SakoMed LLC has turned refurbishing and repairing of medical equipment into a booming business that’s been doubling its annual revenue growth.
The Laguna Niguel-based company snared the No. 1 spot on the Business Journal’s list of Fastest-Growing Private Companies, in the Small Company category (see list, page 46).
SakoMed’s revenue doubled to $6 million in the 12 months through June from $3 million in the same period a year earlier. Revenue is up 500% from the $1 million it earned for the 12 months ended June 2020; the list ranks companies by two-year growth rates.
“Our business is buying the nonworking, defective items from hospitals or surpluses from hospitals and working on them, refurbishing them and selling back again to other healthcare sectors,” founder and President Matin Kondori said Sept. 9.
Items handled by the company include defibrillators, respiratory ventilators, patient monitors, anesthesia machines and automated external defibrillators (AEDs), according to Kondori.
“We only work on the recertified/refurbished medical equipment,” according to Kondori.
In addition to hospitals, the company handles equipment for outpatient surgery centers, doctors’ offices, ambulance services and fire departments, among other areas.
More’s in store for the firm, which has its headquarters a few blocks from the Chet Holifield Federal Building.
Kondori is hoping to double revenue to $12 million this year and is in negotiations for two additional large contracts with a pair of big companies.
“If that happens, then next year’s going to double again,” he said.
Kondori earned his master’s degree in electrical and electronic engineering and biomedical engineering from California State University, Long Beach.
Before that, he received his Bachelor of Science degree in Biomedical Engineering at Iran’s QIAU university, where he was the chief of the biomedical society.
With equipment costs so high these days, it makes sense to refurbish as much equipment as possible, since they are “really high value items.”
Kondori gives the example of one piece of equipment that may have cost $60,000 when it was new; it can be refurbished and sold for $10,000.
The technicians are trained by manufacturers.
Right now, the company has six employees, the CEO said. “We are hiring more people, more customer service and more technicians.”
“It’s a big industry,” according to Kondori.
SakoMed also has an ISO certification attesting to the company’s adherence to international standards.
“We buy, sell, and service all types of medical products which are used in intensive care units, critical care units, and ambulances,” the company says.
It adds: “Recertified saves you 50% to 60% compared to new equipment,” the company says. The company also offers a warranty, same certification, and customer support.”