BMDSys Optical Pitch Deck Teardown: A 10M Euro Ask

Executive Summary and Company Identity

Slides 1-2: The Formal Opening

The deck opens with a highly formal, almost bureaucratic aesthetic. Slide 1 identifies the company as BMDSys Optical GmbH and dates the document to October 2014. It lists the leadership as Volker Schall (CEO) and Dr. rer. nat. Gertrud Lembke (CTO) . Notably, the slide includes a 'Copy No. 1/3' designation and a 'Confidential' ribbon, which, combined with the image of classical columns, suggests a traditional, high-stakes investment environment rather than a modern tech startup vibe. Slide 2 serves as a simple section break for the Executive Summary, utilizing a magnifying glass over financial charts to signal a focus on due diligence and growth.

The Product and Technical Pivot

Slide 11: The Economic Barrier

This is arguably the most important slide for establishing the 'Why Now.' It describes the first generation of their technology as 'working perfectly' but failing commercially due to an expense of approx. 700 to 900 K EURO for liquid helium cooling over a 10-year life cycle. The slide admits that the former company could not reach sustainable profit because of this lack of economical efficiency. This sets the stage for the new company's value proposition: providing the same diagnostic power without the crippling overhead of cryogenic cooling.

Slide 16: Advantages of the New System

Slide 16 outlines the clinical benefits of the APOLLO CXS system. The 'Quick and easy' nature of the test is emphasized, noting a 5-minute duration with no patient preparation or undressing required. The technology is described as 'pure passive,' meaning no ionizing radiation or contrast agents are used. The most critical point, however, is 'Cost efficient,' explicitly stating that no helium cooling and room temperature operation lead to minimum operational costs. This slide successfully bridges the gap between a technical achievement and a marketable medical benefit.

Management and Expertise

Slide 21: The CTO Profile

The deck places significant weight on Dr. Gertrud Lembke . Her biography notes a doctorate in physics (2007) and a tenure as a scientific employee at University Hospital Jena. The slide highlights her 2010 'Young Investigator Award' in the field of instrumentation. By detailing her experience in 'simulation and construction of complex coil systems,' the deck attempts to de-risk the technical execution of the project. It explicitly labels her as the 'technical developer from the start of the company,' ensuring investors know where the intellectual property resides.

Market Strategy and Risk Assessment

Slide 26: Target Groups and Sales Channels

BMDSys identifies a broad target market including special hospitals, universities, sports centers, and cardiologists. The slide uses a Venn diagram to show overlapping interests in medical prevention, sports, and facilities . Interestingly, the sales strategy is three-pronged: direct sales, sales via distributors, and 'Admission of health insurances.' The text notes that the APOLLO CXS can detect risk stratification of future life-threatening arrhythmias and ischemia, which are high-value diagnostic categories.

Slide 31: Chances and Risks

This slide is a standard SWOT-style analysis but contains a key claim: the company is 'completely free from encumbrances.' This suggests that while they are building on 'first generation' technology mentioned earlier, the current legal entity is unburdened by the debts or failures of previous iterations. The 'Chances' column claims a 'nearly finished and market-ready product,' while the 'Risks' column honestly identifies supply bottlenecks and the challenge of 'handling the expected growth.' The claim that copying the technology is 'very difficult' serves as a placeholder for a deeper discussion on patent protection.

Financials and The Ask

Slide 36: Operational Costs

The financial planning slide provides a granular look at non-personnel operational costs over three periods (P1, P2, P3). Total costs scale from 945,870.00 € to 2,294,101.60 € . Several line items stand out: Exhibitions grow from 0 € to 800,000 €, suggesting a heavy push into medical trade shows. Marketing triples from 60,000 € to 180,000 € by P3. The 'Movement of company location' cost of 50,000 € in P1 indicates a planned relocation or expansion immediately following the round.

Slide 41: The Offer for Investors

The final slide delivers the 'Ask.' BMDSys Optical GmbH is seeking 10 million EURO for a company share of up to 33% . This implies a post-money valuation of roughly 30 million Euro, though the slide claims the company is already 'rated with minimum 32 mio. EURO.' A unique incentive is mentioned: the possibility of securing an additional 50% of the investment amount as a loan from a German government institution (TBG), provided a lead institutional investor is on board. This is a classic 'leverage' play to make the 10 million Euro equity investment feel like a 15 million Euro total capital injection.

What Works and What is Missing

What Works

Clear Economic Moat: The transition from liquid helium to room temperature is a massive, quantifiable cost-saving measure that any hospital administrator would understand. · Technical Credibility: The focus on Dr. Lembke's awards and academic background provides a strong foundation for a deep-tech medical play. · Granular Financials: Unlike many decks that hide behind 'General & Administrative' buckets, this deck breaks down everything from internet costs (500 €/month) to car expenses (6,000 €/month).

What is Missing

Revenue Projections: While the deck shows operational costs (Slide 36), the provided slides do not show the top-line revenue expectations. We see the costs of selling, but not the projected returns. · Competitive Landscape: Slide 31 mentions that copying the technology is 'very difficult,' but there is no slide comparing BMDSys to other non-invasive cardiac diagnostic companies (e.g., traditional EKG/ECG or other MCG competitors). · Regulatory Roadmap: For a medical device company in 2014, a detailed slide on CE marking or FDA approval timelines is a glaring omission in this selection of slides. · Unit Economics: We know the system saves 900k Euro in helium, but we don't know the manufacturing cost (COGS) or the intended MSRP of the APOLLO CXS unit itself.

Founder Takeaways

Founders in the medical device space should note how BMDSys monetizes the 'pain' of existing solutions . They didn't just say their system is better; they put a 900,000 Euro price tag on the inefficiency of the status quo. Additionally, the use of a government matching loan (Slide 41) is a sophisticated way to de-risk the round for private investors. However, founders should avoid the 'Copy No. 1/3' and 'Confidential' watermarking seen here; in modern fundraising, these are often viewed as unnecessary friction that doesn't actually protect IP but does slow down the sharing of the deck among partner-level decision-makers.