November 2025, Volume 2, No. 11
Table of Contents

Letter from the Editors

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Helmed by CEO Andrew Cleeland, Fogarty Innovation is carrying forward the legacy of Thomas J. Fogarty, MD, by nurturing the next generation of medtech innovators. Blending mentorship, education, and collaboration, and fresh off of its newly announced merger with the Cardiovascular Research Foundation and the awarding of the first Thomas J. Fogarty Innovation Prize, the organization has become a catalyst for global, purpose-driven medtech innovation. Cleeland’s own personal journey from a working-class childhood in Australia to leading billion-dollar startups and now guiding a global nonprofit reflects the same values at the heart of Fogarty Innovation and his deeply human approach to coaching innovators.

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The list contains early-stage medtech startups making fast progress, attracting attention after their initial institutional financing rounds, and on the path to breakout success. View detailed profiles for all 25 emerging startups inside Compass.

Need fresh inspiration for your medtech company as we navigate Q425? We’ve gathered insights from some of our LSI alumni thought leaders to help you stay ahead.

Celebrating recent leadership shifts and other announcements and accolades impacting our global LSI Alumni medtech community.

Select Medtech Industry Financings & Deals: October 2025, by Date Announced

Hemorrhagic strokes remain among the deadliest cerebrovascular events, demanding swift intervention and increasingly sophisticated tools. While incidence rates are declining in developed regions, evolving product portfolios and expanded treatment access are accelerating growth globally, particularly in Asia. Driven by procedural innovation and adoption of minimally invasive techniques, the neurovascular device market for hemorrhagic stroke is entering a new phase of expansion.

Every week, LSI’s Market Intelligence team tracks key shifts, deals, and signals shaping the global medtech landscape. In October, the data told a story of strategic focus and resilience. While deal volume slowed through Q3, capital concentration held steady, with investors favoring later-stage rounds. Meanwhile, Johnson & Johnson announced a significant portfolio realignment with the spinout of its orthopedics business, and Boston Scientific continued its acquisition streak with the $533 million purchase of Nalu Medical.

This forecast accompanies our Market Dive: Neurovascular Devices for Hemorrhagic Stroke, which starts on page 20.

This forecast accompanies our LSI Alumni Innovator Spotlight: Oath Surgical’s Dr. Oliver Keown, which starts on page 38.

Preceptis Medical is moving a high-volume pediatric procedure out of the operating room and into the ENT office with the Hummingbird Tympanostomy Tube System (TTS). CEO David Carey explains how office-based ear tubes can reduce stress for families, ease ASC bottlenecks, and expand access to care as the company is raising a Series D to scale its commercial efforts.

After years of investing at the cutting edge of medtech, Oliver Keown launched Oath Surgical to rebuild surgery from first principles. Now backed by $35 million and expanding across the U.S., his company is proving that a surgeon-led, AI-powered model can deliver faster, safer, more affordable care, at scale.

Spotlighting capital partners who continue to drive innovation across medtech

Celebrating the accomplishments of a few of the many bright stars in our LSI presenting company and speaker alumni community.

This month, we’re showcasing technologies and organizations impacting our industry and patient lives.

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