Mega Highwall Mining
October 9, 2019Big Rivers Waterpark
May 22, 2019
Completing a deal with NFS Leasing was easy and uncomplicated for Richardson and his team. He said, “They clearly laid out the deal and terms. They were direct and honest with what they were and were not able to do. No nonsense, no trickery. That allowed us to build a relationship based on trust and the process was simple and fluid because of it.”
Equipment
Medical Equipment
SUMMARY
Sanuwave is a medical device company that manufactures novel devices that utilize a specialized method for the treatment of Diabetic Foot Ulcers. This treatment would enable Sanuwave the chance to save the lives and limbs of patients across the U.S. It had just spent six years and significant funds obtaining FDA approval for its devices. Consequently, Sanuwave was cash constrained and needed a financial partner to support its manufacturing costs of $20 million to enter the market.
The new devices would help prevent 2,000+ amputations, but delayed revenue recognition made securing traditional funding impossible
Securing financing with NFS enabled Sanuwave to enter the market right away and begin saving limbs and saving lives earlier than expected
THE CLIENT
Sanuwave’s flagship device, dermaPACE®, uses Extracorporeal Shock Wave Technology (ESWT) and is the only device of its kind to be FDA approved for treatment of Diabetic Foot Ulcers in the U.S.
Sanuwave has been in business for fourteen years and a large portion of that time has been spent conducting clinical trials and gaining approvals from the FDA. The FDA approval process is a long and very expensive one. However, the company is dedicated to finding solutions to help save the limbs and lives of those living with diabetes. The last hurdle that Sanuwave had on its way to FDA approval, was a 336 patient, six-year trial that cost upwards of $60 million.
THE CHALLENGE
Sanuwave was faced with a critical go-to-market challenge: it needed to manufacture 2,000 devices costing a total of $20 million. Having just spent six years and $60 million on a clinical trial to obtain FDA approval, its balance sheet was not able to support the full $20 million manufacturing price tag and needed financing for a portion of that.
In addition, once manufactured, Sanuwave’s device revenue would not be realized for up to three months post production. Sanuwave wanted to reduce the obstacles in the way of generating revenue and was in need of a financial solution to accommodate its unique situation.
THE SOLUTION
As Sanuwave contemplated how it would pay for the devices to be manufactured, CEO Kevin Richardson recalled meeting a fellow parent at a school fundraiser that worked at an equipment leasing company, Richardson decided to discuss the idea of equipment leasing with his team.
Richardson’s contact turned out to be NFS Leasing’s CEO, Cliff Rucker. As soon as Richardson began interacting with the NFS Leasing team, he knew he made the right decision. The NFS Leasing team spent the time to do its due diligence; talking to the doctors and suppliers in the industry, as well as visiting Sanuwave to examine the device in person and to witness its capabilities. This proved NFS Leasing’s dedication to seeing Sanuwave succeed in its business development strategy.
EXECUTION
Completing a deal with NFS Leasing was easy and uncomplicated for Richardson and his team. He said, “They clearly laid out the deal and terms. They were direct and honest with what they were and were not able to do. No nonsense, no trickery. That allowed us to build a relationship based on trust and the process was simple and fluid because of it.”
Keeping the lines of communication open during the implementation of the project allowed Sanuwave the opportunity to move quickly when entering the market. “What would have taken ten to fifteen years will now take four years thanks to NFS Leasing. This is allowing us the opportunity to save limbs and lives now.” said Richardson.
RESULTS
The number one cause for concern when it comes to Diabetic Foot Ulcers is amputation. With the completed NFS Leasing deal, Sanuwave is expected to roll out one hundred new devices this year alone. These initial devices will treat twenty patients per month per device, 240 patients per year per device, and altogether, treat 24,000 patients this year. Nearly 2,000 amputations will be avoided thanks to Sanuwave’s dermaPACE® device.
The Sanuwave partnership with NFS Leasing is aiding in accomplishing this feat in four years rather than ten to fifteen. The number of lives that will be saved and families impacted for the better, is remarkable and not measurable in number.
“NFS was very flexible when working through the terms. They let us know what they were willing to do for us, how it needed to be done, and why it needed to get done. Having structured multiple deals with them, its safe to say I appreciate their partnership.â€
Daniel Bunn, Owner
Mega Highwall Mining“I had a great conversation with NFS on what we wanted to do with the equipment and what we were seeking in a lease agreement, and thankfully, NFS helped us find a solution. While I have been in the mining industry for 24 years, I had never done a deal this large. Engaging with NFS was hassle-free and we were happy that we found a solid partner to fund such a large and important deal.â€
Todd Tackett
Construction and Reclamation Services“They clearly laid out the deal and terms. They were direct and honest with what they were and were not able to do. No nonsense, no trickery. That allowed us to build a relationship based on trust and the process was simple and fluid because of it. What would have taken ten to fifteen years will now take four years thanks to NFS Leasing. This is allowing us the opportunity to save limbs and lives now. NFS Leasing was and is still genuinely interested in Sanuwave and working towards its continued success. Money is a commodity and can be found almost anywhere but finding a partner who cares about the company means a lot to us.â€
Kevin Richardson, CEO
Sanuwave“Working through the initial challenges with NFS was excellent. The level of responsiveness was fantastic, and they have an extremely high level of service. NFS followed a simple process. The communication was fast and realistic. Overall, I would give NFS an A+.â€
Matthew Hoar, CFO
Flow Water“NFS was willing to sign lease deals that were fair, while it felt like other leasing companies would take advantage of us at every opportunity. It seemed as if NFS wanted to get the deal done. There were no onerous processes, no particularly crafted steps and procedures to follow, which made NFS easy to work with.â€
Malachi Salcido
Salcido Enterprises“NFS was patient when we engaged with them and I really appreciated that. We had a unique situation being a waterpark and having a lot of moving parts from the manufacturer. Finding a financial partner that had the ability to be flexible in the terms and the patience to deal with inconsistent communication from the manufacturer was incredibly helpful for us.â€
Monty Galland, CEO
BRTX"The communication with NFS Leasing was great. They were very easy to reach, hassle-free, and extremely knowledgeable. They were simple and straightforward; very honest and upfront with what could be accomplished. We were successfully able to write our project plan based on NFS’s commitment and that helped start off the project on the right foot."
Frank Bou
Trident Trucking"POP Gourmet was experiencing rapid growth and demand. As a young company we needed an equipment finance partner that would get to know us as a company and grow with us. NFS Leasing stepped in and took the time to get to know our Company and partner with us to acquire the production equipment we needed. NFS provided flexibility, responsiveness, and value. We highly recommend NFS."
Rob Grenley, Director, Corporate Finance
POP Gourmet, LLC"Having worked with NFS Leasing at a prior firm, when we started Disruptor Beam I did not hesitate to call on them again. Dean and the team at NFS Leasing really “get it.†They listen and understand our story and our needs, and they have numerous vendor relationships that help provide a superior level of service. When we grow they are always willing to grow with us. I recommend them highly."
Jon Radoff, CEO
Disruptor Beam"Limestone Networks has been working with the team at NFS Leasing for several years. They took the time to understand our company, the needs of our business, and our growth strategy. They are fast, responsive, and thorough. NFS has become not only a supportive vendor, but an integral part of our success."
Gary Kendall, CEO
Limestone Networks"From the beginning, NFS Leasing has been an invaluable asset in helping us serve our customers. Their team of experienced executives has enabled our channel oriented business model, and they are an outstanding partner, offering flexible and creative solutions to our financing needs. It has been a pleasure working with NFS and we look forward to their assistance in providing our future finance needs."
Brian Hierholzer, President
Artisan Infrastructure"Grooveshark has been working with NFS Leasing for close to 3 years. We started looking for lease financing at a very early stage in our company’s history, and although we were a small young company, NFS took the time to listen to our story and provided much needed IT leasing at the time. NFS played an integral part in our initial growth phase, and much of the equipment we leased from NFS formed the backbone for what today is an on line music streaming service with 30 million registered users.
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Colin Hostert CIO & CISO
Grooveshark"In the early stages of our growth at DTT our business model required that we explore leasing as a way to finance our growth. NFS Leasing stepped up and partnered with us. They took the time to really understand our business and gave us the financial flexibility to add customers without concern for financing the required equipment to do so. They were honest and responsive and I would highly recommend them as an equipment leasing source."
Sam Naficy, President and CEO
DTT Surveillance"A rapidly growing technology business like nScaled has constant equipment needs. Leasing was a perfect way to get the equipment we needed, when we needed it, and allow us to continue to focus resources on our operation. NFS made leasing easy for us, and has grown with us as we have expanded as a company. If you want to speak with someone that can help you with your infrastructure expansion business needs, you should call the team at NFS Leasing."
Ilya Beyer, CTO
nScaled"AirSage pioneered the transformation of wireless network signaling data into powerful location information, creating a way to collect and analyze real-time mobile signals to produce over 15 billion anonymous locations every day. As a growing technology firm with state-of-the-art data and technology requirements, having updated equipment is essential to the growth of our business. That’s why we rely on, and wholeheartedly recommend, NFS to take care of any equipment finance needs."
Cy Smith, Founder & CEO
AirSage"NFS has enabled Everyone Counts to keep up with emerging technology and provide the tools needed to bring modern election administration and voting systems to election officials. Their flexibility and knowledge of the technology industry sets them apart from the other leasing providers. They are responsive, easy to work with, and consummate professionals – I recommend them highly!"
Rick Forry, Finance Manager
Everyone Counts"Agile Networks turned to NFS Leasing to finance a major network expansion resulting in the first and only statewide 1 Gigabit backhaul network providing services in all 88 Ohio counties. NFS was especially easy to work with, exceptionally efficient, and thorough in their approach. Their contributions were critical for us to complete our expansion in “record time†for our customer – a major mobile carrier. I highly recommend NFS as a trusted partner and look forward to working with them as we continue our growth."
Bob Brick, CEO
Agile Networks
+18
YEARS IN BUSINESS
+235 YEARS COMBINED MANAGEMENT EXPERTISE
+5000
OVER 5,000
CLIENTS & PARTNERS
$1000000000
APPROACHING $1 BILLION
IN TOTAL FUNDED TRANSACTIONS