April 19, 2023
StarFish Medical is featured in Douglas (Victoria) April 19, 2023 in an article titled Slowdown: Why Cash Flow is Key by Shannon Moneo.
Among others, Moneo interviews Scott Phillips, StarFish Medical CEO and Founder, and reports: “StarFish is one of North America’s largest medical consultancies. ‘We sell to companies that hope to sell to hospitals,’ he says. ‘Our business is heavily influenced by the investment environment.’ Last year was a gold star year. StarFish added 30 per cent more staff; there are now 140 employees in Victoria and 60 in Toronto.”
Moneo adds: “Because StarFish isn’t carrying debt and has, as Phillips quips, ‘a lot of dry powder,’ StarFish has the capacity to do things. ‘Industry benchmarks are not that relevant,’ he says. But particulars of clients and venture capital metrics inform where StarFish will spread its tentacles. Companies that have debt or overextended lines of credit may need support. StarFish, with its savings, is open to partnerships. Phillips notes, ‘When the economy is tight, opportunities come by. If you run conservatively, like we do, you have a buffer.'”
“In 2023, the recession/inflation/debt message continues to churn, tossing businesses into fraught waters. But slowdowns can also present opportunities”, Moneo states.
Douglas is Vancouver Island’s premier business magazine and media brand. It is essential reading for business leaders and innovators in Victoria and on Vancouver Island. Their in-depth, local coverage of the key people and issues affecting our region has earned a highly engaged, loyal and always-growing readership.
About StarFish Medical
Empowering Medtech Innovation ®
StarFish Medical is an award-winning, full-service Medical Device Design company offering design, development, and NPI manufacturing services based in Toronto and Victoria BC. Our Pathfinder™ process reduces wasted effort and increases success for medical device product definition, technical engineering, and product development. Prototype and volume production are delivered within an ISO 13485 certified Quality Management System, manufacturing and clean room facilities.
Empowering Medtech Innovation®. www.starfishmedical.com
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