Read the Conversation
EF: What are the key priorities on your agenda for 2024, and what challenges or opportunities are you facing?
RS: We have gone through an aggressive growth period in the last few years. It is now time to prepare the company for the next growth phase. In the past year, we acquired two companies: Intelis Instruments and K-Laser. We have already made significant strides in integrating our acquisitions, but now we're gearing up for the next phase. Last year, we brought on a substantial number of new hires, and we have more planned for this year to ensure we have the right resources in place.
Our key priorities for this year include developing markets, particularly in the USA and the Middle East, where we currently have a smaller presence compared to our strong foothold in Europe and growing footprint in Asia. Expanding in North America and the Middle East is high on our agenda.
Additionally, we are focused on enhancing our portfolio on the K-Laser side. We also want to expand INDIBA's technology in rehab, animal health, and medical aesthetics. We are looking into new technologies and aiming to bring new systems to these divisions. These are our three key priorities for 2024, with building a strong footprint in the US being the main one.
EF: What are the different applications of your product portfolio, and how are you integrating it with the pharma side to create a comprehensive healthcare experience?
RS: INDIBA has been well-known in radio frequency technology for over 40 years. After extensive research on various frequencies, we discovered the unique cellular effects of 448 kilohertz. This frequency activates cellular processes and accelerates cell recovery, making it highly effective in sports rehabilitation. Our technology offers a distinct advantage in treating athletes and the general public in the acute phase.
Normally, when people sustain an injury, treatment is delayed for the first few days due to tissue damage. However, with INDIBA's technology, we can start treating injuries immediately on a non-thermal basis, which accelerates tissue healing. This capability sets us apart and is crucial to INDIBA's success. Unlike other radio frequency companies, especially in the aesthetic field, our approach is fundamentally different. While they use high frequencies to damage collagen and stimulate collagen remodelling, we employ a lower-frequency approach that activates natural remodelling processes within cells. This results in more natural collagen production over time.
Our unique approach sometimes makes it challenging to explain the difference between INDIBA and other RF technologies offered by our competitors. Regarding our 360-degree approach, we received feedback from clinics in both physiotherapy and aesthetics asking why we do not develop our own cream products based on our extensive scientific research heritage. Therefore, in 2022, we decided to develop our own nutricosmetics and dermocosmetic lines to complement our technology offerings.
At the end of last year, we launched our nutricosmetics line and recently, we introduced dermaceuticals at a pharmaceutical event in Madrid about three weeks ago. These new product lines offer additional treatment components for clinics, allowing them to combine nutraceuticals with INDIBA treatments, allowing clients to continue to enhance their results at home. We are also expanding into pharmacies, where we will offer a range of regenerative medicine solutions. The dermo-regen line available from pharmacies includes facial skincare, body care and sports recovery gel. Our clinical knowledge has allowed us to develop these unique formulas that are showing impressive results for customers. This expansion has been well-received in Spain, and we are already seeing interest from markets like France, Poland, and Asia in introducing these products.
EF: How are you continuing to innovate from a scientific perspective, and how else do you partner with physicians and patients to advance scientific education?
RS: While we have extensive experience in radio frequencies, we are exploring new potential areas such as urology and gynecology. Our expansion into these fields is supported by our established network of gynecologists, physicians, and public hospitals. We have established a strong network of scientists who assist us in developing new protocols and technologies. For over 32 years, we have collaborated with the Ramon y Cajal Research Center in Madrid, an independent research institution that identified 448 kilohertz as the optimal frequency for our technology.
Their extensive scientific research, including petri dish studies, has shown promising results, particularly in scar treatment. Through collaborations with plastic surgeons and other physicians, we have applied this research to areas like scar management, such as reducing hypertrophic scarring after procedures like breast augmentation. In addition to our work with research centers, we partner with universities in human and animal health. For example, we collaborate with Cordoba University on equine research, exploring new applications for INDIBA technology in veterinary medicine, particularly with horses.
We are expanding our collaborative efforts with K-Laser, leveraging their university partnerships in Italy to introduce their technologies more widely in Spain and other countries. While much of our research is centered in Spain, we are eager to extend our studies globally. We have ongoing research initiatives in the U.S., Germany, and the UK, including studies on pelvic floor health in the Netherlands, where we believe INDIBA can have a significant impact on patient outcomes.
EF: How important is the Spanish market for INDIBA? What makes Spain an attractive market from which to produce, research, and export?
RS: Spain plays a crucial role for us, particularly in the aesthetic industry, where it is considered a global leader in the number of treatments performed. Additionally, Spain boasts one of the highest expenditures on cosmetics and related products in Europe. Being a medical device company based in Spain and partially in Italy, along with our manufacturing site, gives us a strong reputation internationally. In Asia, our Spanish origin is well-received, and in the U.S., being a European company earns us respect. We benefit from a wealth of talent in Barcelona, with expertise in our industry readily available.
Our company's good reputation makes it easy to attract skilled professionals from around the world, contributing to Barcelona's multicultural environment. INDIBA was a Spanish-majority company when I joined. We now have people from all over the world working for us. Despite expectations, Spain continues to show tremendous growth, especially in the beauty market. This growth is exemplified by the increasing demand for INDIBA treatments.
Regarding acquisitions like K-Laser and Intelis Instruments, our strategic decisions are driven by the desire to expand our product portfolio and market presence. For example, K-Laser not only brought new technologies but also a strong foothold in the animal health market. This strategic acquisition provided immediate access to a reputable brand and market share. Similarly, the acquisition of Intelis Instruments bolstered our R&D capabilities in the medical aesthetic and brought new know-how to the Group. These acquisitions align with our growth strategy, focusing on geographic expansion, enhanced marketing efforts, and diversification of our product offerings to address market needs effectively.
EF: What do you look for in a potential acquisition, and what is the strategic decision behind your choices?
RS: When I joined IDIBA six years ago, the company was primarily focused on radio frequency (RF) technology. I recognized the need to expand and identified three key areas for growth. Firstly, we needed to pursue geographical expansion, which was relatively straightforward given our global presence in over 65 countries. Secondly, we realized the importance of enhancing our marketing approach. We invested in improving our marketing strategies, resulting in increased brand awareness and presence, including collaborations with professional athletes to promote our products.
Thirdly, we prioritized expanding our product portfolio to address areas where we were less established. For instance, our animal health division was relatively small and new, whereas K-Laser, which we acquired, had 50% of its revenue coming from the animal health sector. This acquisition not only brought new technologies but also provided us with immediate access to a strong market presence and brand name in animal health. Furthermore, K-Laser's interest in expanding into dermatology and aesthetics complemented our strengths in these areas. It was a mutually beneficial arrangement that leveraged each company's expertise.
Our acquisition of Intelis was primarily aimed at tapping into its robust research and development capabilities, particularly in the aesthetic, capital medical, and healthcare equipment sectors. Israel is renowned for its innovation in aesthetics, and the acquisition allowed us to benefit from its R&D expertise and established industry connections. Furthermore, Intelis’ owner was quite well known in the R&D field. We were able to strike a great deal that benefits both parties, where we gained a strong R&D platform and a talented Chief Technology Officer (CTO) who will play a crucial role in expanding our portfolio over the next 5 years, especially in the medical aesthetic field.
EF: What are you doing to attract and retain the best talent?
RS: When I arrived at INDIBA, the company had a very top-down culture, which was quite different from what I was used to coming from Amsterdam, where we had a more collaborative approach without a strict hierarchy. I aimed to shift our company culture towards greater openness and unity. We strive to create a positive working environment that values flexibility, especially since the COVID-19 pandemic. Many employees prefer remote work and seek a better work-life balance. We prioritize accommodating personal needs, such as childcare or appointments, while maintaining a strong commitment to achieving company goals and growth.
INDIBA is focused on continuous improvement and growth, being owned by private equity, which demands consistent progress. However, we also prioritize work-life balance and flexibility. For instance, if someone needs to adjust their work hours or location, we do our best to accommodate their needs. In addition to flexibility, we invest in our employees' development by offering extensive in-house training. We also provide healthcare support, including mental health resources, which has become increasingly important post-COVID. Over the past six years, our company has experienced significant growth from 80 to 200 employees, demonstrating opportunities for career development and advancement. This growth trajectory is attractive to our employees, who see the potential for personal and professional growth within INDIBA.
When I joined the company, I set an ambitious goal to double our revenue within four years, which initially seemed far-fetched to many. However, we not only achieved this goal but exceeded it, accomplishing our target in just three and a half years. This success has instilled a sense of belief and optimism among our team regarding the possibilities and opportunities ahead. I strongly believe in recognizing and rewarding our employees for their hard work. We are always looking to implement incentive plans to encourage retention because retaining talent is just as important as attracting it.
EF: What achievements are you most proud of when you reflect over the last six years?
RS: Looking back at where the company stood in 2018, it was primarily a Spanish-Iberian operation with 80 employees and a modest international presence, including distributors in Japan, Asia, and select European countries. Fast forward six years, and we have made significant strides. We now operate in 65 countries, including establishing a U.S. office, expanding our French team, and nearly doubling our workforce to almost 200 employees. During this period, our revenue has tripled, fueled in part by strategic acquisitions that continue to drive annual growth in Spain. We have not only strengthened our presence in the beauty industry but also made substantial headway in rehabilitation and sports, gaining greater visibility among athletes. It is a source of pride that top athletes in the NFL and NBA, such as Russel Wilson and Kirk Cousins, are seeking out INDIBA technology. This is the next level of growth for us.
Transitioning from my previous role, where I spent 15 years, to INDIBA has been transformative. At INDIBA, I found technology that genuinely improves people's lives. There is a notable shift towards healthier lifestyles and living longer, with people increasingly mindful of their diet and fitness. Aiming to maintain their health and vitality as they age. For me, it is about aligning with these evolving needs and desires, emphasizing a healthy work-life balance.
INDIBA offers a technology that can benefit individuals from within, supporting overall health and well-being. It's inspiring to see athletes, leading football & rugby clubs, gravitating towards our technology based on its merits alone, without sponsorship or financial incentives. INDIBA’s potential to positively impact people's lives is profound. I firmly believe that regular use of INDIBA can contribute to improved health and vitality. Being part of this transformative journey is incredibly fulfilling, and it requires a genuine belief in the value of INDIBA’s technology.
Six years ago, I was introduced to INDIBA for the first time, and after researching the company and its technology, I recognized its potential. Now, my mission is to raise awareness globally about the transformative benefits that INDIBA can offer individuals. I am convinced that INDIBA can make a significant difference in revitalizing lives, and I am passionate about sharing this message with the world.
We have undergone significant transformations within our company. Our marketing approach has been completely revamped with the introduction of e-commerce platforms, ERP systems, and a customer app to enhance connectivity with our customers. Building strong connections with our customers is paramount in today's landscape, ensuring they have access to information about our technology and seamless interactions with us throughout their journey.
I take pride in our management team's growth—from initially having three members to now having nine, with everyone demonstrating impressive development. It is gratifying to see numerous individuals within the company grow and thrive. Looking ahead, our goal is to elevate INDIBA’s visibility and promote awareness of how our technology can enhance individuals' health and well-being from within. This mission aligns with my strong belief in the transformative potential of INDIBA’s technology. The Carlos Sainz story was truly remarkable. Witnessing his recovery and subsequent victory was inspiring and underscored the profound impact our technology can have. Such stories help generate awareness and highlight the tangible benefits of our solutions. With figures like the Rafa Nadal Academy, Iga Swiatek, and Chris Froome on board, we have valuable opportunities to further amplify our message and reach.
EF: Do you have a final message for our readers?
RS: One of the key observations I have made over my 20 years in the healthcare industry is the escalating role of marketing. Unfortunately, having a great product does not always guarantee success; effective marketing often dictates sales. This can make it challenging for consumers to discern between quality products and inferior ones. I believe that regulatory standards like the MDR (Medical Device Regulation) are essential because they help distinguish between good and subpar products. However, my concern lies in ensuring that consumers are well-informed and make educated decisions about their treatments. Individuals must conduct thorough research and consider the scientific evidence behind various treatments—whether for aesthetics, rehabilitation, or veterinary care.
INDIBA has amazing scientific backing and has been extensively published in PubMed, with over 600 papers supporting our technology, which will help individuals make the right decisions. Organic marketing through partnerships with athletes and high-profile events, like championship wins using our technology, has been a fortunate avenue for us. This visibility helps counterbalance the dominance of companies with large marketing budgets, especially in the aesthetics sector.
