What Therma Bright does

Therma Bright Inc. (TSX-V: THRM) is a Canadian medical device and diagnostic technology developer headquartered in Toronto. The company operates a portfolio of co-developed and partnered products targeting distinct clinical needs. Its only commercially available product is Venowave, an FDA-cleared, battery-operated, wearable compression pump (under 250g) that produces continuous wave motion to force blood from the lower extremities back to the heart, indicated for circulation support, DVT prevention, Chronic Venous Insufficiency, and Post Thrombotic Syndrome. Venowave is distributed in the U.S. through durable medical equipment partners, primarily Horizon Health (over 300 units cumulatively as of mid-2026) and Gen-X Med (50 units).

Beyond Venowave, Therma Bright participates in three earlier-stage co-development programs executed through jointly controlled entities: PREVA, a patented neuro-thrombectomy clot retriever with Inretio (first-in-human cohort completed February 2026, FDA IDE submission targeted later in 2026); the Digital Cough Test (DCT), an AI-powered mobile app co-developed with AI4LYF that detects respiratory diseases including COVID-19 from a 3-second cough sample with 94% reported accuracy and results in under 30 seconds; and InStatin, an inhaled statin therapy co-developed with InVixa for COVID-19 pneumonia and ARDS in hospitalized patients, targeting the mevalonate pathway.

The company's revenue model is hardware-led — device sales through distributors — supplemented by capital raises via non-brokered private placements (e.g., $854,500 first tranche in June 2024, up to $1M total round). U.S. market expansion is the primary commercial focus, pursued via channel partnerships with Horizon Health's network of 50+ surgical centers and partnerships with MedStar Health and the University of Maryland. The company has 11-50 employees, is publicly listed on the TSX Venture Exchange, and reports no consolidated revenue in the available data.

Name

Therma Bright

Legal name

Therma Bright Inc.

Website

https://thermabright.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

Therma Bright Inc. is a Toronto-based medical device developer that sells the FDA-cleared Venowave wearable compression pump in the U.S. through distributors and co-develops PREVA (clot retriever), Digital Cough Test (AI respiratory screening), and InStatin (inhaled statin therapy) through portfolio partnerships.

Ownership category

akta.pro rank

Product category

Medical Devices

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510), Surgical and Medical Instrument Manufacturing (339112), Surgical Appliance and Supplies Manufacturing (339113), Medical Equipment and Supplies Manufacturing (3391)

SIC

Electromedical & Electrotherapeutic Apparatus (3845), Surgical & Medical Instruments & Apparatus (3841), In Vitro & In Vivo Diagnostic Substances (2835)

akta.pro primary industry

Compression Therapy & Lymphedema DME (Garments, Pneumatic Pumps) (HLAHAMAH)

akta.pro secondary industries

Thrombectomy, Embolic Protection & Stroke Intervention Devices (HLAHAFAJ), Remote Diagnostics & Home Testing Devices (Connected POC/At-Home Diagnostic Readers) (HLAHACAL), Drug Delivery Connectivity, Sensors & Digital Add-Ons (Smart Caps/Companion Apps) (HLAHAIAM)

Keywords

• Medical device development
• DVT prevention devices
• AI respiratory diagnostics
• Neuro-thrombectomy systems
• Inhaled statin therapy

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Venowave Device Sales: Sales of FDA-cleared Venowave mobile compression devices through distributor networks in the U.S. market. Devices are sold to durable medical equipment providers and distributors who then provide to patients and healthcare facilities.
2. Private Placement Financing: Non-brokered private placement of units comprising common shares and warrants to raise capital for technology investment, management costs, investor relations, and working capital.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Therma Bright develops, manufactures, and distributes proprietary medical devices and diagnostic technologies, anchored by the FDA-cleared Venowave mobile compression pump for DVT prevention and circulation support. The company also co-develops and partners on the Digital Cough Test (DCT) AI-powered respiratory diagnostic app, an inhaled statin therapy for COVID-19 pneumonia and ARDS, and the PREVA neuro-thrombectomy clot retriever for acute ischemic stroke treatment, primarily distributing through U.S. medical device distributors and durable medical equipment providers.

Product overview

Therma Bright is a medical device and diagnostic technology developer operating through a portfolio of distinct branded products and co-development partnerships. Its core offerings include Venowave (FDA-cleared mobile compression device for DVT prevention), the Digital Cough Test (AI-powered respiratory disease detection app), and strategic co-development programs in inhaled statin therapy (Instatin with InVixa) and neuro-thrombectomy devices (PREVA with Inretio). These products address distinct clinical needs in circulatory health, infectious disease diagnostics, and acute stroke treatment.

Differentiator

Problem solved

Functional benefit

Brands

• Venowave: FDA-cleared mobile compression device for circulation support and DVT prevention
• Digital Cough Test (DCT)
• InVixa / InStatin
• PREVA

Products and services

• Venowave FDA-cleared, battery-operated mobile compression pump that delivers continuous wave motion to improve circulation in the lower extremities, prevent venous stasis, and reduce the risk of DVT, Chronic Venous Insufficiency, and Post Thrombotic Syndrome. Weighs less than 250g, is discreet, requires no wires or tubes, and is sold through U.S. medical distributors and durable medical equipment providers.
• Digital Cough Test (DCT) AI-powered mobile app co-developed with AI4LYF that detects respiratory diseases including COVID-19 by analyzing a 3-second cough sound sample, providing results in under 30 seconds with 94%+ accuracy. Targets healthcare systems, governments, educational institutions, and travel/work environments seeking non-invasive, cost-effective respiratory screening.
• Inhaled Statin Therapy (Instatin) Inhaled statin therapy co-developed with InVixa for COVID-19 pneumonia and Acute Respiratory Distress Syndrome (ARDS) in hospitalized patients. Delivers statins directly to airways and lungs to dampen hyper-immune response by blocking the mevalonate pathway, providing greater therapeutic effect at lower local concentrations than oral administration.
• PREVA Clot Retriever Neuro-thrombectomy device co-developed with Inretio for acute ischemic stroke treatment. Features a patented protective basket that opens distally to the clot, encapsulates it, and removes it to minimize embolization risk and reduce procedural repetition; demonstrated 80% success rate in animal trials versus 50% for standard clot retrievers.

Quantifiable outcome

• 64% increased venous blood flow after 2 minutes of use
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• AI4LYFcoreStrategic or Co-development PartnerTherma Bright and AI4LYF co-developed the Digital Cough Test (DCT), an AI-powered app that detects respiratory diseases including COVID-19 by analyzing cough sounds. DCT offers 94%+ accuracy with results in under 30 seconds.
• InVixacoreStrategic or Co-development PartnerTherma Bright and InVixa are developing an inhaled statin therapy for COVID-19 pneumonia and ARDS treatment. The partnership leverages InVixa's innovative statin formulations designed for inhaled delivery to provide greater therapeutic effect at lower concentrations.
• InretiocoreStrategic or Co-development PartnerTherma Bright and Inretio are developing the PREVA Neuro-Thrombectomy System for acute ischemic stroke treatment. Inretio has received Israel Innovation Authority funding for full development. First-in-human study PREVA cohort completed in early 2026.
• Horizon HealthflagshipChannel Partner/ Reseller/ DistributorHorizon Health, a durable medical equipment provider headquartered in Baltimore, Maryland, distributes Venowave compression devices through its network of over 50 specialized surgical centers. Currently sells over 35,000 compression products annually.
• Gen-X MedcoreChannel Partner/ Reseller/ DistributorGen-X Med is a U.S. medical distributor ordering Venowave compression devices, demonstrating commercial traction across distinct medical distribution networks.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Penumbra: Leading neuro-thrombectomy device maker with the Indigo and Penumbra JET families for clot retrieval. Penumbra dominates the very $2.83B market that Therma Bright's PREVA (via Inretio) is targeting, making it the most direct peer on the stroke-intervention side.
• Inari Medical: Developer of mechanical thrombectomy devices for venous thromboembolism (FlowTriever, ClotTriever). Operates in adjacent thrombectomy indication to PREVA and shares the interventional/endovascular call point and DVT/PE patient overlap with Venowave.
• Tactile Medical: Developer and marketer of compression therapy and at-home medical devices, including pneumatic compression pumps for DVT and lymphedema, directly comparable to Therma Bright's Venowave product. Both target the DVT/CVI patient population through DME distributors.
• Sigvaris Group: Global leader in medical compression therapy for venous and lymphatic conditions, directly analogous to Therma Bright's Venowave. Both sell through DME/pharmacy distribution channels targeting DVT, CVI, and lymphedema patients.

Broad incumbents

• DJO / Enovis: Owner of Aircast, DonJoy, and Chattanooga brands spanning DME, compression therapy, and orthopedic bracing. Enovis' compression and vascular portfolio competes with Venowave in the same DME distribution channels and clinician specialties.
• Medtronic Neurovascular: Sells the Solitaire stent retriever for ischemic stroke thrombectomy through its Neurovascular division. Dominant installed base in stroke centers directly competes with PREVA's future commercialization, and shares the broader neurovascular specialist call point with Therma Bright's partner Inretio.
• Stryker Neurovascular: Acquired Concentric Medical/Cerenovus and now markets the Trevo and EmboTrap stent retrievers, the incumbent benchmark that PREVA benchmarks against. Comparable device category (mechanical thrombectomy for acute ischemic stroke) and overlapping hospital call point.

Emerging players

• ResApp Health: Developed AI-based cough-sound analysis algorithms for respiratory disease detection (acquired by Pfizer). Closest analog to Therma Bright's Digital Cough Test via the AI4LYF partnership, both using cough audio to screen for lower respiratory tract conditions.
• Vapotherm: Small-cap developer of high-velocity nasal insufflation systems for respiratory distress, including ARDS-adjacent populations. Comparable size, capital profile, and target indication overlap with Therma Bright's InVixa/Instatin inhaled critical-care program.
• Aerogen: Specialist in inhaled/nebulized drug delivery for critically ill patients (ARDS, ventilated ICU patients). Directly comparable to Therma Bright's InVixa inhaled statin program, with overlapping customer call points in hospital ICUs and critical-care pharmacy formularies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/bright_therma
• Facebookfacebook.com/profile.php
• Instagraminstagram.com/thermabright

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

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 Therma Bright