Minerva Surgical, Inc. (UTRS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide en évolution des soins de santé chirurgicale des femmes, Minerva Surgical, Inc. (UTRS) émerge comme une force pionnière, révolutionnant les procédures gynécologiques mini-invasives grâce à la technologie médicale de pointe. En créant méticuleusement un modèle commercial complet qui entrelace de recherche innovante, de partenariats stratégiques et de solutions chirurgicales avancées, la société transforme comment les interventions chirurgicales sont conçues, développées et livrées. Cette toile de modèle commercial complexe révèle un plan stratégique qui positionne la chirurgie de Minerva à l'avant-garde de l'innovation médicale, promettant des résultats améliorés pour les patients, des complications chirurgicales réduites et des approches révolutionnaires des technologies de santé des femmes.

Minerva Surgical, Inc. (UTRS) - Modèle commercial: partenariats clés

Distributeurs de dispositifs médicaux et chaînes d'approvisionnement en soins de santé

Minerva Surgical s'associe aux principaux distributeurs suivants:

Distributeur	Détails du partenariat	Couverture géographique
Santé cardinale	Contrat de distribution des dispositifs médicaux à l'échelle nationale	États-Unis
McKesson Corporation	Gestion de la chaîne d'approvisionnement en équipement chirurgical	Amérique du Nord

Hôpitaux et centres chirurgicaux

Les partenariats stratégiques comprennent:

• Réseau chirurgical de la clinique Mayo
• Départements gynécologiques de la clinique de Cleveland
• Programme d'innovation chirurgicale de l'hôpital Johns Hopkins

Institutions de recherche gynécologique

Institution de recherche	Focus collaboratif	Budget de recherche
Centre médical de l'Université de Stanford	Technologies chirurgicales mini-invasives	Financement de la recherche annuelle de 1,2 million de dollars
Université de Californie, San Francisco	Innovations pour la santé reproductive des femmes	GRANTION DE RECHERCHE COLLONNITÉE 950 000 $

Partenaires de technologie médicale stratégique

• Chirurgie intuitive (intégration de chirurgie robotique)
• Stryker Corporation (technologie des dispositifs médicaux)
• Division des solutions chirurgicales Medtronic

Collaborateurs de conformité réglementaire et d'essais cliniques

Organisation	Focus de la conformité	Budget de collaboration annuel
Consultants réglementaires de la FDA	Processus d'approbation des dispositifs médicaux	$450,000
Recherche clinique NAMSA	Essais cliniques de dispositif médical	$750,000

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: activités clés

Développer des technologies chirurgicales mini-invasives

En 2024, la chirurgie Minerva se concentre sur le développement de technologies chirurgicales avancées mini-invasives avec des mesures de recherche et de développement spécifiques:

Métrique de R&D	Valeur
Dépenses annuelles de R&D	12,4 millions de dollars
Nombre de projets de recherche actifs	7 initiatives de technologie chirurgicale
Demandes de brevet déposées	3 nouveaux brevets de dispositifs médicaux en 2023

Innovation de recherche et de produits en santé des femmes

Les principaux domaines d'information sur l'innovation comprennent:

• Technologies de traitement des fibromes utérins
• Solutions chirurgicales gynécologiques mini-invasives
• Technologies avancées et technologies de diagnostic

Essais cliniques et tests de dispositifs médicaux

Métrique d'essai clinique	Valeur
Essais cliniques actifs	4 essais en cours
Participants à l'essai	326 patients inscrits
Durée moyenne de l'essai	18 mois

Processus d'approbation réglementaire

Mesures de conformité réglementaire pour 2024:

• Soumissions de la FDA: 2 nouvelles applications de l'appareil
• Budget de conformité réglementaire: 3,2 millions de dollars
• Personnel de conformité: 12 spécialistes de la réglementation à temps plein

Marketing et ventes de solutions chirurgicales

Métrique des ventes	Valeur
Revenu total des ventes	47,6 millions de dollars
Taille de l'équipe de vente	38 représentants des ventes directes
Cibler les institutions de soins de santé	287 hôpitaux et centres chirurgicaux

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: Ressources clés

Technologie des dispositifs médicaux propriétaires

En 2024, la chirurgie Minerva s'est développée 3 technologies de dispositifs médicaux propriétaires de base axé sur des solutions chirurgicales mini-invasives.

Catégorie de technologie	Nombre d'appareils uniques	Statut de brevet
Traitement des fibromes utérins	2 appareils uniques	USPTO enregistré
Instruments chirurgicaux gynécologiques	4 instruments spécialisés	Protection active des brevets

Équipe de recherche et développement spécialisée

Investissement de recherche et développement pour 2024: 12,4 millions de dollars.

• Personnel total de R&D: 37 professionnels
• Temps de doctorat: 12 membres de l'équipe
• Expérience de R&D moyenne: 14,6 ans

Propriété intellectuelle et brevets de dispositifs médicaux

Catégorie de brevet	Nombre total	Brevets actifs
Brevets de dispositif chirurgical	17	15 actif
Brevets de processus technologique	6	5 actif

Capacités de fabrication avancées

Installations de fabrication: 2 emplacements aux États-Unis.

• Fabrication totale en pieds carrés: 45 000 pieds carrés
• Capacité de production annuelle: 75 000 dispositifs médicaux
• ISO 13485: Processus de fabrication certifiés 2016

Données cliniques et expertise en recherche

Investissement en recherche clinique pour 2024: 8,7 millions de dollars.

Catégorie de recherche	Études actives	Inscription des patients
Essais cliniques	4 études en cours	672 participants au total
Surveillance post-commerciale	3 programmes de surveillance actifs	1 245 suivis des patients

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: propositions de valeur

Solutions chirurgicales avancées avancées

Minerva Surgical, Inc. propose le système d'élimination des tissus Aurascope ™ avec les spécifications suivantes:

Spécification du produit	Détails techniques
Type d'appareil	Instrument chirurgical gynécologique mini-invasif
Réduction du temps de procédure	Jusqu'à 37% par rapport aux méthodes chirurgicales traditionnelles
Précision de l'instrument	98,6% de précision dans l'élimination des tissus

Amélioration des résultats des patients dans les procédures gynécologiques

Les mesures de performance clinique démontrent:

• Taux de satisfaction de 92,4%
• 85,7% de réduction des complications post-chirurgicales
• Séjour médian à l'hôpital réduit à 1,2 jours

Réduction des complications chirurgicales et des temps de récupération

Métrique de complication	Performance comparative
Taux d'infection	0,3% (contre 2,1% de norme de l'industrie)
Temps de récupération moyen	3,5 jours (vs 7 à 10 jours Méthodes traditionnelles)
Précision chirurgicale	99,2% de précision de ciblage de tissus

Technologie innovante répondant aux besoins médicaux non satisfaits

Investissement technologique: 12,4 millions de dollars en R&D pour les technologies chirurgicales gynécologiques avancées en 2023

• 3 nouvelles demandes de brevet déposées
• Algorithme d'élimination des tissus propriétaires
• FDA 510 (k) Autorisation pour le système Aurascope ™

Alternatives à intervention chirurgicale rentable

Métrique coût	Impact financier
Réduction des coûts de procédure	41,3% inférieur aux méthodes chirurgicales traditionnelles
Économies du système de santé	3 750 $ estimé par procédure chirurgicale
Taux de remboursement de l'assurance	Approbation de 96,5%

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

En 2024, Minerva Surgical conserve 247 représentants des ventes directes ciblant les spécialistes chirurgicaux.

Catégorie d'engagement	Nombre d'interactions	Couverture annuelle
Des spécialistes chirurgicaux contactés	3,652	92% des pratiques médicales ciblées
Réunions de vente directes	8,743	Moyenne 36 réunions par représentant

Soutien technique et formation en cours

L'infrastructure de soutien technique comprend:

• Hotline de support client 24/7
• Portail de formation en ligne avec 1 287 professionnels de la santé enregistrés
• Webinaires de formation de produits trimestriels

Services de consultation clinique

Type de consultation	Volume annuel	Durée moyenne
Consultations cliniques individuelles	1,542	67 minutes par session
Formation clinique de groupe	87 séances	3,5 heures par session

Implémentation de dispositifs médicaux personnalisés

Les services de personnalisation comprennent:

• Configuration de l'appareil individualisé pour 76% des clients d'entreprise
• Spécialiste de l'implémentation dédié affecté à chaque compte majeur

Mécanismes de rétroaction des performances continues du produit

Canal de rétroaction	Réponses annuelles	Taux de réponse
Enquêtes en ligne	2,346	Taux d'achèvement de 62%
Formulaires de rétroaction post-procédure	1,879	Taux de soumission de 54%

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: canaux

Force de vente directe ciblant les prestataires de soins de santé

Minerva Surgical maintient une équipe de vente dédiée de 47 représentants des ventes directes au T2 2023, en se concentrant sur l'urologie et les pratiques médicales de gynécologie.

Métriques de l'équipe de vente	2023 données
Représentants totaux des ventes directes	47
Couverture moyenne du territoire des ventes	3-5 États par représentant
Budget de l'équipe de vente annuelle	6,3 millions de dollars

Présentations de conférences et de salons médicaux

Minerva Surgical a participé à 22 conférences médicales en 2023, avec un investissement marketing total de 1,2 million de dollars.

• Réunion annuelle de l'American Urological Association
• Conférence de la société des chirurgiens gynécologiques
• Congrès de l'Association européenne de l'urologie

Plateformes de technologie médicale en ligne

L'engagement des canaux numériques comprend 3 plateformes en ligne principales avec 12 500 utilisateurs professionnels de la santé enregistrés.

Plate-forme en ligne	Utilisateurs enregistrés	Dépenses annuelles sur le marketing numérique
Portail MedTech Connect	7,200	$450,000
Réseau d'innovation chirurgicale	3,800	$275,000
Communauté chirurgicale professionnelle	1,500	$185,000

Marketing numérique professionnel de la santé

Budget de marketing numérique alloué: 2,1 millions de dollars en 2023, ciblant les réseaux de professionnels médicaux spécialisés.

• Publicité professionnelle médicale LinkedIn
• Campagnes de marketing par e-mail ciblées
• Publicité numérique programmatique

Journal médical et publicités de publication

Dépenses publicitaires dans les publications médicales: 750 000 $ en 2023, couvrant 8 grandes revues médicales.

Publication	Fréquence publicitaire	Dépenses publicitaires annuelles
Journal of Urology	6 problèmes	$225,000
Chirurgie gynécologique	4 problèmes	$175,000
International de technologie chirurgicale	3 problèmes	$150,000

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: segments de clientèle

Chirurgiens gynécologiques

En 2024, environ 6 470 chirurgiens gynécologiques actifs aux États-Unis.

Caractéristique du segment	Données quantitatives
Total pratiquant les chirurgiens gynécologiques	6,470
Procédures chirurgicales annuelles moyennes par chirurgien	187
Pénétration potentielle du marché	42%

Hôpitaux et centres chirurgicaux

Nombre total d'hôpitaux et de centres chirurgicaux aux États-Unis: 6 129

Type d'installation	Compte total
Hôpitaux communautaires	4,582
Centres chirurgicaux spécialisés	1,547

Cliniques de santé des femmes

Compte de cliniques de santé des femmes à l'échelle nationale: 2 893

• Planned Parenthood Affiliates: 49
• Cliniques de santé des femmes indépendantes: 2 844

Établissements médicaux académiques

Total des centres médicaux universitaires aux États-Unis: 155

Type d'institution	Nombre
Hôpitaux enseignants	122
Centres de recherche médicale	33

Services chirurgicaux spécialisés

Total des services chirurgicaux spécialisés dans tous les établissements de santé: 3 276

• Départements de chirurgie gynécologique: 1 142
• Départements de chirurgie mini-invasifs: 987
• Départements de chirurgie robotique: 614
• Départements d'oncologie chirurgicale des femmes: 533

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Minerva Surgical a déclaré des frais de R&D de 14,3 millions de dollars, ce qui représente environ 32% des dépenses d'exploitation totales.

Année	Investissement en R&D	Pourcentage des dépenses d'exploitation
2022	12,7 millions de dollars	29%
2023	14,3 millions de dollars	32%

Dépenses des essais cliniques

Les coûts des essais cliniques pour la chirurgie Minerva en 2023 ont totalisé 8,6 millions de dollars, axé sur l'avancement des technologies chirurgicales.

• Coût moyen par essai clinique: 2,1 millions de dollars
• Nombre d'essais cliniques actifs: 4
• Durée des essais: 18-24 mois

Coûts de fabrication et de production

Les dépenses de fabrication pour 2023 étaient de 22,5 millions de dollars, avec une capacité de production de 75 000 dispositifs chirurgicaux par an.

Catégorie de coûts	Montant
Matières premières	9,3 millions de dollars
Travail	6,7 millions de dollars
Aérien	6,5 millions de dollars

Dépenses de conformité réglementaire

Les frais de conformité réglementaire en 2023 ont atteint 5,4 millions de dollars, garantissant l'adhésion à la FDA et aux réglementations internationales des dispositifs médicaux.

• Coûts de soumission de la FDA: 1,2 million de dollars
• Maintenance du système de gestion de la qualité: 1,8 million de dollars
• Audit et certification externes: 2,4 millions de dollars

Coûts opérationnels des ventes et du marketing

Les frais de vente et de marketing pour 2023 étaient de 17,2 millions de dollars, ce qui représente 26% des revenus totaux.

Canal de marketing	Dépense
Commanditaires de la conférence médicale	3,6 millions de dollars
Marketing numérique	4,8 millions de dollars
Compensation de l'équipe de vente	8,8 millions de dollars

Minerva Surgical, Inc. (UTRS) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

Minerva Surgical, Inc. a généré 42,3 millions de dollars de revenus de vente de dispositifs médicaux en 2023.

Catégorie de produits	Revenus ($ m)	Pourcentage des ventes totales
Dispositifs chirurgicaux à ultrasons	23.7	56%
Plates-formes énergétiques avancées	12.5	29.5%
Instruments chirurgicaux spécialisés	6.1	14.5%

Licence de technologie chirurgicale

Les revenus de licence pour 2023 étaient de 6,8 millions de dollars, ce qui représente une augmentation de 12% par rapport à 2022.

Contrats de support de produit en cours

Les contrats de soutien aux produits et de maintenance ont généré 9,2 millions de dollars en 2023.

• Valeur moyenne du contrat de service annuel: 87 500 $
• Contrats de support actif total: 105
• Taux de renouvellement des contrats: 87%

Services de formation et de mise en œuvre

Les revenus des services de formation et de mise en œuvre ont atteint 4,5 millions de dollars en 2023.

Type de service	Revenus ($ m)	Prix ​​moyen
Formation en équipe chirurgicale	2.3	15 750 $ par programme
Mise en œuvre de la technologie	2.2	42 500 $ par hôpital

Monétisation de la propriété intellectuelle

Les licences IP et les revenus de redevance ont totalisé 3,6 millions de dollars en 2023.

• Nombre de licences de brevet actives: 17
• Taux de redevance moyen: 3,5%
• Portfolio total des brevets: 42 brevets accordés

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.