Sofwave Medical
 | |
| Company type | Public |
|---|---|
| TASE[1] | |
| Industry | Medical device |
| Founded | 2015[2] |
| Founders |
|
| Headquarters | , United States |
Area served | Worldwide |
Key people | Shimon Eckhouse (Chairman) Lou Scafuri (CEO) Ariel Sverdlik (CTO) |
| Products | Sofwave |
| Website | sofwave |
Sofwave Medical is an Israeli aesthetic medicine company based in Israel with headquarters in California, United States. It is publicly traded, listed on the Tel Aviv Stock Exchange (TASE: SOFW). Sofwave develops an ultrasound system for non-invasive dermatological aesthetic treatment to improve facial lines and wrinkles[3] and for short term improvement in the appearance of cellulite.[4]
History[edit]
Sofwave was established in 2015 by Dr. Shimon Eckhouse (founder and chairman) and Ariel Sverdlik (CTO) in the Alon Medtech Ventures incubator, in Yokneam, Israel, which is part of Israel Innovation Authority.[5] Eckhouse has been dubbed by the newspapers as the father of the medical aesthetics field in Israel. He invested in and founded dozens of companies,[6][7][2] including Lumenis, that was sold for $1.2 billion,[8] and Syneron Medical, that reached a market capitalization of $1 billion,[9] both listed on Nasdaq. [10]
In September 2019, Sofwave Medical Inc. was founded, a subsidiary fully owned by Sofwave. Listed in Delaware, it is the marketing branch of the group in the US.[11] In 2019, Sofwave raised $8.4 million in funding led by XT Hi-Tech, of Ofer Family[8] and started selling its product in late 2019.[2] In May 2021, the company raised $50 million at a pre-money valuation of $192 million in the IPO in the TASE.[12]
The company reported revenues of $21.8 million in 2021, an increase of 408% compared to 2020. The gross income increased from $2.6 million in 2020 to $16.2 million in 2021. In North America, revenues reached $13.5 million, compared to $3.4 million in 2020. The operating loss in 2021 was $8.9 million, compared to $6.6 million in 2020. [13]
Product[edit]
The product that Sofwave develops and sells is based on the Synchronous Ultrasound Parallel Beam technology, [14] which was invented by Shimon Eckhouse and Ariel Sverdlik (CTO). [2] The device facilitates a non-invasive treatment through seven cooled transducers, creating thermal zones in the dermis without injuring the epidermis, focusing its energy circa 1.5 mm below the skin’s surface. The treatment takes 30–45 minutes with minimal downtime treatment and reaches a result within a single treatment. It aims to firm patients' skin in the face and neck, and treat wrinkles. [15] The device also used for improvement in the appearance of cellulite. [4] The appliance has been cleared by the FDA, CE, [8] AMAR, [16] MOHW, [17] and TGA, among others. [18]
Sofwave won Elle award 2021, [19] Newbeauty award 2022, [20] Shape skin award 2022 [21] and Cosmopolitan award 2022. [22] The product has been reviewed many times in the media, including InStyle, [23] Haute Living, [24] The Daily Telegraph, [25] Best Life, [26] The Hollywood Reporter, [27] New Beauty, [28] Cosmopolitan, [29] The Wall Street Journal, [30] Town & Country, [31] Women's Health [32] and Bustle. [33]
Sofwave's direct competitor is the US company Ulthera.[14]
References[edit]
- ^ About, TASE site
- ^ a b c d e Gali Weinreb (August 24, 2021). Shimon Eckhouse rides again with SofWave. Globes.
- ^ Focused ultrasound for tissue heat or mechanical cellular disruption, Premarket notification (510(k), PMN), Food and Drug Administration.
- ^ a b Focused Ultrasound Stimulator System for Aesthetic Use, second approval, Premarket notification (510(k), PMN), Food and Drug Administration.
- ^ Technological Incubators. Israel Innovation Authority site.
- ^ Golan Hazani (January 31, 2013). Serial entrepreneur named Eckhouse. Calcalist.
- ^ Shelly Appelberg (December 19, 2015). "4,000 shekels and you will stay young forever": How Israel became a beauty powerhouse. TheMarker.
- ^ a b c Gali Weinreb (April 19, 2021). Skin treatment co Sofwave files to raise $50m on TASE. Globes.
- ^ Golan Hazani (April 2, 2017). Apex acquires Eckhouse's Synerion for half a billion dollar. Calcalist.
- ^ Gali Weinreb (December 13, 2021). Shimon Eckhouse brings Epitomee Medical to TASE. Globes.
- ^ (May 1, 2021) IPO's prospectus. (6.2.1and 3).
- ^ Hezi Sternlicht (May 13, 2021). Softwave will start trading in TASE next week. Calcalist.
- ^ (March 9, 2022). Sofwave Medical LTD reports financial results for the full year 2021 with accelerated growth in revenues and gross margin. PR Newswire.
- ^ a b Gali Weinreb (February 16, 2021). Skin treatment co Sofwave plans TASE IPO. Globes.
- ^ (November 29, 2020). Anti-aging skin treatment receives Health Ministry, FDA, CE approval. The Jerusalem Post.
- ^ (November 16, 2020). Sofwave receives CE Medical Mark and additional key Regulatory Clearances for its Revolutionary Skin Tightening and Wrinkle Reduction Device. PR Newswire.
- ^ (August 30, 2021). Korea approves new technology for reducing appearance of fine lines & wrinkles. BioSpectrum.
- ^ (May 1, 2021) IPO's prospectus. (6.19.11 and 23-24).
- ^ Margaux Anbouba (December 8, 2021). ELLE’s 2021 Future of Beauty Awards. Elle.
- ^ Best latest in ultrasound. Newbeauty.
- ^ Kate Sandoval Box (May 06, 2022). The Shape 2022 Skin Awards Winners Will Help You Achieve Your Healthiest Complexion Yet. Shape.
- ^ (May 11, 2022). Cosmopolitan’s 2022 Holy Grail Beauty Awards. Cosmopolitan.
- ^ Kayla Greaves (June 23, 2021). The One Product or Treatment Dermatologists Recommend for the Most Common Aging-Skin Concerns. InStyle.
- ^ Dr. Samuel Lin (December 15, 2021). How This Non-Surgical Treatment Can Address Fine Lines And Wrinkles. Haute Living.
- ^ Annabel Jones (March 5, 2022). Are you a wrinkler or a sagger? Here's why you need to know.... The Daily Telegraph.
- ^ Juliana LaBianca (February 28, 2022). How to Get Rid of Jowls Without a Facelift, Plastic Surgeons Say. Best Life.
- ^ Ingrid Schmidt (January 22, 2022). The New “Slow” Plastic Surgery: The Latest in Minimally Invasive Beauty Treatments. The Hollywood Reporter.
- ^ Tatiana Bido (November 2, 2021). Everything to Know About the Newest Jawline-Tightening Treatments. New Beauty.
- ^ Lauren Balsamo (December 6, 2021). Laser Skin Tightening Treatments: Here's What You Need to Know. Cosmopolitan.
- ^ Fiorella Valdesolo (January. 6, 2022). One Jawline That Can Cut Glass, Please. The Wall Street Journal.
- ^ Roxanne Adamiyatt (October 30, 2020). Do You Have Covid Chin?. Town & Country.
- ^ Arielle Tschinkel (November 5, 2020). Everything You Need To Know About Laser Skin Tightening. Women's Health.
- ^ Erin Stovall (February 10, 2022). Tweaks Of Nature. Bustle.