Episode breakdown:
00:00 – Intro: Ray Cohen’s MedTech Resume
02:21 – 44 Years, 0 BigCo Jobs: Ray’s Founding Philosophy
05:04 – How He Closed a $600M Deal Without an Investment Banker
08:05 – Why Relationships Matter More Than Bankers in M&A
11:19 – When Is the Right Time to Sell a MedTech Company?
13:44 – Why He Took Axonics Public *Before* FDA Approval
15:53 – $111M in Year 1 During COVID — How They Pulled It Off
17:42 – Why Most Commercialization Efforts Fail
19:19 – $230M IPO: How He Built the Case for Kestra’s Public Debut
22:36 – Turning Venture Dollars into a $1.2B Public Company
24:02 – The Founder’s Trap: Pivot or Persevere?
27:57 – How to Work with Strategics Without Giving Away the Deal
29:37 – Loyalty, Teams & Why Integrity Still Wins in MedTech
34:12 – Stop Worrying About Dilution. Raise More Than You Need.
35:43 – The $30M Fight Against Medtronic — And Why They Won
38:23 – The American Dream is Still Alive in MedTech
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This podcast is for informational and educational purposes only and does not constitute financial, investment, legal, or medical advice. The views and opinions expressed by hosts and guests are their own and do not necessarily reflect those of State of MedTech LLC. Nothing discussed on this podcast should be interpreted as a recommendation to buy, sell, or hold any investment or security. Listeners should conduct their own due diligence and consult with a qualified financial advisor, attorney, or other professional before making any financial or investment decisions.