Trevor Theriot started his medical device company in his California garage about six years ago. Now, the fast-growing company has quietly planted roots in North Texas as it looks to scale its reach.
ManaMed, which focuses on orthopedic devices, opened up a 17,000 square-foot executive office and distribution hub for its Central and East Coast customers in Denton around eight months ago. And with five employees, including Theriot already in the region, the company sees 2022 as a “blockbuster year” for its products.
“We've experienced double and quadruple growth, because we're so nimble, meaning we don't have a lot of necessary infrastructure,” Theriot said. “We're a SaaS-driven company… if we use technology, it allows technology for us to scale.”
The company has been bootstrapped since launching in California in 2016 and relocated to the Las Vegas area a year later. ManaMed has already garnered six patents for its technology. The company’s FDA-approved Class II flagship device, called PlasmaFlow, is aimed at preventing deep vein thrombosis. Using portable sequential compression technology, the prescription device stimulates blood flow to prevent clots. ManaMed also has a portfolio of products ranging from electrotherapy devices to support braces.
“It's basically taking the hospital-grade technology and allowing patients to get the benefit of sequential compression in the home setting,” Theriot said. “Now, we can avoid the pharmacologic option.”
Theriot said the move to North Texas was both professional and personal. He cited Dallas Fort Worth International airport, the state’s business environment and banking infrastructure, and the culture and talent of the local workforce as draws for the company. He added that the area also provides a good education system to his three young children to grow up in.
“It's our dream location in terms of free loading dock doors, high ceilings for the warehouse,” Theriot said. “We're seeing a lot of people that enjoy a really fast-growing and innovative company, and just grabbing the company's culture and going with it.”
ManaMed has about 50 employees between its Nevada and Denton offices. Theriot said the company has brought on 10 customer service and sales representatives in places like Houston, Florida, Arizona and New Mexico in the last four months. It’s looking to hire between 15 and 20 employees locally within the next eight months. It plans to hire about 10 in other locations.
The company has been growing rapidly. Earlier this year the company landed on the 2021 Inc. 5000 list, reporting a three-year revenue growth of 485%. To qualify, companies needed revenue of at least $100,000 in 2017.
Over the past year, Theriot said ManaMed, like many companies in the tech space, has been focusing on research and development. He said that as more orthopedic and elective surgeries come back online, he expects business to take off. He added that one of the market leaders in the space has a top line of $300 million and he hopes to surpass that by 2028.
“We have a high-level line, and we feel like we're going to double and quadruple that top line again,” Theriot said. “We are hiring industry-leading sales talent, consistently developing our employees, and also adopting the latest and greatest technology. Because we're so nimble, we're able to pivot really fast. If someone creates the greatest order entry, we can adopt that software pretty fast, because we're not locked into a crazy ERP system.”
