What Saluda Medical does

Saluda Medical is a commercial-stage medical device company that develops and sells the Evoke System, a closed-loop spinal cord stimulation (SCS) platform indicated for chronic intractable pain of the trunk and/or limbs. Founded in 2010 and dual-headquartered in Bloomington, Minnesota (U.S. operating subsidiary) and Macquarie Park, Australia (Saluda Medical Pty Limited, the listed parent), the company pioneered the use of Evoked Compound Action Potentials (ECAPs) in 2011 — the electrical signature the spinal cord generates in response to stimulation — and has since built what it describes as the world's largest ECAP measurement database.

The product architecture centers on three patented components: the Evoke implantable pulse generator (IPG) paired with SmartLoop technology, which automatically re-adjusts stimulation on every pulse (over 4 million times per day) to maintain a therapeutic dose; EVA Sensing Technology, the first FDA-approved automated programming platform in SCS; and the CAP24 surgical paddle lead, the first and only SCS paddle lead purpose-built for closed-loop neuromodulation (FDA approved June 2026). The company's commercial motion is enterprise field sales targeting implanting physicians — pain specialists, neurosurgeons, and orthopedic surgeons — supported by KOL engagement, a Physician Finder website tool, a Patient Ambassador program, and a Saluda SmartAccess reimbursement support service. Revenue is generated through hardware sales of the IPG and leads to hospitals and physicians; pricing is not publicly disclosed and follows a quote-based process.

Saluda Medical listed on the Australian Securities Exchange in December 2025 (ASX:SLD) at a ~A$775 million fully diluted valuation, raising ~A$230.8 million (≈US$150 million). The company has raised over US$250 million of equity since 2017, including US$150 million from Wellington, Fidelity, and TPG in April 2023 and a US$100 million round in January 2025 from Redmile, Wellington, Fidelity, TPG, T. Rowe Price, Piper Heartland, and Action Potential Venture Capital. FY25 revenue was US$70 million against a US$128 million loss, with FY26 guidance raised on the back of "strong commercial progress" per company disclosures. The company competes against Medtronic, Boston Scientific, and Abbott in a U.S. SCS market that company materials size at >US$26 billion.

Name

Saluda Medical

Legal name

Saluda Medical Pty Limited

Website

https://saludamedical.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

251–500 employees

Short description

Saluda Medical is a commercial-stage medical device company that develops and sells the Evoke closed-loop spinal cord stimulation system for chronic pain, serving pain specialists, neurosurgeons, and orthopedic surgeons in the U.S., Europe, and Australia.

Ownership category

akta.pro rank

Headquarters

HQ city

Bloomington

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Evoke Neuromodulation System: Sale of implantable medical devices including the Evoke Spinal Cord Stimulation System, implantable pulse generator (IPG), and leads for treating chronic pain. Revenue generated from product sales to healthcare providers and hospitals.
2. CAP24 Surgical Paddle Lead: Following FDA approval in June 2026, the CAP24 surgical paddle lead will contribute to revenue through sales to neurosurgeons and orthopedic surgeons performing SCS implants in the U.S.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Saluda Medical develops and commercializes the Evoke System, a closed-loop spinal cord stimulation (SCS) platform for treating chronic intractable pain of the trunk and/or limbs. The core offering comprises the Evoke implantable pulse generator (IPG) combined with SmartLoop auto-adjustment technology and EVA Sensing Technology, which objectively identifies and maintains personalized therapeutic stimulation settings via Evoked Compound Action Potentials (ECAPs).

Product overview

Saluda Medical offers the Evoke System, a closed-loop spinal cord stimulation (SCS) platform for treating chronic pain. The core system comprises the Evoke implantable pulse generator (IPG) combined with SmartLoop Technology and EVA Sensing Technology. SmartLoop automatically adjusts stimulation on every pulse (4+ million times daily) based on real-time ECAP measurements, while EVA Sensing Technology objectively identifies personalized therapeutic settings. Additional offerings include the CAP24 Surgical Paddle Lead (FDA-approved surgical lead option) and the Saluda SmartAccess Program for reimbursement support.

Differentiator

Problem solved

Functional benefit

Brands

• Evoke: The Evoke System - first closed-loop spinal cord stimulation device capable of reading and responding to spinal cord's evoked compound action potentials in real time
• Evoke SmartLoop
• EVA Sensing Technology
• SmartLoop
• CAP24
• Saluda SmartAccess

Products and services

• Evoke System A closed-loop spinal cord stimulation (SCS) system for treating chronic intractable pain of the trunk and/or limbs. The first SCS system that directly records and responds to the spinal cord's evoked compound action potentials (ECAPs) in real time, automatically adjusting stimulation on every pulse via SmartLoop technology. Sold to pain specialists, neurosurgeons, and orthopedic surgeons for implantation in patients.
• EVA Sensing Technology FDA-approved automated programming platform in SCS that objectively scans and analyzes each patient's spinal cord to identify personalized therapeutic settings from day one of the trial phase. Pairs with the Evoke System for automated programming.
• CAP24 Surgical Paddle Lead FDA-approved surgical paddle lead for spinal cord stimulation procedures, the first and only SCS paddle lead purpose-built to deliver closed-loop neuromodulation through the Evoke SmartLoop system. Used by neurosurgeons and orthopedic surgeons performing SCS implants.

Quantifiable outcome

• 83% of patients experienced long-term pain relief out to 36 months
• +8 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Partnerships

One partnership is on record.

• Johnson Winter SlatteryminorImplementation/ SI/ Consulting Partner · 5 December 2025Australian law firm advised Saluda Medical on its IPO and listing on the Australian Securities Exchange, raising approximately A$230.8 million.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/saludamed
• Facebookfacebook.com/SaludaMedical
• LinkedInlinkedin.com/company/saluda-medical
• Instagraminstagram.com/saludamedical?igshid=15xfj4eqq8gtm
• Xx.com/saludamedical

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds9 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saluda Medical