Disclosure certainty 4/5 debate potential 1/5

Smith: BioWave Raised About $6M Pre-Revenue from Angels and VC

Brad Smith · 1125 He's Sold $5m+ Of Magical Pad w/ 1,014 Needles Athletes Use to Kill Pain · Aug 23, 2018 · at 9:05

Brad Smith, founder of BioWave, describes the capital required to run clinical trials, achieve FDA clearance, and build production units prior to generating revenue.

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“About six million I raised from both angel investors and a venture capital investor.”

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More from Brad Smith

Assertion Not checkable as stated
BioWave claims 30 of 32 NFL teams use its device
“Well, we have 30 or 32 NFL teams, so I could pick any team.”
Brad Smith Aug 23, 2018 ▶ 2:09 1125 He's Sold $5m+ Of Magical Pad w/ 1,014 Needles Athletes Use to Kill Pain
Disclosure
BioWave gets 95% of clinic market revenue from disposable electrodes
“95% of the revenue in that market we're making from the sale of those percutaneous electrodes Even though we're selling the 3500 dollar device as well, that's much more of a disposable driven revenue stream.”
Brad Smith Aug 23, 2018 ▶ 12:54 1125 He's Sold $5m+ Of Magical Pad w/ 1,014 Needles Athletes Use to Kill Pain
Assertion Partly supported
BioWave Charges $3,500 for Pro Unit and $895 for Home Device
“The pro unit is 3500 dollars, and our home prescription unit is 895 dollars.”
Brad Smith Aug 23, 2018 ▶ 5:06 1125 He's Sold $5m+ Of Magical Pad w/ 1,014 Needles Athletes Use to Kill Pain
Assertion Not checkable as stated
BioWave works with 24 NBA and 24 MLB teams
“So, but the, I would tell you the, in professional sports, and we have 24 NBA teams, 24 major league baseball teams, and other sports and whatnot, the NFL probably is our most profitable, because they have more players on a team”
Brad Smith Aug 23, 2018 ▶ 7:59 1125 He's Sold $5m+ Of Magical Pad w/ 1,014 Needles Athletes Use to Kill Pain
Assertion Not checkable as stated
Injured pro athletes order BioWave through workers' comp
“And when players get hurt, they order these through workers' compensation, and workers' compensation pays for it.”
Brad Smith Aug 23, 2018 ▶ 8:13 1125 He's Sold $5m+ Of Magical Pad w/ 1,014 Needles Athletes Use to Kill Pain
Assertion Not checkable as stated
BioWave has sold between 5,000 and 6,000 total units since 2007
“No, less, like, right, five, 6000 in that range.”
Brad Smith Aug 23, 2018 ▶ 10:12 1125 He's Sold $5m+ Of Magical Pad w/ 1,014 Needles Athletes Use to Kill Pain
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