In 2009 we acquired StatLab and moved our families from Chicago to Dallas to grow the business. We invested broadly to transform StatLab into the leading developer, manufacturer and marketer of supplies used to diagnose cancer. In 2017 we sold a majority interest in StatLab and transitioned day-to-day operating responsibility to our talented team.


MDHoldings_Assets_sales.png

Sales

We recruited, trained and retained a national sales organization consisting of 24 direct sales representatives, 4 sales managers, 2 technical support professionals and 2 inside sales support professionals at a cost of over $6 million per year. These investments allowed us to:

  • Increase revenue at over 5x the overall industry growth rate

  • Increase the number of active customer accounts by over 60%

  • Increase our average revenue per customer by over 40%


MDHoldings_Assets_manufacturing.png

Manufacturing

We custom-designed and had built a 65,000 square-foot facility at a cost of $9 million to manufacture stains, reagents, specialty chemicals, waxes and other products representing 50% of the company’s annual revenue. These investments allowed us to:

  • Increase gross margin by 8 percentage points

  • Reduce backorders by 55%

  • Open a new sales channel servicing large OEM customers


MDHoldings_Assets_product.png

Product

We introduced unified branding across our website, product packaging and marketing collateral and added over 750 new products to our offering over 7 years. These investments helped us to:

  • Reposition the company as a leading provider of high-quality products

  • Grow new product revenue to over 25% of annual sales

  • Increase the effectiveness of our sales organization by expanding the addressable opportunity with each customer and prospect

MDHoldings_Assets_chart.png

Impressive growth driven by organic investments

Average Sales / Day

MDHoldings_Assets_system.png

Systems

We implemented best-in-class ERP, CRM and eCommerce technologies, obtained ISO 13485 certification and developed an FDA-compliant quality management system. These investments allowed us to:

  • Maintain service level rates of +98% during our expansion

  • Proactively manage a diverse set of risks within our business

  • Drive productivity improvements and effectively convert revenue growth into profit growth


MDHoldings_Assets_leader.png

Leadership

We recruited or retained a talented senior management team of functional and industry experts. These investments helped us:

  • Manage an 200% increase in employee headcount across 4 operating locations

  • Create a culture of team-work, accountability and performance

  • Execute transformational investments in sales, manufacturing, products and systems


MDHoldings_Assets_acquisition.png

Acquisitions

We completed four complementary acquisitions and commercialized one technology out of the academic sector. These initiatives added:

  • A market-leading brand in a niche product category

  • Research and development capabilities to execute our manufacturing strategy

  • A novel technology to our market

 

 

"It was with no small amount of trepidation that my brothers and I embarked upon the sale of our 25-year-old family business. We were looking for a partner who would continue StatLab’s growth and provide opportunities for our employees. Mike and Dan helped us accomplish these objectives beyond our expectations."

— Dan Bickel