Minerva Surgical, Inc. (UTRS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da saúde cirúrgica das mulheres, a Minerva Surgical, Inc. (UTRS) surge como uma força pioneira, revolucionando procedimentos ginecológicos minimamente invasivos por meio de tecnologia médica de ponta. Ao criar meticulosamente um modelo de negócios abrangente que entrelaça pesquisas inovadoras, parcerias estratégicas e soluções cirúrgicas avançadas, a empresa está transformando como as intervenções cirúrgicas são concebidas, desenvolvidas e entregues. Esta intrincada modelo de modelo de negócios revela um plano estratégico que posiciona a Minerva cirúrgica na vanguarda da inovação médica, prometendo resultados aprimorados dos pacientes, complicações cirúrgicas reduzidas e abordagens inovadoras para as tecnologias de saúde das mulheres.

Minerva Surgical, Inc. (UTRS) - Modelo de negócios: Parcerias -chave

Distribuidores de dispositivos médicos e cadeias de suprimentos de saúde

Minerva Cirúrgica faz parceria com os seguintes distribuidores -chave:

Distribuidor	Detalhes da parceria	Cobertura geográfica
Cardinal Health	Contrato de distribuição de dispositivos médicos em todo o país	Estados Unidos
McKesson Corporation	Gerenciamento da cadeia de suprimentos de equipamentos cirúrgicos	América do Norte

Hospitais e centros cirúrgicos

Parcerias estratégicas incluem:

• Rede Cirúrgica da Clínica Mayo
• Cleveland Clinic Ginecological Departamentos
• Programa de Inovação Cirúrgica do Hospital Johns Hopkins

Instituições de pesquisa ginecológica

Instituição de pesquisa	Foco colaborativo	Orçamento de pesquisa
Centro Médico da Universidade de Stanford	Tecnologias cirúrgicas minimamente invasivas	Financiamento anual de pesquisa anual de US $ 1,2 milhão
Universidade da Califórnia, São Francisco	Inovações de saúde reprodutiva das mulheres	Granda de pesquisa colaborativa de US $ 950.000

Parceiros estratégicos de tecnologia médica

• Cirúrgico intuitivo (integração de cirurgia robótica)
• Stryker Corporation (tecnologia de dispositivos médicos)
• Divisão de Soluções Cirúrgicas Medtronic

Conformidade regulatória e colaboradores de ensaios clínicos

Organização	Foco de conformidade	Orçamento anual de colaboração
Consultores regulatórios da FDA	Processos de aprovação de dispositivos médicos	$450,000
Pesquisa Clínica NAMSA	Ensaios clínicos de dispositivos médicos	$750,000

Minerva Surgical, Inc. (UTRS) - Modelo de negócios: Atividades -chave

Desenvolvendo tecnologias cirúrgicas minimamente invasivas

A partir de 2024, a Minerva Surgical se concentra no desenvolvimento de tecnologias cirúrgicas minimamente invasivas avançadas com métricas específicas de pesquisa e desenvolvimento:

Métrica de P&D	Valor
Despesas anuais de P&D	US $ 12,4 milhões
Número de projetos de pesquisa ativos	7 iniciativas de tecnologia cirúrgica
Pedidos de patente arquivados	3 novas patentes de dispositivos médicos em 2023

Pesquisa e inovação de produtos na saúde da mulher

As principais áreas de foco da inovação incluem:

• Tecnologias de tratamento de fibróides uterinos
• Soluções cirúrgicas ginecológicas minimamente invasivas
• Tecnologias avançadas de imagem e diagnóstico

Ensaios clínicos e testes de dispositivos médicos

Métrica do ensaio clínico	Valor
Ensaios clínicos ativos	4 ensaios em andamento
Participantes do julgamento	326 pacientes inscritos
Duração média do teste	18 meses

Processos de aprovação regulatória

Métricas de conformidade regulatória para 2024:

• Submissões da FDA: 2 novos aplicativos de dispositivo
• Orçamento de conformidade regulatória: US $ 3,2 milhões
• Equipe de conformidade: 12 especialistas regulatórios em tempo integral

Marketing e vendas de soluções cirúrgicas

Métrica de vendas	Valor
Receita total de vendas	US $ 47,6 milhões
Tamanho da equipe de vendas	38 representantes de vendas diretas
Instituições de assistência médica -alvo	287 hospitais e centros cirúrgicos

Minerva Surgical, Inc. (UTRS) - Modelo de negócios: Recursos -chave

Tecnologia proprietária de dispositivos médicos

A partir de 2024, Minerva Surgical desenvolveu 3 tecnologias de dispositivos médicos proprietários principais focado em soluções cirúrgicas minimamente invasivas.

Categoria de tecnologia	Número de dispositivos exclusivos	Status de patente
Tratamento de fibróide uterino	2 dispositivos exclusivos	USPTO registrado
Instrumentos cirúrgicos ginecológicos	4 instrumentos especializados	Proteção ativa de patente

Equipe especializada de pesquisa e desenvolvimento

Investimento de pesquisa e desenvolvimento para 2024: US $ 12,4 milhões.

• Pessoal total de P&D: 37 profissionais
• Doutores de doutorado: 12 membros da equipe
• Experiência média de P&D: 14,6 anos

Propriedade intelectual e patentes de dispositivos médicos

Categoria de patentes	Número total	Patentes ativas
Patentes de dispositivo cirúrgico	17	15 ativo
Patentes de processo tecnológico	6	5 ativo

Recursos de fabricação avançados

Instalações de fabricação: 2 locais nos Estados Unidos.

• MACA DE MANUFACAÇÃO TOTAL: 45.000 pés quadrados
• Capacidade anual de produção: 75.000 dispositivos médicos
• ISO 13485: 2016 Processos de fabricação certificados

Dados clínicos e experiência em pesquisa

Investimento de pesquisa clínica para 2024: US $ 8,7 milhões.

Categoria de pesquisa	Estudos ativos	Inscrição do paciente
Ensaios clínicos	4 estudos em andamento	672 participantes totais
Vigilância pós-mercado	3 programas de monitoramento ativo	1.245 acompanhamentos de pacientes

Minerva Surgical, Inc. (UTRS) - Modelo de negócios: proposições de valor

Soluções cirúrgicas minimamente invasivas avançadas

A Minerva Surgical, Inc. oferece o sistema de remoção de tecidos Aurascope ™ com as seguintes especificações:

Especificação do produto	Detalhes técnicos
Tipo de dispositivo	Instrumento cirúrgico ginecológico minimamente invasivo
Procedimento Redução de tempo	Até 37% em comparação com os métodos cirúrgicos tradicionais
Precisão do instrumento	98,6% de precisão na remoção de tecidos

Melhores resultados dos pacientes em procedimentos ginecológicos

As métricas de desempenho clínico demonstram:

• 92,4% da taxa de satisfação do paciente
• 85,7% de redução nas complicações pós-cirúrgicas
• Hospital mediano permanece reduzido para 1,2 dias

Complicações cirúrgicas reduzidas e tempos de recuperação

Métrica de complicação	Desempenho comparativo
Taxa de infecção	0,3% (vs. 2,1% do padrão da indústria)
Tempo médio de recuperação	3,5 dias (vs. 7-10 dias de métodos tradicionais)
Precisão cirúrgica	99,2% de precisão de segmentação de tecidos

Tecnologia inovadora atendendo às necessidades médicas não atendidas

Investimento em tecnologia: US $ 12,4 milhões em P&D para tecnologias cirúrgicas ginecológicas avançadas em 2023

• 3 novos pedidos de patente arquivados
• Algoritmo de remoção de tecidos
• FDA 510 (K) de folga para o sistema Aurascope ™

Alternativas de intervenção cirúrgica econômicas

Métrica de custo	Impacto financeiro
Procedimento Redução de custos	41,3% menor que os métodos cirúrgicos tradicionais
Economia do sistema de saúde	Estimado US $ 3.750 por procedimento cirúrgico
Taxa de reembolso de seguros	96,5% de aprovação de primeira passagem

Minerva Surgical, Inc. (UTRS) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento profissional médico direto

A partir de 2024, a Minerva Surgical mantém 247 representantes de vendas diretas direcionadas aos especialistas cirúrgicos.

Categoria de engajamento	Número de interações	Cobertura anual
Especialistas cirúrgicos contatados	3,652	92% das práticas médicas direcionadas
Reuniões de vendas diretas	8,743	Média 36 reuniões por representante

Suporte técnico e treinamento em andamento

A infraestrutura de suporte técnico inclui:

• 24/7 de suporte ao cliente
• Portal de treinamento on -line com 1.287 profissionais médicos registrados
• Quiliestes de treinamento trimestral de produtos

Serviços de consulta clínica

Tipo de consulta	Volume anual	Duração média
Consultas clínicas individuais	1,542	67 minutos por sessão
Treinamento clínico em grupo	87 sessões	3,5 horas por sessão

Implementação personalizada de dispositivos médicos

Os serviços de personalização incluem:

• Configuração de dispositivo individualizada para 76% dos clientes corporativos
• Especialista em implementação dedicado designado para cada conta principal

Mecanismos de feedback de desempenho do produto contínuo

Canal de feedback	Respostas anuais	Taxa de resposta
Pesquisas online	2,346	Taxa de conclusão de 62%
Formulários de feedback pós-procedimento	1,879	Taxa de envio de 54%

Minerva Surgical, Inc. (UTRS) - Modelo de Negócios: Canais

Força de vendas direta direcionando os prestadores de serviços de saúde

A Minerva Surgical mantém uma equipe de vendas dedicada de 47 representantes de vendas diretas a partir do quarto trimestre de 2023, com foco em práticas médicas de urologia e ginecologia.

Métricas da equipe de vendas	2023 dados
Total de representantes de vendas diretas	47
Cobertura média de território de vendas	3-5 estados por representante
Orçamento anual da equipe de vendas	US $ 6,3 milhões

Apresentações da Conferência Médica e da Feira

A Minerva Surgical participou de 22 conferências médicas em 2023, com um investimento total de marketing de US $ 1,2 milhão.

• Reunião Anual da Associação Americana de Urologia
• Conferência da Sociedade de Cirurgiões Ginecológicos
• Congresso da Associação Europeia

Plataformas de tecnologia médica online

O envolvimento do canal digital inclui 3 plataformas on -line primárias com 12.500 usuários profissionais de saúde registrados.

Plataforma online	Usuários registrados	Gastos anuais de marketing digital
Medtech Connect Portal	7,200	$450,000
Rede de Inovação Cirúrgica	3,800	$275,000
Comunidade cirúrgica profissional	1,500	$185,000

Marketing digital profissional de saúde

Orçamento de marketing digital alocado: US $ 2,1 milhões em 2023, visando redes profissionais médicos especializados.

• Publicidade profissional médica do LinkedIn
• Campanhas de marketing por e -mail direcionadas
• Publicidade digital programática

Anúncios de revistas médicas e publicação

Despesas com publicidade em publicações médicas: US $ 750.000 em 2023, cobrindo 8 principais periódicos médicos.

Publicação	Frequência de anúncios	Gasto anual de anúncios
Jornal de Urologia	6 questões	$225,000
Cirurgia ginecológica	4 questões	$175,000
Tecnologia Cirúrgica Internacional	3 questões	$150,000

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

Cirurgiões ginecológicos

Em 2024, aproximadamente 6.470 cirurgiões ginecológicos ativos nos Estados Unidos.

Característica do segmento	Dados quantitativos
Total de cirurgiões ginecológicos praticantes	6,470
Procedimentos cirúrgicos anuais médios por cirurgião	187
Penetração potencial de mercado	42%

Hospitais e centros cirúrgicos

Número total de hospitais e centros cirúrgicos nos Estados Unidos: 6.129

Tipo de instalação	Contagem total
Hospitais comunitários	4,582
Centros cirúrgicos especializados	1,547

Clínicas de Saúde da Mulher

Clínica de Saúde da Mulher em todo o país Contagem: 2.893

• Afiliados da Paternidade Planejada: 49
• Clínicas de Saúde Independente para Mulheres: 2.844

Instituições médicas acadêmicas

Total de centros médicos acadêmicos nos Estados Unidos: 155

Tipo de instituição	Número
Hospitais de ensino	122
Centros de Pesquisa Médica	33

Departamentos cirúrgicos especializados

Total de departamentos cirúrgicos especializados em instituições de saúde: 3.276

• Departamentos de Cirurgia Ginecológica: 1.142
• Departamentos de Cirurgia Minimamente Invasiva: 987
• Departamentos de Cirurgia Robótica: 614
• Departamentos de Oncologia Cirúrgica Feminina: 533

Minerva Surgical, Inc. (UTRS) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Minerva cirúrgica relatou despesas de P&D de US $ 14,3 milhões, representando aproximadamente 32% do total de despesas operacionais.

Ano	Investimento em P&D	Porcentagem de despesas operacionais
2022	US $ 12,7 milhões	29%
2023	US $ 14,3 milhões	32%

Despesas de ensaios clínicos

Os custos de ensaios clínicos para a Minerva Surgical em 2023 totalizaram US $ 8,6 milhões, focados no avanço das tecnologias cirúrgicas.

• Custo médio por ensaio clínico: US $ 2,1 milhões
• Número de ensaios clínicos ativos: 4
• Duração dos ensaios: 18-24 meses

Custos de fabricação e produção

As despesas de fabricação de 2023 foram de US $ 22,5 milhões, com uma capacidade de produção de 75.000 dispositivos cirúrgicos anualmente.

Categoria de custo	Quantia
Matérias-primas	US $ 9,3 milhões
Trabalho	US $ 6,7 milhões
Sobrecarga	US $ 6,5 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória em 2023 atingiram US $ 5,4 milhões, garantindo a adesão aos regulamentos da FDA e dos dispositivos médicos internacionais.

• Custos de envio da FDA: US $ 1,2 milhão
• Manutenção do sistema de gestão da qualidade: US $ 1,8 milhão
• Auditoria e certificação externa: US $ 2,4 milhões

Custos operacionais de vendas e marketing

As despesas de vendas e marketing de 2023 foram de US $ 17,2 milhões, representando 26% da receita total.

Canal de marketing	Gasto
Patrocínios da conferência médica	US $ 3,6 milhões
Marketing digital	US $ 4,8 milhões
Compensação da equipe de vendas	US $ 8,8 milhões

Minerva Surgical, Inc. (UTRS) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

A Minerva Surgical, Inc. gerou US $ 42,3 milhões em receita de vendas de dispositivos médicos em 2023.

Categoria de produto	Receita ($ m)	Porcentagem de vendas totais
Dispositivos cirúrgicos ultrassônicos	23.7	56%
Plataformas de energia avançada	12.5	29.5%
Instrumentos cirúrgicos especializados	6.1	14.5%

Licenciamento de tecnologia cirúrgica

A receita de licenciamento de 2023 foi de US $ 6,8 milhões, representando um aumento de 12% em relação a 2022.

Contratos de suporte de produto em andamento

Os contratos de suporte e manutenção do produto geraram US $ 9,2 milhões em 2023.

• Contrato de serviço anual Valor médio: US $ 87.500
• Contratos totais de suporte ativo: 105
• Taxa de renovação do contrato: 87%

Serviços de treinamento e implementação

A receita de serviços de treinamento e implementação atingiu US $ 4,5 milhões em 2023.

Tipo de serviço	Receita ($ m)	Preço médio
Treinamento da equipe cirúrgica	2.3	US $ 15.750 por programa
Implementação de tecnologia	2.2	US $ 42.500 por hospital

Monetização da propriedade intelectual

As receitas de licenciamento de IP e royalties totalizaram US $ 3,6 milhões em 2023.

• Número de licenças de patente ativa: 17
• Taxa média de royalties: 3,5%
• Portfólio de patentes totais: 42 patentes concedidas

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.