Tim McCarthy
Chief Executive Officer and Board Director at Spring Loaded Technology- Claim this Profile
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Bio
Experience
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Spring Loaded Technology
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Canada
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Medical Device
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1 - 100 Employee
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Chief Executive Officer and Board Director
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Jun 2021 - Present
Innovator of pain management and mobility solutions for active people seeking noninvasive alternatives Innovator of pain management and mobility solutions for active people seeking noninvasive alternatives
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HydroWorx International Inc.
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United States
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Wellness and Fitness Services
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1 - 100 Employee
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Chief Executive Officer
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2018 - 2021
HydroWorx allows people to achieve their potential by accelerating healing through the advanced and unique integration of technology and water. The leader in hydro-therapy technology solutions from aquatic design and construction services thru programing implementation, and key supplier to the sports performance, healthcare and senior living wellness markets. ► Recruited as chief executive to leverage sports performance success into additional channels in order to grow a static business. ► Developed and executed the commercial strategies (product and customer) allowing broader access into the exponentially larger healthcare, senior living, wellness and fitness channels. ► Grew revenues by 35% and EBITDA by 85% within first two years, setting record highs for several key performance indicators in the thirty year history of the Company. ► Exceeded annual EBITDA budget target for three consecutive years while improving gross margins by 12% and building a $70 Million active sales pipeline to drive future growth.
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BIONIK Inc.
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United States
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Medical Equipment Manufacturing
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1 - 100 Employee
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Chief Commercial Officer (CCO)
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2016 - 2018
Global research robotics company providing neuro rehabilitation technology solutions from hospital to home. ► Recruited to set long-term commercial goals, finalize product developmental and go to market strategies, and lead initial go-to-market company launch plans. Pivoting from an entirely research based organization to one with commercial scale capabilities. ► Raised required in capital to complete key product development projects and build the commercial infrastructure required to support initial demand generating activities. ► Defined capital equipment sales process and built a $30M sales pipeline designed to generate a $7M annual sales run rate by 2018 with single product. Active sales opportunities mapped to web based CRM (SalesForce) complete with process metrics, analytics and probability forecasting capability. ► Built organization’s Customer Service & Support, Clinical Education, Sales Operations & Logistics, Up and Downstream Marketing, Lead Generation & Pipeline Dashboards, all with key performance metrics.
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Medical Compression Systems, Inc. (acquired by Zimmer Biomet)
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Greater Boston Area
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Chief Executive Officer
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2014 - 2016
MCS is a leader in innovative, non-invasive solutions for the prevention of post surgical venous thromboembolism (VTE). ► Recruited as chief executive to lead a commercial stabilization and turnaround effort to prepare the Company for an M&A transaction in 2016 with Zimmer Biomet. Raised required in capital to fund turnaround and M&A effort. ► Reversed revenue decline and achieved annual sales goal of $9M while growing strategic product sales by 10%. ► Transitioned 50% of U.S. FTE’s from demand generation to demand support; recruited talent to build a profitable and scalable commercial sales model. ► Built US based Customer Care Center to support demand generation through world class customer service, clinical education, patient engagement, sales analytics, product logistics and third party billing operations. ► Developed profitable reimbursement pathway via the Center for Medicare and Medicaid Services (CMS) bundled payment care initiative (BPCI) for product treatment to be covered by Medicare ► Successfully negotiated the Company’s first “standard of care” agreements with high volume bundled payment providers, including NYU Langone and Barnes Jewish Hospital. ► Reduced operating loss by ~50% and exceeded cash-on-hand budget by $3M while achieving top line goals. This extended the runway and reduced the need for additional dilutive capital during an M&A year.
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iWalk, Inc. (acquired by Ottobock)
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Greater Boston Area
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President and CEO
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2009 - 2014
Technology leader delivering the only lower-limb prosthesis with powered propulsion for enhanced and normalized mobility. ► Recruited as chief executive to lead all aspects of corporate strategy and establish a long-term market foothold; the company valuation increased 7x to over $100M during tenure. ► Generated $35M+ in first generation product sales from successful launch into the US, UK and Canada; created partnership with the US Department of Defense and the Veterans Administration. ► Raised over $40M in venture capital to fund final product development and commercial scale. ► Established research collaboration and commercial clinical partnership with the US Department of Defense and US Veterans Administration. ► Executed comprehensive reimbursement strategy resulting in a Center for Medicare and Medicaid (CMS) approved and product specific HCPCS reimbursement code, broadly expanding payer access and increasing average reimbursement. ► Guided all product development phases, published three peer-reviewed clinical studies, and achieved all compliance requirements to meet FDA and CE regulatory guidelines for market launch.
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Össur
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Iceland
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Medical Equipment Manufacturing
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700 & Above Employee
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Vice President, Sales and Marketing | Director, Market Intergration | Area Sales Manager
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2000 - 2009
► Promoted by CEO as commercial executive and leader of a sales and marketing restructuring effort, resulting in above budget attainment each year and 4.5x revenue growth. This was done through aggressive market share conversion, launching innovative new products, developing market-ready services (B2C and reimbursement), and strategic acquisitions. ► Key leader in Össur‘s transition from a customer service-focused business to a direct global sales strategy, growing revenue from $25M to $350M. ► Averaged 70% gross margins across blended product lines delivering between 25-30% EBITDA each year for six consecutive years. Managed a $30M annual S&M budget to target. ► The company valuation increased 10x ($750M market cap) during tenure.
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Education
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UCLA Anderson School of Management
MBA -
Northeastern University
Bachelor of Science - BS, International Business