Justin Smith on growing 3B Medical the PE way

WINTER HAVEN, Fla. – 3B Medical’s new CEO Justin Smith wants to grow the company to hit $100 million in revenues in the next few years. 

Hear what Smith, whose background includes roles at Bear Stearns and ComVest Partners, had to say about how 3B Medical’s product pipeline and acquisition plans make it a company “with legs.” 

HME News: What drew you to the health care industry and 3B Medical? 

Justin Smith: I have an engineering background, so it excites me from a product development and innovation standpoint, not to mention I have worked with numerous health care companies in all areas of the space as part of acquisitions at ComVest. It’s a neat return to the health care space for me, after a brief hiatus working in operating roles in other industries. I see being the CEO of 3B as a unique opportunity in somewhat of a consolidating industry to lend my past skills and experience toward growing the company in a PE fashion. 

HME: What does it mean to grow a company in a PE fashion? 

Smith: I think 3B could serve as a platform to go out and acquire, similar to some of the consolidation already occurring in the HME space. We’re pretty well positioned for that, with a robust portfolio of 43 patents that lends itself to continued product development. Everyone says there are high barriers to entry, but with our portfolio and new product pipeline, we have a play. 

HME: What types of acquisitions is 3B looking at? 

Smith: We’re looking at acquisitions where there’s a synergy with our product lines. I don’t want to give away too much here. 

HME: What is 3B’s new product pipeline looking like?  

Smith: We’re going to have new products released in the disinfection and oxygen spaces in the not-too-distant future. One of the products we’re about to launch is kind of a fun – a POC designed for an extreme sporting environment that helps athletes with recovery and those with challenges in a high-altitude environment. I just think it’s a neat retail product that our team is pumped about. 

HME: How do the acquisitions and the new product pipeline position 3B for growth? 

Smith: I believe we have the ability to become a much larger player in the industry – a $100 million company in the next few years. Our growth to date has been phenomenal. By bringing new products to fruition and by expanding into new markets and geographies – it’s exciting times. We’ve made our first few sales in Europe, and we’re expanding into Canada and Latin America.