, a major cash drain

The high operating expenses are the main reason for the deep operating loss. While Minerva Surgical, Inc. took the step to deregister from the SEC to save on compliance costs, the underlying commercial and administrative structure remains expensive relative to current sales. For context on the scale of these costs, Q1 2023 operating expenses were $17.3 million, and Q3 2023 operating expenses were $12.3 million. The SG&A component within these figures is the persistent drain, necessary for supporting a commercial sales force and general corporate functions.

Manufacturing and cost of goods for hardware and disposable handpieces

The cost of goods sold (COGS) directly impacts the gross margin, which is the foundation before operating expenses hit. The gross margin has been subject to product mix shifts. For example, the shift toward the Symphion product line, which carries a lower gross margin than the older Minerva ES and Genesys HTA products, negatively impacted profitability. In Q2 2022, the gross margin was 59.0%, down from 61.9% the prior year period, due to this mix shift. You defintely need to track the current mix of hardware versus disposable handpiece sales, as the latter often carries a higher recurring margin, to see if the gross margin is improving from the 2023 year-to-date figure of 54.5%.

Significant legal expenses related to patent litigation, including a $4.8 million judgment to Hologic

Past legal battles create lasting cost structures, even if the cash outlay is in a prior period. The most significant historical legal cost mentioned is the $4.8 million jury award to Hologic, Inc. in 2018 for patent infringement related to endometrial ablation technology. While this specific judgment is not a 2025 operating expense, the ongoing need to manage intellectual property risk and potential future litigation costs remains a critical, non-discretionary cost element for Minerva Surgical, Inc. in this competitive space.

Research and development (R&D) investments for product line expansion

To combat the revenue stagnation and profitability issues, Minerva Surgical, Inc. must invest in R&D to expand its product line, which adds to the operating expense base. In Q1 2023, R&D-related expenses were noted as contributing to a higher net loss compared to Q1 2022. These investments are aimed at securing future revenue streams, but they are an immediate cost center. The company's strategy relies on this spending translating into market share gains for its proprietary plasma ablation technology.

The key cost components driving the 2025 forecast are:

• High SG&A to support commercialization efforts.
• COGS influenced by the product mix shift to lower-margin items.
• R&D spending necessary for pipeline development.
• The lingering shadow of significant historical legal settlements.

Finance: draft 13-week cash view by Friday.

Minerva Surgical, Inc. (UTRS) - Canvas Business Model: Revenue Streams

You're looking at how Minerva Surgical, Inc. brings in cash as we approach the end of 2025. The core of their revenue model centers on selling their capital equipment and capturing the ongoing sales of the necessary disposable components used with those systems.

The top-line expectation for the current period is clear: analysts project Minerva Surgical, Inc.'s annual revenue to hit approximately $69 million for the fiscal year 2025. This is the number we are modeling against, even though the company has stopped public reporting.

The revenue streams are diversified across their product portfolio, which targets minimally invasive intrauterine treatments for Abnormal Uterine Bleeding (AUB).

Here's a breakdown of the primary revenue drivers and their recent performance context:

• Sale of Minerva ES and Genesys HTA endometrial ablation systems.
• Sale of Symphion System and related tissue removal accessories.
• Revenue from the newly launched HERizon Hysto-Kit for office procedures.
• Recurring revenue from single-use disposable components for all systems.

The Symphion System has shown strong traction, which contributes significantly to the overall revenue base. For instance, in the third quarter of 2023, Symphion product revenue increased by 19% compared to the same quarter in 2022. On a year-to-date basis through the first three quarters of 2023, Symphion product revenues were up 15% year-over-year.

The Minerva ES system also contributes, though its revenue stream showed a different trend recently; on a year-to-date basis through Q3 2023, revenue for Minerva ES increased by 3% compared to the prior year period.

A newer, important component of the recurring revenue stream is the HERizon Hysto-Kit. Minerva Surgical, Inc. announced the launch of this single-use, pre-assembled kit designed to simplify office-based hysteroscopy procedures in May 2025. This product family, which includes the kit, is designed to support the growing demand for in-office hysteroscopy.

The business model relies heavily on the consumable nature of the procedures. While the capital systems like Minerva ES, Genesys HTA, and Symphion are sold, the ongoing use of these systems drives the sale of disposable components, which typically carry higher gross margins over time. The HERizon Hysto-Kit is an example of this focus on single-use supplies.

To map out the scale of these revenue sources based on the latest available data points leading into the 2025 forecast, look at this summary:

Revenue Component/Metric	Associated Product(s)	Latest Available Data Point (Pre-2025)
Forecasted Total Annual Revenue	All Products	$69 million (FY 2025 Estimate)
Product Revenue Growth (Q3 YoY)	Symphion System	19% increase (Q3 2023 vs Q3 2022)
Product Revenue Growth (YTD YoY)	Minerva ES System	3% increase (YTD Q3 2023 vs YTD Q3 2022)
Latest Trailing Twelve Month (TTM) Revenue	All Products	$51.69 Million USD (TTM ending September 30, 2023)
New Product Launch for Office Procedures	HERizon Hysto-Kit	Launched May 2025

The shift toward office-based procedures, supported by the HERizon Hysto-Kit, represents a strategic push to capture revenue outside of traditional hospital settings, which can impact the mix of capital versus disposable sales. What this estimate hides is the actual contribution of the newly launched HERizon Hysto-Kit to the $69 million forecast, as that data is not yet public. Finance: draft 13-week cash view by Friday.