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Saluda Medical

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uuid00006vo

Namestring
Saluda Medical
Legal namestring
Saluda Medical Pty Limited
Websiteurl
saludamedical.com
Company typeenum
Public
Founded yearint
2010
Descriptiontext

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.

Short descriptiontext

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.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersBloomington, United States
HQ citystring
Bloomington
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices4 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
spinal cord stimulation, neuromodulation devices, chronic pain therapy, closed-loop stimulation, implantable pulse generators
NAICS code1 code
  • Electromedical and Electrotherapeutic Apparatus Manufacturing334510
SIC code2 codes
  • Electromedical & Electrotherapeutic Apparatus3845
  • Surgical & Medical Instruments & Apparatus3841
Product category
Neuromodulation Devices
GTM motion3 records

Each record includes

Type, Description, Source

Revenue model2 records
1Evoke Neuromodulation System
TypeHardware Sales
Description

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.

massdevice.com
2CAP24 Surgical Paddle Lead
TypeHardware Sales
Description

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.

prnewswire.com
Marketing channels8 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels4 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain
GTM typeB2B
B2B
Offering typeHardware or Manufacturing
Hardware or Manufacturing
Brand1 of 6 records shown
1Evoke
Description

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

saludamedical.com
+5 more records
Core offering1 text field

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).

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 9 values shown
  • 83% of patients experienced long-term pain relief out to 36 months
+8 more records
Product overview1 text field

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.

Product and service3 records
1Evoke System
CategorySpinal Cord Stimulation Devices
Description

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.

2EVA Sensing Technology
CategoryAutomated Programming Platforms
Description

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.

3CAP24 Surgical Paddle Lead
CategorySpinal Cord Stimulation Leads
Description

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.

Scale indicator9 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
1Johnson Winter Slattery
Strategic tierMinorTypeImplementation/ SI/ Consulting PartnerAnnounced on2025-12-05
Description

Australian law firm advised Saluda Medical on its IPO and listing on the Australian Securities Exchange, raising approximately A$230.8 million.

Recent move9 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight6 records

Each record includes

Type, Description

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers7 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment2 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI capability2 records

Each record includes

Type, Description, Source

AI maturity
App detail

Has app

Feature4 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles15 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
Compliance3 records

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds9 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors10 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

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

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

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

Saluda Medical

Neuromodulation Devicessaludamedical.com

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.

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.

Saluda Medical firmographics

Firmographics
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

Where Saluda Medical is headquartered

Location

Headquarters

HQ city
Bloomington
HQ country
United States
HQ region
North America

Offices4 records

Markets served

Saluda Medical business model

Business model
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

Saluda Medical product offering

Product offering

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

Companies that use Saluda Medical

Customer profile

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Saluda Medical technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Saluda Medical partnerships and signals

Strategic signal

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

Saluda Medical competitors and assessment

Company assessment

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

Saluda Medical social profiles

Digital presence

Saluda Medical compliance and trust

Trust signal

Compliance3 records

Saluda Medical financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Saluda Medical leadership team

Management profile

Number of profiles

Profiles15 records

Saluda Medical funding detail

Funding detail

Funding overview

Funding rounds9 records

Investors10 records

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

Saluda Medical M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about Saluda Medical

What does Saluda Medical do?

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).

Is Saluda Medical a public or private company?

Saluda Medical is a public company. It is classified as public and is currently operating.

When was Saluda Medical founded?

Saluda Medical was founded in 2010. It employs 251 to 500 people.

Where is Saluda Medical based?

Saluda Medical is headquartered in Bloomington, United States, in the North America region.

How does Saluda Medical make money?

Two revenue lines are on record. Evoke Neuromodulation System is the primary driver. The others are CAP24 Surgical Paddle Lead.

Does Saluda Medical have an API?

No public API is recorded for Saluda Medical.

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Live signals
AInvestSaluda Medical - Expands access to FDA-approved closed-loop surgical paddle lead with full US commercial release of Cap24Saluda Medical fully released its FDA-cleared CAP24 paddle lead in the U.S., with first implant on July 10, 2024. The device integrates with the Evoke system, which has shown sustained benefits up to 36 months. The company's $100 million financing supports the system's commercialization.Investing.comSaluda Medical FY26 slides: revenue jumps 28%, stock falls on execution risk By Investing.comSaluda Medical reported fiscal 2026 revenue of $90.2 million, up 28% year-over-year and 4% above upgraded guidance, with fourth-quarter growth accelerating to 43% on $27.0 million. Gross margin rose 230 basis points to 48.9%, while adjusted EBITDA was negative $113.7 million. Shares fell 10.24% to $0.56, with management guiding to $113-122 million in fiscal 2027.AInvestSaluda Medical sees FY27 adjusted EBITDA loss between US$101 mln and US$95 mlnSaluda Medical expects its fiscal year 2027 adjusted EBITDA to fall between US$101 million and US$95 million in a loss. The company's guidance is presented as a range, with no further details provided.KalkineSaluda Medical (ASX:SLD) Share Price Advances on Expanding Neuromodulation BusinessSaluda Medical (ASX:SLD) share price surged 26.74% to AUD 0.54 on August 4, 2026, driven by investor assessment of the company's quarterly update highlighting commercial progress across its neuromodulation business. The company reported continued physician adoption of its Evoke® closed-loop spinal cord stimulation system, FDA approval for the CAP24™ paddle lead expanding the product portfolio into surgical procedures, and growing commercial presence across the United States, Europe and Australia. The company also expanded its US sales force during the reporting period to support broader market penetration.Investing.comSaluda Medical FY26 slides: revenue tops guidance as growth accelerates By Investing.comSaluda Medical reported FY26 full-year revenue of US$90.2 million, exceeding its guidance of US$87.0 million by approximately 3.7%, with Q4 revenue of US$27.0 million representing 43% year-over-year growth driven by 45% growth in US implantations and 39% growth in international markets. The company received FDA approval for the CAP24 paddle lead in June 2026, enabling entry into the orthopaedic and neurosurgeon segment that accounts for approximately 30% of the US spinal cord stimulation market. Saluda Medical ended FY26 with US$116.4 million in cash and approximately US$141 million in total available funding.Investing.comEarnings call transcript: Saluda Medical tops FY 2026 revenue guidance as growth accelerates By Investing.comSaluda Medical reported fiscal 2026 revenue of AUD 90.2 million, up 28% year-over-year and beating its guidance of AUD 87 million, with quarterly growth accelerating to 43% in the fourth quarter. The company also received FDA approval for its CAP24 paddle lead, opening access to a paddle lead segment that generated approximately AUD 670 million in revenue in 2024 and expanding its addressable market by about 30%. Management expects meaningful leverage on the profit-and-loss statement in fiscal 2027 and plans to provide full-year guidance in August.KalkineSaluda Medical Delivers 28% Revenue Growth to US$90.2 Million as FDA Approves CAP24 Paddle LeadSaluda Medical reported full-year FY26 revenue of US$90.2 million, representing a 28% year-over-year growth that exceeded its guidance, driven by strong commercial momentum in the US and international markets. The company also secured US FDA approval for its CAP24 surgical paddle lead, expanding its Evoke System portfolio into new surgical procedures with the first cases announced post-quarter end.BioSpaceSaluda Medical Announces First U.S. Surgical Cases Using Newly Approved CAP24™ Paddle LeadSaluda Medical announced the first U.S. surgical cases using its FDA-approved CAP24 paddle lead, performed by Dr. Erika Petersen on July 10 and Dr. Steven Falowski on July 14. The lead brings closed-loop neuromodulation to paddle procedures, which represent about 30% of U.S. spinal cord stimulation implants.PR NewswireSaluda Medical Announces First U.S. Surgical Cases Using Newly Approved CAP24™ Paddle LeadSaluda Medical announced the first U.S. surgical cases using its FDA-approved CAP24™ paddle lead for the Evoke® closed-loop spinal cord stimulation (SCS) system, with procedures performed by two neurosurgeons in Arkansas and Pennsylvania on July 10–14, 2026. The CAP24™ represents the first-ever SCS paddle lead engineered specifically for closed-loop neuromodulation, opening a new market segment given that paddle leads account for roughly 30% of U.S. SCS implants. The company stated the milestone expands access to its Evoke™ Therapy, which is backed by 36-month clinical trial data demonstrating durable pain relief outcomes.