Promaxo, a medical imaging and robotics devices maker, is exploring various strategic options that could include a company sale, a capital raise, strategic partnerships, or an initial public offering, according to Amit Vohra, CEO and founder.

Oakland, California-based Promaxo is being advised by Piper Sandler, the CEO said in an interview, adding that it could decide which options to take in the next year or so.

Promaxo generated around USD 25m in 2023 revenue, up from USD 9m in 2022, the company said in investor slides. Vohra said the company expects to generate around USD 50m or more in 2024 revenue.

The company sells portable magnetic resonance imaging (MRI) systems to various customers, including hospitals, ambulatory surgical centers, physician practice groups and others. It said it sold 69 Promaxo MRI systems in 2023, up from 23 systems sold in 2022, according to a 4 January press release.  

Promaxo, founded in 2016, is “at the stage where we have flexibility” in determining what options to take to bolster growth, the CEO said. It could pursue a dual track sale or IPO process, he said, or it could raise additional capital. Potential buyers include “the Siemens or Medtronics of the world,” he said, declining to be more specific.

“With revenue ramping up very nicely, we could stay private for a long period of time, but all pathways are available to us,” said Vohra.

The company, which sells its MRI system in around 28 states, is primarily in use for prostate treatment, but the company is working with various medical centers to develop other clinical applications in OB/GYN, women’s health and others, according to investor materials.

It won US regulatory approval in March 2021 for what it called a “revolutionary office-based MRI system,” at a time when most MRI systems are expensive and hospital-based.

Promaxo has been funded by grants including from the US National Institutes of Health, said Vohra. The company also raised a USD 4.17m investment round in 2021 led by China-based Huami Corp. [NYSE:HMI], according to a press release.