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Discussion in 'Medical Equipment/Device Sales-General Discussion' started by Anonymous, May 17, 2012 at 11:37 AM.
JT took a job at CryoLife
Here is the truth about Invuity:
The new management from Intutitive Surgical is running this company into the ground. They are unprofessional, inexperienced, micromanaging and egotistical people who have no idea how to treat people or run any business.
Bottom line, Hospitals do not want to add cost for a “nice to have” technology. Hospitals are looking to cut costs per case not add cost. Invuity will spew some BS about they can save money, but it’s not true and there is no evidence to prove it. If anything, they let go all their strategic account managers that were qualified and could actually spew the cost savings BS and make people believe it.
The company sales objectives are unrealistic. The growth expectations are over inflated. To prove it, the sales force struggles each quarter to obtain 80% to objective. Just look at the quarterly reports.
Overall growth has been flat for now 4-6 quarters in a row. Not a good sign of a sound business or long term successful company. More layoffs and “restructuring” to come in the 4th quarter.
It is unfortunate that market players like Mid Cap Financial are sinking their hard earned money into a very dysfunctional and historically underperforming company.
Company continues to come up short of quarterly goals. They attempt to “fluff” the sales numbers having reps offer “promos" and "product giveaways”. Reps put together deals like, “Buy 20 get 10 free disposables”. All this does is stock up a hospital that does not use the product to this volume. This explains why current customer hospital re-orders are flat if not declining. This type of activity has now caught up with them with a miss on their 3rd quarter number and more of the same to come in 4th quarter.
Corporate feels they have a game changing product in the re-launch of Photonblade. But the recall in June along with firing of Paul Davison, all will be the eventual failure of this product and the company. Paul Davison invented Peak Plasmablade (which was purchased and currently marketed by Medtronic) and also created Photonblade for Invuity. Invuity choose to keep his departure (firing) quiet from the public world. (This is not the first time that previous employed Intuitive management choose to underreport information to the market and shareholders, these are very unethical people) Internally, Davison, has been the fall guy for the products "ghost firing" and harm it has caused patients. They feel they have fixed the problem but there will be another malfunction after re-launch and then they will have to pull product off market for good. Electrocautery devices have a long history of not delivering on expectations and investors are well aware of this fact. Unfortunately, Photonblade will be no different.
All managers are yes men and puppets for the National Directors. Not one of them has the required experience, managing skill or original thought to run a region. They do as they are told, micromanage each region and rep, creating the worst culture in the medical industry. Morale at the company is at all time low. Every representative at the company is looking for a new job!
It is unfortunate that a company like Invuity is becoming another disaster story at the hands of ex-Intuitive employees. The thinking of "let's hire Intuitive people to run the company and we will be a success" will prove itself once again to be a failure!
Out here at the National Sales Meeting, what a croc of >>>>. This Meeting should have been titled "Fear & Intimidation in 2018".
Cannot wait to get out of here, my Manager looks like a battered wife.
Live blog that shit. Let us know what is going on.
It seems to me that the person writing the post is a disgruntled ex employee that uses certain facts and distorts them. If everyone at intuitive surgical was what they said, intuitive wouldn't be the huge success it is. These individuals see the value in the product line of invuity and are using their relationships and connections to further penetrate the hospital market. Doctors who use their lighting products and race about the improvement over the status quo prove their is value to invuity. Sure the company has to improve it's salesforce and manufacturing cost structure but long term should become a successful franchise. At this point, the company is being attacked by false stories.
Phil ~ congrats on finally returning exceptional value to the shareholders....by getting fired! Possibly the best news that's been reported from your tenure.
BTW, if anyone is still wondering after the stock devaluation from a follow-on offering yesterday, the post-IPO debt financing last year, the continuing quarterly slide of earnings into the toilet, the malfunctioning products and empty pipeline, the firing of the CEO, and the nonstop stream of negative news: this is a terrible place to work.
Actually, they are EX Intuitive employees. Invuity illumination products are NOT robots and the business models aren’t even close to similar. I can speak from experience that the facts stated are true, not distortions of any kind. I would keep looking unless you are a glutton for punishment. Invuity is a punishment, where great sales people go to die.
Invuity on pace to do 75-80% to quota. Another quarter, another miss on numbers. Market wont be happy when numbers are reported early May. Panic button has been pushed a long time ago, pressure all time high, morale all time low. Money running out, and so are the reps. Horrible place to work.
May 1st, Invuity decided to go thru a corporate restructing, “flattening” out the organization. Even though they did not mention by name, they fired VP of Sales, Andy Sale and some of his thugs in the organization. Andy, Sean and the gang were clearly a mistake for this organization and their firing was the best decision this company has made in the last 2 years. The Ex-Invtuitive (now Ex-Invuity) gang were the most egotistical, self-centered bunch of jerks in the medical industry, had no idea how to run the business or motivate sales people. They got what they deserved!
Interim CEO, seems to have his finger on the pulse of the business and might be able to right the ship. They Also let go 20+ Reps, some successful and tenured, might be a tough hurdle in some markets for the company. Some of those reps own the relationship and change in those markets might take a step backward.
Company claiming they at saving 6 million after restructuring. All savings basiclly in salary and bonus from “trimming the fat”. Might work or it might not, only time will tell.
Invuity fell short of street expectations again for 5 or 6 straight quarter. Change was necessary. Only time will tell if this once promising company can endure and get back on its feet.
are they done cutting reps? Will they keep us direct reps or will they move to 100% distribution?
Get real, morons. They are shedding personnel OpEx to get the P&L in shape for acquisition. The next smart thing they could do is stop manufacturing in San Francisco and quit paying the board members for...literally falling asleep on the job.
invuity is an idiot shitstorm. Managers are trained to wake up every morning and push the panic button over and over and over and over, every quarter it’s the same BS, like a broken record. Leave the company and they try to screw you on your demo inventory. I sent all mine back. Counting the days Until I bail on this shitshow and get away from these idiots. New CEO is in over his head, this is his last gig as he’s jacked up his last 3 stints at steering a company in the right direction. He’s collecting a paycheck until this thing self destructs . Yes, Andy Sale, and his minions were morons, absolutely had no idea how to sell this product other than threaten reps with being fired as the norm. Also, FYI Region Manager in Chicago is a total waste of air, the guy is as useless as a 3rd tit. Who hired this jag off?