Podimetrics Company Profile

Background

Founded in 2011 and headquartered in Somerville, Massachusetts, Podimetrics is a virtual care management and technology company dedicated to preventing costly and deadly diabetic amputations. The company's mission is to prevent devastating and costly diabetic amputations through innovative at-home technology and meaningful patient support, aiming for a world where diabetes does not lead to the loss of limbs, freedom, or hope for any patient, anywhere.

Key Strategic Focus

Podimetrics specializes in early detection and prevention of diabetic foot complications, particularly diabetic foot ulcers (DFUs), which can lead to amputations. Their core objective is to provide high-risk patients with the FDA-cleared SmartMat™ through partnerships with health plans and at-risk providers, such as the Veterans Health Administration. This approach combines cutting-edge technology with best-in-class clinical and patient support services, resulting in high patient engagement rates and enabling clinicians to achieve exceptional outcomes.

Financials and Funding

As of November 2022, Podimetrics has raised a total of $98.3 million in funding. In March 2022, the company secured a $45 million Series C funding round led by D1 Capital Partners, with participation from the Medtech Convergence Fund and an undisclosed strategic investor, as well as existing investors Polaris Partners and Scientific Health Development. The funds were allocated to expand product development, research teams, and clinical services offered by the nurse support team. Additionally, in November 2022, Podimetrics secured $25 million in debt financing from CIBC Innovation Banking to further support commercial operations.

Technological Platform and Innovation

Podimetrics' flagship product, the SmartMat™, is an FDA-cleared, at-home device designed for early detection of diabetic foot complications. Patients stand on the mat for approximately 20 seconds daily, allowing it to detect temperature changes in the feet, which are indicative of inflammation and potential DFUs. The data collected is remotely monitored by Podimetrics' in-house nurse support team, who intervene promptly if health issues are detected. This proactive approach has been shown to detect warning signs up to five weeks before clinical symptoms appear, significantly reducing the risk of amputations.

Leadership Team

Jon Bloom, MD: Co-founder and Chief Executive Officer. Former anesthesiologist who co-founded Podimetrics in 2011 to address preventable diabetic amputations.

Matthew Scalo: Chief Financial Officer. Joined in May 2022 with nearly two decades of experience in banking and financial services, previously serving as Senior Vice President of Finance at Cancer Treatment Centers of America.

Kyle Bray: Chief Operating Officer. Appointed in May 2022, bringing over 15 years of experience in high-growth healthcare organizations, most recently as COO at ConsumerMedical.

Kim Nguyen: Vice President of Financial Planning and Analysis. Joined in May 2022 with over a decade of experience, previously serving as Associate Vice President for Financial Planning and Analysis at vRad (Virtual Radiologic).

Elizabeth Hogan Hamacher: Vice President of Clinical Services and Support. Appointed in May 2022, a registered nurse with more than 12 years of clinical operations experience, formerly Senior Director of Clinical Operations at ConsumerMedical.

Additionally, in May 2022, Allyson Schwartz, a former Congresswoman and President and CEO of the Better Medicare Alliance, joined Podimetrics' Advisory Board, bringing extensive healthcare policy experience.

Competitor Profile

Market Insights and Dynamics

The diabetic foot care market is experiencing significant growth due to the increasing prevalence of diabetes and the associated risk of foot complications leading to amputations. Innovations in remote monitoring and early detection technologies are pivotal in reducing healthcare costs and improving patient outcomes.

Competitor Analysis

Siren: Develops Siren Socks, which have embedded sensors to detect temperature changes, indicating potential foot injuries.

Orpyx Medical Technologies: Offers custom insoles with embedded sensors that monitor pressure, temperature, and movement, providing real-time alerts to prevent diabetic foot ulcers.

These competitors focus on wearable technologies for early detection and prevention of diabetic foot complications, similar to Podimetrics' approach with the SmartMat™.

Strategic Collaborations and Partnerships

Podimetrics has established significant partnerships to enhance its technological capabilities and expand its reach:

HTEC: In August 2024, Podimetrics partnered with HTEC to modernize its platform, aiming to improve data analytics and healthcare technology for better patient outcomes.

Veterans Health Administration and Kaiser Permanente: Collaborated to expand the user base of the SmartMat™, contributing to a 150% increase in patient adoption and a 138% increase in revenue in 2023.

Operational Insights

Podimetrics' strategic focus on early detection and prevention of diabetic foot complications positions it uniquely in the market. The integration of the SmartMat™ with comprehensive patient support services offers a distinct competitive advantage over other wearable technologies by providing a holistic approach to patient care.

Strategic Opportunities and Future Directions

With substantial funding and strategic partnerships, Podimetrics is poised to expand its technological capabilities and market reach. The company's commitment to innovation and patient-centered care aligns with the growing demand for effective solutions in diabetic foot health management.