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New financial reporting insights leading to a shift in business model

Background

A BELGIAN MEDTECH COMPANY DEVELOPED A VERY INNOVATIVE MEDICAL DEVICE BUT FACED A SIGNIFICANT CHALLENGE...

A Belgian MedTech company developed a very innovative medical device and selling it to clinics to help physicians making their diagnosis.

 

Despite their technological breakthrough, the company faced a significant challenge: the lack of a robust financial framework to support strategic decision-making, reassure investors, and justify and report back on the use of subsidies received.

Approach

Altesia's intervention began with a comprehensive financial diagnostic by Altesia’s Partner and seasoned CFO Cédric Van Themsche, highlighting key optimization opportunities from people, tools and process perspectives. Building on the action plan established following this diagnostic, Altesia deployed a bespoke team, including an interim CFO and business controller Manon Vandenplas, who brought prior MedTech project synergy, enhancing time and efficiency for the client and ensuring a custom-fit financial structure.

Key deliverables included:

  • Thorough value chain analysis, identifying key opportunities for growth and areas for operational refinement.

  • Development of precise cash, sales, and EBIDA reporting tools, enabling strategic financial oversight.

  • Optimization and streamlining of subsidy management processes, improving the accuracy and efficiency of tracking and applying for subsidies.

  • Set-up of stringent expenditure approval processes and budget supervision mechanisms, with a particular focus on the financial operations of the Client’s U.S. subsidiary, ensuring a higher level of financial discipline and oversight across international operations.

Results

Altesia_Manon

The transformation was profound. Altesia's tailored financial management solutions provided the Client with clear, actionable financial insights. Until then, the company had been navigating its business by sight, mainly by relying on the power of its technology, reacting to events as they happened. But the gain in new perspectives into profitability sources and financial health allowed to adopt a much more strategic and proactive approach to its business.

This newly acquired foresight into the business enabled the management to realise the value of a strategic shift towards vertical integration. Instead of selling their devices to clinics, acquiring the clinics could allow them not only to diversify revenue streams, but also strengthened their market position. Enhanced financial clarity also bolstered successful fundraising efforts, marking a significant leap in the client’s growth trajectory.

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