Francis Medical

What Francis Medical does

Francis Medical, Inc. is a privately held medical device company founded in May 2018 and headquartered in Maple Grove, Minnesota, that develops convective water vapor ablation technology for the treatment of urological cancers. Its flagship product, the Vanquish Water Vapor Ablation System (commercial name Trident+), is a transurethral, ultrasound- and electromagnetically-guided device that uses the thermal (phase-shift) energy stored in sterile water vapor to convectively ablate targeted prostate tissue while preserving surrounding structures critical to urinary and sexual function. The platform originated with founder and CTO Michael Hoey, inventor of Rezum, whose prior company NxThera was acquired by Boston Scientific for up to $406M; Francis Medical has adapted the same water vapor approach from benign prostatic hyperplasia (BPH) to localized prostate cancer and is targeting bladder and kidney cancer as pipeline indications.

The company received FDA Breakthrough Device Designation in August 2023 and FDA 510(k) clearance in December 2025 for thermal ablation of targeted prostate tissue, and it is preparing a PMA submission for an expanded prostate cancer indication using 5-year VAPOR 2 follow-up data. The VAPOR 2 pivotal study completed enrollment of 235 patients across 26 U.S. sites in February 2025, with reported outcomes including 91% clearance of ≥GG2 disease at 6 months and 2.7% Grade ≥2 urinary incontinence. Francis Medical has raised approximately $157M across four funding events (Series A $18M in 2018, Coloplast $4M strategic in 2020, Series B $55M in 2021, Series C $80M in 2025) from a syndicate led by Arboretum Ventures and Solas BioVentures alongside Coloplast, Orlando Health Ventures, Tonkawa, H2Oey Ventures, and Boston Scientific.

The commercial model is a fee-per-use deployment of capital equipment (retained by Francis Medical) coupled with recurring sales of disposable Trident+ Supplies, sold directly to U.S. urology practices, ambulatory surgery centers, and hospitals under Customer Agreements. First commercial procedures began in February 2026 in Austin, Texas, and have since been executed across Arizona, Virginia, Georgia, Minnesota, San Antonio, and the Chicago metro, with international expansion targeted for 2027. Leadership comprises CEO Mike Kujak (ex-AMS, ex-NxThera), Founder/CTO Michael Hoey, and a board drawing from Fogarty Innovation, Orlando Health, and the lead venture investors.

Name

Francis Medical

Legal name

Francis Medical, Inc.

Website

https://francismedical.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Francis Medical is a Maple Grove, Minnesota-based medical device company developing the Vanquish Water Vapor Ablation System, a transurethral convective water vapor platform for the treatment of localized prostate cancer in U.S. urology practices and ambulatory surgery centers on a fee-per-use model.

Ownership category

akta.pro rank

Product category

Urological Medical Devices (Prostate Cancer Ablation)

NAICS

Surgical and Medical Instrument Manufacturing (339112)

SIC

Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Endoscopic Therapeutic & Access Devices (Trocars, dilators, biopsy/ablation tools) (HLAHADAN)

Keywords

• Prostate cancer ablation
• Water vapor therapy
• Urology medical devices
• Minimally invasive thermotherapy
• Convective thermal ablation

Headquarters

HQ city

Maple Grove

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Fee-Per-Use Capital Equipment Utilization: Customer uses the Trident+ system (capital equipment that remains owned by Francis Medical) and pays a per-use fee for each procedure under a Customer Agreement and Enrollment Form; Orders submitted via Order Form specifying the requested use dates.
2. Disposable Supplies (Trident+ Supplies) Sales: Recurring purchase of disposable Trident+ Supplies required to operate the Trident+ system. Supplies must be used only with Francis Medical units and cannot be transferred to third parties. Per Occurrence rates are billed net 30; overdue balances accrue interest at 5% per month.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels7 records

Core offering

Francis Medical develops, manufactures, and commercializes the Vanquish Water Vapor Ablation System (legal name: Trident+ System with Trident+ Supplies), an FDA 510(k)-cleared, transurethral, ultrasound- and electromagnetically-guided medical device that uses convective thermal energy stored in sterile water vapor to ablate targeted prostate tissue in men with localized prostate cancer. Customers (urology practices, ambulatory surgery centers, and hospitals) use the Trident+ system on a fee-per-use model under a Customer Agreement and separately purchase disposable Trident+ Supplies for each procedure, with international expansion targeted for 2027.

Product overview

Francis Medical's offering is built around a single unified medical-device platform — the Vanquish Water Vapor Ablation System (also referred to under its legal product name as the Trident+ System with Trident+ Supplies) — designed as a transurethral, ultrasound- and electromagnetically-guided thermotherapy device that uses convective water vapor energy to ablate targeted prostate tissue on an outpatient basis. Supporting resources extend the offering to physicians and patients, including the eManual (electronic User Manual referenced via the site's "For Physicians" navigation), patient-facing FAQ and Physician Locator pages, and a Patient information hub (Vanquish Patient). The company also indicates a strategic direction to leverage the same underlying water vapor technology for future applications in bladder and kidney cancers, though the only commercialized product today is the Vanquish / Trident+ prostate tissue ablation system, which received FDA 510(k) clearance in late 2025 and is sold in the U.S. on a fee-per-use basis.

Differentiator

Problem solved

Functional benefit

Brands

• Vanquish: The Vanquish Water Vapor Ablation System — the company's flagship FDA 510(k)-cleared medical device, a transurethral, ultrasound and electromagnetically guided thermal water vapor device used to convectively ablate targeted prostate tissue via a transurethral approach.
• Trident+ System

Products and services

• Vanquish Water Vapor Ablation System (Trident+ System with Trident+ Supplies) The Vanquish Water Vapor Ablation System (also referenced under its legal product name as the Trident+ System with disposable Trident+ Supplies) is an FDA 510(k)-cleared, transurethral, ultrasound- and electromagnetically-guided medical device that uses the thermal energy stored in sterile water vapor to convectively ablate targeted prostate tissue. The device is used on an outpatient basis under general anesthesia, enabling same-day discharge and rapid return to normal activities. It is intended for urology practices, ambulatory surgery centers, and hospitals treating men with localized prostate cancer; capital equipment is provided on a fee-per-use basis and disposable Trident+ Supplies must be purchased for each procedure.

Quantifiable outcome

• 91% clearance of targeted MRI-visible ≥GG2 (clinically significant) prostate disease at 6 months following a single Vanquish procedure (VAPOR 2, n=110)
• +6 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered lead commercial reference site, academic clinical site and early commercial site and strategic strategic investor.

• The Urology Place (Dr. Naveen Kella, San Antonio, TX)lead commercial reference siteStrategic or Co-development Partner · 1 May 2026Dr. Naveen Kella of The Urology Place (San Antonio, TX) treated the first patient in the VAPOR 2 pivotal study in July 2023 and completed the first commercial Vanquish procedures in San Antonio at Huebner Ambulatory Surgery Center in May 2026. Functions as a key opinion leader and early commercial partner.
• University of Chicago Medicine (Dr. Abhinav Sidana)academic clinical site and early commercial siteStrategic or Co-development Partner · 1 May 2026Dr. Abhinav Sidana, a urologic oncologist at University of Chicago Medicine (UChicago Medicine), served as a clinical investigator in the VAPOR 2 pivotal study and performed the first commercial Vanquish Water Vapor Ablation procedure in the Chicago metropolitan area at the Ingalls Memorial Ambulatory Surgical Center in May 2026.
• Coloplast A/Sstrategic strategic investorStrategic or Co-development Partner · 1 September 2020Coloplast A/S completed a $4 million equity investment in Francis Medical in September 2020 and participated in Series B ($55M, 2021) and Series C ($80M, 2025) rounds. The investment aligns with Coloplast's Interventional Urology strategy to bring innovative solutions to the urology market. President of Coloplast Interventional Urology Steve Blum led the original announcement; Coloplast's deep urology channel and customer relationships provide strategic distribution synergies. Michele Shepard (former Coloplast, Amphora Medical executive) is VP of Clinical Affairs at Francis Medical.

Scale indicators7 records

Recent moves14 records

Expansion highlights7 records

Broad incumbents

• Accuray: Accuray's CyberKnife stereotactic body radiation therapy (SBRT) is a non-invasive treatment alternative for localized prostate cancer. It competes with Vanquish in the broader localized prostate cancer treatment landscape, particularly for patients seeking organ-preserving options.
• Boston Scientific: Boston Scientific acquired NxThera's Rezum water vapor technology for BPH and is also a co-investor in Francis Medical's Series A. As the established owner of the original water vapor platform in urology, it is a broad incumbent with overlapping urology commercial channels and a related technology base.
• Varian (Siemens Healthineers): Varian, now part of Siemens Healthineers, provides radiation therapy (including brachytherapy and external beam) that competes against Vanquish as a non-surgical treatment for localized prostate cancer. It is a broad incumbent with deep oncology infrastructure and established reimbursement.

Emerging players

• Koelis: Koelis provides MRI-ultrasound fusion biopsy and prostate imaging/guidance technology used alongside focal-therapy procedures. It is an emerging adjacent player whose products intersect with Vanquish-enabled workflows in urology practices performing targeted prostate ablation.

Direct peers

• Galil Medical (Penumbra): Galil Medical (acquired by Penumbra) provides cryoablation systems used for prostate tissue ablation as a focal-therapy alternative. It competes with Vanquish for urology oncology share with a longer commercial track record and established reimbursement.
• EDAP TMS: EDAP TMS markets the Focal One robotic HIFU platform for prostate tissue ablation, the most direct focal-therapy competitor to Francis Medical's Vanquish. Both target urologists treating localized prostate cancer with minimally invasive, organ-preserving approaches.
• Profound Medical: Profound Medical's TULSA-PRO system uses MRI-guided transurethral ultrasound ablation of prostate tissue. Like Vanquish, it is a transurethral, minimally invasive, outpatient prostate ablation technology directly competing for urology practice adoption and focal-therapy share.
• HealthTronics: HealthTronics offers cryoablation and other minimally invasive urology procedures for prostate cancer treatment. It is a direct peer competing in the focal-therapy / prostate ablation space with established physician relationships and service-based delivery models.
• AngioDynamics: AngioDynamics markets the NanoKnife irreversible electroporation (IRE) system, which is used for prostate tissue ablation as a focal-therapy alternative. It targets similar urology oncology customers and competes in the same minimally invasive prostate cancer treatment category as Vanquish.
• Sonablate / SonaCare Medical: SonaCare Medical's Sonablate HIFU system is a transrectal high-intensity focused ultrasound device for prostate tissue ablation. It is a direct focal-therapy alternative to Vanquish, competing for the same urology accounts and intermediate-risk prostate cancer patient population.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FrancisMedical
• Facebookfacebook.com/FrancisMedical
• LinkedInlinkedin.com/company/francis-medical
• Instagraminstagram.com/francismedical

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors6 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 Francis Medical