Hartford Business Journal: How Much do you Know About Soma Tech Intl.?

February 21, 2023
Hartford Business Journal: How Much do you Know About Soma Tech Intl.?

Hartford Business Journal

Soma Tech Intl. was recently featured in an article for the Hartford Business Journal. Booming business has made Soma Tech one of the fastest-growing companies in the medical industry and it doesn’t just stop there! Keep reading our blog to know what the future holds for Soma Tech Intl. as well as an interview with the CEO himself, Peter Leonidas.

Soma Tech Intl. has dedicated its time to helping the healthcare system for over 30 years. We provide high-quality medical equipment to health facilities worldwide at an affordable cost. We offer new, demo, and refurbished medical equipment up to 50% below the cost of new, plus rental options. Our team is made up of top-of-the-line biomedical engineers who work diligently to make sure all the equipment we send out is working as if it were brand new. Because the facility has such a large inventory, it is the perfect one-stop-shop platform for a variety of models for any of your facility’s needs

Due to the boom in the search for refurbished medical equipment, large health systems in Connecticut have been turning to us. Some of these include Yale New Haven Hospital, Hartford Healthcare, and Trinity Health of New England. Amid this pandemic, revenue has increased exponentially, placing us in the top 200 spots in Inc. magazine’s recently published list of the 5,000 fastest-growing U.S. private companies.

CEO, Peter Leonidas had a lot to say about the growing business, including, “The demand for this equipment is at a very high level,” Leonidas said. “We have and continue to grow beyond physician’s offices and ambulatory surgical centers and expand into hospital chains because we offer something of value at an affordable price that is in high demand.” This market that Soma Tech has tapped into has been growing at an annual rate of 12%, expected to reach $18 billion by 2026.

The boost from the pandemic was also a stepping stone for Soma Tech. We were able to meet demands for ventilators, infusion pumps, patient monitors, and oxygen therapy devices. The shortage of medical equipment has made companies more accepting of refurbished medical equipment, according to Leonidas. It only took a short time for Soma Tech Intl. to take off after that. “We became partners with the bluest of the blue chip companies,” Leonidas said, noting that the sheer volume of transactions with those outfits has grown each year thus increasing the company’s revenues.”

As Soma Tech Intl. grows, we are going to be expanding further with a new building headquarters in Bloomfield, CT. This new 60,000-foot building is planned to debut next year and be the new home for engineering, sales, operations, and warehouse storage. Join us in our new adventure and check out the article in the Hartford Business Journal to get all the details!

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