Veran Medical

Veran Medical Technologies is a St. Louis, Missouri-based medical device company focused on the early diagnosis and treatment of lung cancer through interventional pulmonology. Its core product is the SPiN Thoracic Navigation System, an electromagnetic navigation platform that uses patient-specific CT maps, together with the IG4 four-dimensional imaging system, to help physicians navigate to, localize and sample peripheral pulmonary lesions. The platform supports navigated bronchoscopy followed by percutaneous, needle-based sampling (SPiN Perc) within a single procedure session.

Around the navigation platform the company developed a range of proprietary, navigation-enabled accessories, including the Always-On Tip Tracked Triple Needle Brush introduced in 2019 for sampling lesions both inside and outside an airway. Olympus described the technology as complementary to its existing respiratory portfolio of radial endobronchial ultrasound (EBUS) and thin bronchoscopes, combining imaging, access and precision for pulmonologists diagnosing and staging lung cancer.

Since December 30, 2020, Veran has operated as an acquired business of Olympus Corporation, held through Olympus Corporation of the Americas, whose Therapeutic Solutions Division prioritizes gastroenterological endotherapy, urological and respiratory devices.

Business model

Veran designed, manufactured and sold capital navigation systems together with proprietary single-use instruments used during thoracic procedures, supported by its own direct sales, marketing, manufacturing and R&D organization and a global sales network. Olympus stated the acquisition would provide immediate incremental revenue and an experienced U.S. sales team, indicating an established commercial product business at the time of the deal.

Sales of the SPiN Thoracic Navigation System capital equipment and associated proprietary single-use navigation and sampling devices to hospitals, cancer centers and interventional pulmonology practices. Estimated annual revenue has been reported in the $1M-$10M range.

Traction

Veran's technology was adopted by leading U.S. cancer centers, and Olympus expected the acquisition to deliver immediate incremental revenue and an experienced U.S. sales team. Reported headcount is in the 51-200 range with an estimated annual revenue range of $1M-$10M.

Latest developments

Olympus closed its acquisition of Veran Medical Technologies on December 30, 2020, following a definitive agreement signed December 4, 2020, in a transaction reported as worth up to $340 million. Olympus subsequently collaborated with Veran Medical Technologies and Hunan Vathin Medical Instrument on the introduction of H-SteriScope single-use bronchoscopes, reported in May 2021.