Minerva Surgical, Inc. (UTRS): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of Minerva Surgical, Inc.'s strategy now that they've stepped away from public scrutiny, and honestly, the numbers tell a clear, high-stakes story. As a former BlackRock analyst, I see a business model heavily reliant on selling its FDA-cleared endometrial ablation systems-like Minerva ES and the new HERizon Hysto-Kit-while chasing recurring revenue from those single-use disposables. The near-term reality, though, is tight: they are forecasting about $69 million in revenue for FY 2025, but thats set against a significant operating loss of roughly $-27 million, all while managing major legal headwinds, including that $4.8 million judgment to Hologic. So, the action item here is simple: watch how quickly they can streamline operations to stop that cash burn while still funding R&D and defending their IP portfolio. That's the real test of their Accelmed-backed structure.

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

You're looking at the core relationships that keep Minerva Surgical, Inc. (UTRS) moving forward, especially as they push their minimally invasive uterine health solutions. These aren't just handshake deals; they represent crucial access to market and capital.

Blackmaple Group (BMG) for office-based solutions access

The partnership with Blackmaple Group (BMG), announced in October 2024, is a direct channel to a significant physician base for office-based procedures. BMG itself has grown substantially, integrating its provider network into Provista following Provista's acquisition of Intale. This structure is designed to get Minerva Surgical's devices, like the Medical Endoscopy Image Processing System and the Minerva ES Ablation System, in front of more practitioners treating Abnormal Uterine Bleeding (AUB).

• BMG has grown to over 16,000 physician members nationwide.
• BMG has aggregated more than 75 contracts within its portfolio integration.

Women's Health Administrative and Purchasing Alliance (WHAAPA) network

WHAAPA is the network accessed via the BMG agreement, focusing on providing competitive cost and product diversity to its members. This alliance structure is key for driving adoption in independent or smaller group practices looking for procurement advantages.

Accelmed Partners as the controlling stockholder and capital source

Accelmed Partners is the primary financial anchor, having secured a controlling stake in Minerva Surgical, Inc. (UTRS). This control was established following a significant capital infusion. You need to know the scale of this commitment to understand the near-term financial runway.

Financial Metric	Value/Detail
Financing Event	$30 Million Private Placement of Common Stock
Closing Date	February 9, 2023
Offering Price Per Share	$0.2046
Total Shares Purchased by Accelmed (and others)	146,627,565 shares
Accelmed Total Deployed Capital (Since 2009)	Over half a billion dollars

The capital from this placement was intended to support operations, R&D, and working capital, helping the company move toward its 2025 fiscal year goals. For context, Minerva Surgical's Trailing Twelve Months (TTM) revenue as of late 2023 was $51.69 Million USD.

Suppliers for specialized medical device components and manufacturing

Minerva Surgical, Inc. (UTRS) relies on a network of specialized suppliers to produce its complex, minimally invasive devices, such as the Symphion System and the HERizon product family. While specific supplier names and contract values aren't public, the operational integrity depends on these third parties for components and manufacturing quality assurance, which is critical given the company's focus on quality and safety.

Key opinion leaders (KOLs) and clinical trial sites for product validation

Validation through Key Opinion Leaders (KOLs) and established clinical trial sites is non-negotiable in medical device adoption. These relationships build the clinical evidence base necessary for broader market acceptance and reimbursement. For instance, the company's Chief Medical Officer, Dr. Evgueni V. Skalnyi M.D., is part of the leadership team guiding this clinical strategy.

• CMO Compensation (as reported): $365.25k.
• The company reported 174 employees in its structure.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Minerva Surgical, Inc. (UTRS) as it operates post-SEC reporting, so the key activities are centered on maintaining production, driving sales with a lean team, and managing the fallout from past legal battles while trying to execute on new product adoption.

Manufacturing and quality control of complex medical devices

Minerva Surgical, Inc. develops, manufactures, and commercializes minimally invasive devices for Abnormal Uterine Bleeding (AUB). Manufacturing appears to heavily rely on contract manufacturing organizations to manage scale and cost efficiency, a common strategy for smaller medical device firms. The company is focused on commercializing its product line, which includes the Minerva ES endometrial ablation system and newer offerings like the HERizon Hysto-Kit, launched on May 27, 2025, to simplify office-based hysteroscopy procedures.

The gross margin for the year-to-date 2023 period was reported at 54.5%, which is in line with the 54.4% gross margin from the prior year comparable period, showing consistency in production cost management leading up to the company going dark.

Direct sales force management and physician training

Commercialization relies significantly on a direct sales force in the United States, supplemented by distributors. As of October 2025, Minerva Surgical, Inc. has approximately 130 employees across North America, Asia, and Africa. The operating expenses in Q1 2023 showed an increase mainly attributable to the expansion of the sales force since Q1 2022, indicating an investment in direct physician engagement prior to ceasing public reporting.

Key activities involve training Ob/Gyn physicians and their clinical staff on the use of their devices, such as the new HERizon Hysto-Kit, which is designed to help save time and reduce setup complexity in the outpatient setting.

Research and development (R&D) for next-generation AUB treatments

The business segment is defined as the business of research, development, and sale of therapeutic devices for AUB treatment. While specific 2025 R&D spend is not publicly available since the company ceased SEC reporting, the last reported figures provide context. For the three months ended March 31, 2023, operating expenses included an increase in research and development related expenses compared to the same period in 2022.

The focus remains on advancing minimally invasive solutions, exemplified by the May 2025 launch of the HERizon Hysto-Kit, which represents a tangible output of their development efforts aimed at office-based procedures.

Navigating and defending against ongoing patent infringement litigation (Hologic)

Minerva Surgical, Inc. has been actively involved in protecting its intellectual property and defending against claims. A key activity involves managing the financial and operational impact of these legal matters. The company was previously found liable for infringing a Hologic patent, resulting in damages awarded to Hologic of $4.8 million in a 2018 decision. Separately, a Minerva patent asserted against Hologic was invalidated, leading to Minerva paying Hologic more than $7.4 million as of February 2023. The Supreme Court decision in Minerva Surgical, Inc. v. Hologic Inc. occurred on June 29, 2021.

Streamlining operations to reduce cash burn after going dark

A major strategic activity involved voluntarily deregistering its common stock with the SEC and delisting from Nasdaq, with the process intended to commence around January 4, 2024, effectively 'going dark'. The stated goal was to eliminate the effort and significant time and money in General and Administrative expenses required to maintain compliance as an Exchange Act reporting company. This was intended to allow the company to better focus on its operating plan and reduce its cash burn. The last reported TTM revenue before going dark was approximately $51.69 million, contrasted with a projected FY 2025 revenue of around $69 million, while the projected FY 2025 Net Income loss is estimated at approximately -$34.11 million.

The company was working to reduce operating expenses; for instance, Q3 2023 operating expenses of $12.3 million were lower than the $17.3 million reported in Q3 2022, partly due to a realignment of the commercial organization and a significant decrease in legal related expenses.

Here is a snapshot of key operational and financial metrics leading up to and projected for the current period:

Metric Category	Specific Metric	Reported/Projected Value	Date/Period Reference
Operational Scale	Total Employees	130	October 2025
Financial Performance	TTM Revenue (Last Public)	$51.69 million	Ending September 30, 2023
Financial Performance	Projected FY 2025 Revenue	$69 million	FY 2025 Projection
Financial Performance	Projected FY 2025 Net Income Loss	-$34.11 million	FY 2025 Projection
Legal/Litigation Cost	Damages Awarded to Hologic	$4.8 million	2018 Decision
Legal/Litigation Cost	Payment to Hologic (Minerva Patent Invalidation)	More than $7.4 million	As of February 2023
Operational Efficiency	Gross Margin	54.5%	Year-to-date 2023

The focus on streamlining is evident in the shift in operational focus away from public reporting compliance.

• Launched HERizon Hysto-Kit on May 27, 2025.
• Last public trading day on Nasdaq was on or about December 28, 2023.
• Q3 2023 Net Loss was $7.2 million, down from $11.3 million in Q3 2022.
• Q3 2023 Operating Expenses were $12.3 million.

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

You're looking at the core assets Minerva Surgical, Inc. relies on to operate and grow its uterine health platform. Honestly, for a commercial-stage medical device company, these resources are what separate the players from the ones who can actually get their devices into the operating room.

Proprietary technology and intellectual property (IP) portfolio

The foundation here is the technology protecting the product differentiation. While I don't have a current patent count for late 2025, the company's IP has been significant enough to be central to major litigation, such as Minerva Surgical, Inc. v. Hologic Inc., which reached the Supreme Court in 2021. This legal history underscores the value placed on their proprietary methods.

The resource base is built around:

• The core technology enabling uterine-sparing treatments.
• Intellectual property covering the ablation and tissue removal mechanisms.

FDA-cleared product suite: Minerva ES, Symphion, Genesys HTA

Minerva Surgical, Inc. has a defined portfolio of commercialized devices aimed at Abnormal Uterine Bleeding (AUB) and intrauterine tissue removal. These are the tangible assets driving revenue.

Here's a breakdown of the key product lines, keeping in mind that revenue figures are based on the latest reported data leading up to 2025, with 2025 forecasts available for context:

Product Name	Primary Function	Latest Reported Quarterly Revenue Context (Q3 2023)	2025 Forecasted Financial Metric
Minerva ES Endometrial Ablation System	Plasma-based energy for endometrial ablation	Part of the overall revenue stream	Forecasted EBIT: -$26.9076 Million
Genesys HTA Endometrial Ablation System	Heated saline circulation for ablation	Part of the overall revenue stream	Forecasted EBITDA: -$19.4463 Million
Symphion Tissue Removal System	Minimally invasive resection of intrauterine polyps and fibroids	Revenue increased 19% over Q3 2022	Total Revenue (TTM as of late 2023): $51.69 Million USD

To be fair, the 2025 figures are analyst forecasts for the full year, not audited results, but they give you a sense of the expected financial scale of the business assets.

Specialized sales team focused on OB/GYNs and surgical centers

The human capital dedicated to commercializing these devices is a critical resource. While a precise sales team headcount for late 2025 isn't public, the company reported having 174 employees overall in its last comprehensive public filings. This team is specialized, focusing on the specific needs of OB/GYNs and ambulatory surgical centers.

The team's effectiveness is tied to their ability to drive adoption of the portfolio, which includes driving growth in specific product lines, like the 7% increase seen in both Symphion and Minerva ES product revenue in Q2 2023 over Q2 2022.

Manufacturing and distribution infrastructure for single-use disposables

Minerva Surgical, Inc. relies on its ability to manufacture and distribute its devices, many of which are single-use disposables. This infrastructure must adhere to stringent FDA quality control systems. The revenue model is directly supported by this operational capability, as revenue is generated through the sale of these devices and related disposable components.

The operational capacity supports the revenue base, which was $50.29 million in 2022. The shift in product mix, for instance, impacted gross margin, moving from 58.6% in 2021 to 54.2% in 2022, showing how manufacturing mix directly affects financial output.

Controlling equity investment from Accelmed Partners

This financial backing is a key enabler for operations, research, and development. Accelmed Partners secured a controlling stake in Minerva Surgical, Inc. following a private placement that closed in February 2023. The gross proceeds from that specific transaction were approximately $30 million.

This investment was explicitly intended to provide the cash runway to support operations and R&D. The structure of this investment, with Accelmed designating a majority of the Board of Directors, means their strategic direction is a core, non-tangible resource guiding the company's near-term actions.

Here are the key investment details:

• Private Placement Lead Investor: Accelmed Partners.
• Investment Type: Purchase of Common Stock.
• Transaction Value: Approximately $30 million (gross proceeds).
• Ownership Status: Accelmed became the controlling stockholder.
• Investment Date Context: Closed February 2023.

Finance: draft 13-week cash view by Friday.

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.