Profiles in Business: Richard L Kalich and Vermed
Vermont Business Magazine › Vol. 36 Nbr. 2, February 2008
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Summary
It makes stick-on sensors for medical devices such as electrocardiograms (EKGs) - sensors are used on the outside of the body to determine what's goingon on the inside of the body. In a heroic last-ditch move led by CEO Richard L Kalich and supported by the Town of Rockingham, the Vermont Economic Development Authority (VEDA) and Citizens National Bank, the 11 managers gathered their savings, re-mortgaged their homes, cashed out their 401Ks, joined together to form Vermont Medical Partners, Inc and bought the company for $8.2 million. Now Kalich and his team are working hard to cut costs, increase productivity, and make Vermed the go to company for sensors for advanced medical technology. Instead, it offers a good health insurance plan which includes a visiting nurse.
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Profiles in Business: Richard L Kalich and Vermed
Who knew? That a group of sensors hooked together might be able to determine whether a cancer is growing inside a breast without the need for a squishy mammogram machine? Or that a sensor pasted onto the forehead of a comatose patient can tell how much pain he's in? Or that a sensor, also on the forehead, can tell an anesthesiologist when the patient is unconscious enough to forget the surgery, but not under so deep that he'll never wake up? Or that some of this advanced medical technology is being developed in a little factory in Bellows Falls? Who knew?
Tucked away behind a Shell station on Route 5 sits Vermed, Inc - an old company which has just been given a dramatic new life.Vermed was founded in 1978. It makes stick-on sensors for medical devices such as electrocardiograms (EKGs) - sensors are used on the outside of the body to determine what's goingon on the inside of the body.A little over three years ago, Vermed was sold to Cardiodynamics International Corp of San Diego for $17.3 million dollars. Then, almost immediately - and due to circumstances far beyond its control - Cardiodynamics began hemorrhaging money. So it put Vermed back on the market to raise capital.Vermed's competitors started sniffing around. The possibility loomed that the company could be sold, stripped of its assets and closed. Eighty-two jobs would be lost. Was its time running out?In a heroic last-ditch move led by CEO Richard L Kalich and supported by the Town of Rockingham, the Vermont Economic Development Authority (VEDA) and Citizens National B...See the full content of this document
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