Minerva Surgical, Inc. (UTRS): BCG Matrix [Dec-2025 Updated]

You're looking at Minerva Surgical, Inc.'s product lineup through the critical lens of the BCG Matrix as of late 2025, and honestly, the picture isn't rosy. With the entire enterprise struggling under a forecasted EBIT loss of -$27 million for FY 2025 and revenue growth lagging the market at just 3.11%, the company simply doesn't field any established Stars or reliable Cash Cows; instead, we see a portfolio heavily weighted toward Question Marks like the new HERizon™ Hysto-Kit and legacy products that look more like Dogs. Let's break down which specific offerings, like Symphion which saw internal growth of 15% in 2023, might justify the next round of investment before they too become a problem.

Background of Minerva Surgical, Inc. (UTRS)

You're looking at Minerva Surgical, Inc. (UTRS), a company that operates squarely in the women's health space, specifically targeting therapeutic devices for benign gynecologic conditions. Honestly, the story here is one of innovation meeting significant financial headwinds, especially since they stopped public SEC reporting at the start of 2024.

Minerva Surgical, Inc. develops, manufactures, and commercializes minimally invasive solutions designed to treat the root causes of Abnormal Uterine Bleeding (AUB), aiming to offer alternatives to hysterectomy. The company operates as a single reportable segment focused on the research, development, and sale of these therapeutic devices.

The product line centers around a few key systems. You have the Minerva ES Endometrial Ablation System and the Genesys HTA Endometrial Ablation System, both used for endometrial ablation. Plus, they offer the Symphion Tissue Removal System, which is designed to remove uterine fibroids and polyps using minimally invasive techniques, and the Resectr Tissue Resection Device.

To give you a sense of scale as of late 2025, while the company has ceased public filings, the last publicly reported Trailing Twelve Months (TTM) revenue figure, based on late 2023 data, was $51.69 million. However, for the purpose of mapping out the current strategic landscape, analysts are projecting the fiscal year 2025 revenue to be around $69 million, though this projection is set against a forecasted EBITDA loss of -$19 million for the same period. What this estimate hides is the operational reality of a company that, based on its last public reports, was burning cash to support its revenue base.

The company's stock trades on the OTC Markets under the ticker UTRS, and as of November 2025, the market capitalization is reported to be extremely low, around $177.55K. This low valuation reflects the market's view of the company's current financial distress, especially given the negative profitability metrics leading up to their delisting. Finance: draft 13-week cash view by Friday.

Minerva Surgical, Inc. (UTRS) - BCG Matrix: Stars

No product line currently qualifies as a true Star for Minerva Surgical, Inc. due to the company's overall low relative market share and deep unprofitability. The forecasted Earnings Before Interest and Taxes (EBIT) loss for Fiscal Year 2025 is a substantial -$27 million. This level of operating loss, alongside a forecasted EBITDA loss of -$19 million for the same period, clearly indicates that the business units are not generating the necessary cash flow to be considered Stars, which typically require significant positive cash generation or at least a path to it.

The company's total Trailing Twelve Months (TTM) revenue growth rate stands at only 3.11%. This growth figure is significantly below the surgical equipment market's Compound Annual Growth Rate (CAGR) of up to 11%, as stated in the strategic framework context. A Star requires both high market share and high growth; Minerva Surgical, Inc. is demonstrably lacking the high growth component when measured against the broader industry expansion rate.

A Star position demands leadership in a growing market, meaning Minerva Surgical, Inc. lacks the high share component across its portfolio necessary for this classification. The company's most recent annualized revenue figure, before ceasing public filings, was $51.69 million. Furthermore, the market capitalization as of December 1, 2025, was reported as $8.88K, reflecting a market perception consistent with a company struggling for market leadership rather than dominating a high-growth segment.

To provide context on the operational scale and losses leading up to the 2025 forecast, here are key financial metrics:

Even the product line showing the best historical momentum is not performing at a Star level, given the overall company losses. You can see the breakdown of product performance trends from the last reported periods:

• Symphion product revenue increased 19% compared to the third quarter of 2022.
• Symphion product revenue increased 15% through the first three quarters of 2023 compared to the same period in 2022.
• Minerva ES utilizes PlasmaSense technology.
• Symphion System is designed to remove uterine fibroids and polyps.
• Genesys HTA product line showed muted growth, up only 3% year-to-date in 2023.

Finance: draft 13-week cash view by Friday.

Minerva Surgical, Inc. (UTRS) - BCG Matrix: Cash Cows

You're analyzing the portfolio of Minerva Surgical, Inc. (UTRS) and looking for stable, high-return units, but the reality here is starkly different from the classic Cash Cow profile. Honestly, based on the latest figures, you won't find any product line generating the significant cash surplus typical of a Cash Cow. The structure suggests the opposite, which is a defintely key risk to factor into any valuation model you're building.

The forward-looking data confirms this cash drain. For the full 2025 fiscal year, analysts forecast a negative Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of -$19 million. This is the clearest signal that, as of 2025 projections, the business as a whole is consuming capital rather than supplying it to the parent entity.

To see why this is the case, look back at the recent performance. The overall gross margin was only 55.3% in the second quarter of 2023. This margin level is simply insufficient to absorb the high operating expenses required to support the commercial structure. Here's the quick math on that Q2 2023 period:

The operating loss in that single quarter was $7.658 million. What this estimate hides is that the company is still investing heavily in its product lines, like the Symphion product revenue which increased 19% in Q3 2023 compared to Q3 2022, while others like Minerva ES saw revenue decline in that same quarter.

The entire business structure is currently a cash-consuming entity, not a cash generator. This is underscored by the forecasted 2025 Earnings Before Interest and Taxes (EBIT) loss of -$27 million, set against a forecasted revenue of $69 million for the same year. This translates to a forecasted operating margin of approximately -39.13% for FY 2025.

You need to track the following operational realities that prevent any unit from achieving Cash Cow status:

• The forecasted FY 2025 EBITDA loss is -$19 million.
• The Q2 2023 gross margin was 55.3%.
• Operating expenses for Q2 2023 totaled $15.1 million.
• The year-to-date 2023 net loss reached $20.024 million as of Q2 2023.

Finance: draft 13-week cash view by Friday.

Minerva Surgical, Inc. (UTRS) - BCG Matrix: Dogs

Dogs are business units or products with a low market share operating in low-growth markets. For Minerva Surgical, Inc., several indicators suggest that key product areas, and perhaps the enterprise as a whole, fit this quadrant, meaning they are candidates for divestiture or minimization of investment.

The Genesys HTA Endometrial Ablation System exemplifies a product in a mature or low-growth segment facing internal headwinds. In the fourth quarter of 2022, revenue for Genesys HTA saw a 4% decrease compared to the fourth quarter of 2021. Furthermore, the combined endometrial ablation products, which include Genesys HTA, experienced a 7% decrease in revenue for the full-year 2022 compared to 2021. While Q1 2023 showed a 5% increase in Genesys HTA revenue year-over-year, the second quarter of 2023 saw a decline in Genesys HTA sales compared to the second quarter of 2022. This inconsistent and often negative trend points toward low market share or a market that isn't expanding rapidly enough to support growth.

The entire Minerva Surgical, Inc. operation appears to be positioned in the Dog quadrant, given its financial structure and market standing. The entity trades on the OTCPK under the ticker UTRS, indicative of a delisted status and a small market capitalization. The company has a history of significant losses; the trailing twelve months (ttm) Net Income was -$33.45 million. Analysts forecast this trend to continue into the near future, with projected EBIT for the year ending 2025-12-31 at -27MM and EBITDA at -19MM. This persistent unprofitability, despite efforts to reduce operating expenses, suggests the core business is not generating sufficient cash flow to move out of the Dog category.

The financial structure shows that older product lines carry lower profitability, which ties up resources. The gross margin reduction for the full-year 2022 to 54.2% from 58.6% in 2021 was partly attributed to a product mix shift away from Genesys HTA toward Symphion, which at the time had a lower gross margin. This dynamic suggests that the older product portfolio, including Genesys HTA, either has inherently lower margins or requires disproportionate sales and marketing spend relative to the revenue it generates, making it a cash trap.

Here are key financial metrics supporting the Dog classification for the overall entity:

The characteristics aligning Minerva Surgical, Inc. and its specific products with the Dog quadrant include:

• Genesys HTA revenue declined 4% in Q4 2022 year-over-year.
• Combined ablation products revenue fell 7% in full-year 2022.
• The company operates on the OTCPK, signaling reduced market access.
• Gross margin decreased from 58.6% in 2021 to 54.2% in 2022.

Expensive turn-around plans usually don't help Dogs because the market itself is not growing. If onboarding takes 14+ days, churn risk rises, which is analogous to a product needing excessive support to maintain minimal sales.

Finance: draft 13-week cash view by Friday.

Minerva Surgical, Inc. (UTRS) - BCG Matrix: Question Marks

You're looking at Minerva Surgical, Inc. (UTRS)'s portfolio and seeing where the future cash might come from, but right now, these units are definitely burning cash. Question Marks are those businesses in high-growth markets where Minerva Surgical, Inc. has not yet secured a strong position, meaning they have a low relative market share. They demand heavy investment to capture more of that growing market, or they risk falling into the Dog quadrant.

The overall financial context for 2025 shows a company under strain, which makes investment decisions for these Question Marks even more critical. Analysts forecast an operating loss of $-27 million on forecasted 2025 revenue of $69 million, translating to a forecasted operating margin of approximately -39.13%. The Current Ratio trend also reflects this cash pressure, dropping from 2.53 in fiscal year 2022 to 1.88 by September 2025.

Here is the breakdown of the key products positioned in this high-growth/low-share category for Minerva Surgical, Inc. as of the latest available figures:

The Symphion Tissue Removal System is the closest fit to the classic Question Mark profile, showing strong internal momentum with a growth rate between 15% and 19% in 2023, yet it operates from a low relative market share base. This system is designed with a closed-loop fluid management system that limits patient fluid exposure to under 2500mL by design. To turn this into a Star, Minerva Surgical, Inc. must pour capital into market penetration.

The HERizon™ Hysto-Kit, launched on May 27, 2025, represents a fresh bet in a rapidly expanding segment. This single-use, pre-assembled kit targets the office-based hysteroscopy market, which is seeing a growing shift of procedures from the operating room. Because it is a new entry, it inherently starts with a low share and requires substantial investment to gain adoption against established players. The kit bundles components like irrigation tubing, suction tubing, and a drape with a fluid collection pouch.

The Minerva ES Endometrial Ablation System shows more modest internal growth, reported between 3% and 7% in 2023. While the broader Endometrial Ablation Market is projected to grow at a 6.1% CAGR from 2024 to 2031, the Minerva ES growth rate suggests it is only keeping pace or slightly underperforming relative to its potential in that market. This product, which uses PlasmaSense Technology and modulates power 50 times per second, needs a strategic infusion of resources to push its growth significantly above the market rate, otherwise, its low relative share will cement it as a Dog.

These products collectively represent Minerva Surgical, Inc.'s high-growth prospects, but they are currently a drain on the company's limited cash until they achieve a dominant share. The strategy here is clear:

• Symphion System: Invest heavily to rapidly increase relative market share, aiming for Star status.
• HERizon™ Hysto-Kit: Aggressive investment is mandatory to establish a foothold in the office-based hysteroscopy segment post-launch.
• Minerva ES: Determine if accelerated investment can push growth past the market average, or initiate a divestiture plan if the potential is not there.

The clinical evidence supporting the portfolio is present; for instance, the Minerva ES system showed an Amenorrhea rate of 72% in a controlled study. Still, the financial reality is that these units consume cash, as evidenced by the forecasted negative EBITDA of $-19 million for the full 2025 fiscal year. Finance: draft 13-week cash view by Friday.