Megin

Company profile

Megin, founded in 1989 and headquartered in Helsinki, Finland, is the global leader in magnetoencephalography (MEG) technology. Specializing in advanced neuroimaging solutions, Megin provides healthcare and research institutions with cutting-edge tools for real-time, accurate brain mapping. Their flagship product, the TRIUX neo, allows clinicians to monitor and localize brain activity with millisecond precision, enabling better diagnoses and treatments for neurological disorders such as epilepsy and brain tumors.

The challenge in treating these conditions lies in the need for highly accurate localization of brain functions to avoid misdiagnosis or ineffective treatment. Megin addresses this issue by using magnetoencephalography to measure the magnetic fields generated by brain activity. This completely non-invasive technology allows healthcare professionals to pinpoint brain functions within millimeters, leading to improved clinical outcomes and reduced risks of neurological complications.

With over 80% of the global market share in new MEG system installations, Megin is recognized for the reliability and precision of its solutions. The company's TRIUX neo is widely used in leading hospitals and research institutions worldwide for both clinical applications and groundbreaking neuroscience research. Megin has installed over 120 MEG systems globally and continues to set the industry standard for neuroimaging technology, backed by numerous patents and a history of innovation in the field. Croton Healthcare acquired Megin from Elekta Ab in 2018. Under Croton ownership Megin has moved from research institutions to the general clinical hospital environment and grew from €10 million annual revenue to €25 million annual revenue and €5.5 million ARR in 2023. Megin aims to reach €90 million annual revenue with €12 million ARR by 2028.

Company Info 

The non-invasive and silent nature of the TRIUX neo makes it particularly suitable for use with sensitive patients, including children. This technology is widely adopted in hospitals and research institutions worldwide, where it plays a key role in pre-surgical planning, epilepsy studies, and research into brain function.

With Megin's device currently in use at over 100 institutions globally, its reputation for reliability and clinical effectiveness is well-established. The company’s strong presence in the medical field, backed by continuous research and development, positions Megin as a leader in improving the diagnosis and treatment of neurological conditions.

Business model

Megin generates revenue through sales of its magnetoencephalography (MEG) systems, particularly the TRIUX neo, and recurring service contracts. Each TRIUX neo system requires an accompanying magnetically shielded room (MSR),  contributing to Megin's equipment revenue stream. Additionally, the company generates €5.5 million annually from service contracts, ensuring stable recurring income. The service revenue is expected to grow to €12 million by 2028. Megin's customers are primarily hospitals, research institutions, and specialized neurology clinics, where its technology aids in diagnosing and treating neurological conditions like epilepsy and brain tumors. High-profile clients include top-tier hospitals and research institutions worldwide, with installations in over 100 institutions across major markets, such as North America, Europe, Asia, and more.

A key barrier to entry in Megin's market is the specialized expertise required to develop high-precision neuroimaging technology, combined with the regulatory approvals necessary for medical devices. Megin's established relationships, long-standing reputation, and regulatory certifications further fortify its position, making market entry challenging for potential competitors.

Market

Megin operates in the growing neurodiagnostic technology market, specializing in magnetoencephalography (MEG). MEG is vital for non-invasive brain mapping, offering precise measurements of brain activity by detecting magnetic fields generated by electrical signals. Megin's flagship product, the TRIUX neo, is widely used for diagnosing neurological disorders and pre-surgical planning, making it essential for hospitals and research institutions.

The demand for advanced brain diagnostics is increasing as neurological disorders become more prevalent, driving the need for more precise and non-invasive technologies. Megin's Triux NEO system, with its ability to record brain activity at the speed of thought, is well-positioned to address these emerging needs. Historically, Megin's MEG technology has been primarily utilised in research settings, but its footprint is now expanding into clinical applications. As hospitals seek more accurate tools for diagnosing and treating complex neurological conditions, MEG systems are gaining traction in pre-surgical planning and other diagnostic uses. This shift from a primarily research focus to a broader clinical adoption reflects the growing recognition of MEG's value in improving patient outcomes.

Competitive Advantages 
Barriers to entry in the MEG market are high due to the complexity and cost of development. Megin holds 80% of the market for new MEG installations, with its dominance built on patented technology, over 25 years of experience, and a strong reputation. While alternative products exist, MEG’s unique real-time capabilities make it the preferred tool for diagnosing neurological conditions.

As demand for non-invasive, accurate diagnostics grows, Megin is well-positioned to lead the market, particularly in areas like radiation therapy, where precise brain mapping can improve treatment outcomes.

Management

Distribution of company shares

Croton Healthcare owns 100% of Megin. Croton Healthcare is a private company controlled by Craig Shapero.

Company structure

You are investing in Megin Oy. All other group companies are 100% guarantors to Megin Oy. Megin Oy is the entity owning the assets and developing, manufacturing and selling the MEG devices. All other group companies are local sales and marketing companies.  Both the holding and the subsidiary can be addressed to repay the Invesdor bond. 

Use of funds

Megin is raising funds of €500,000 to €3,500,000 to boost its manufacturing capacity and operational efficiency. This investment will enable Megin to meet the increasing global demand for its advanced neurodiagnostic technology, ensuring timely production and ongoing innovation in brain health solutions.

Actual and planned figures

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