# EndoSound

Advancing Access to High-Impact Endoscopic Ultrasound in GI 

- Canonical URL: https://wefunder.com/endosound
- Entity ID: wefunder:company:163242
- Last updated: 2026-06-07T03:04:28Z
- Generated at: 2026-06-07T03:11:41Z

## Quick facts
- FDA Breakthrough Device and FDA cleared. 1000+ procedures performed with a 95%+ clinical acceptance
- Co-Founder & CTO, sold last company MicroConnex, to Carlisle Interconnect Technologies
- Raised $12M+ to date from GeoMedTech, AGA GI Fund, strategic partners, and founders
- Hybrid go-to-market model: $60K system sale + $650 recurring revenue
- Major GI Company paid $5M for licensing agreement
- Significant IP with 10 awarded patents and 10 patent pending
- GI Innovation of the Year 2022 - American Society for Gastrointestinal Endoscopy (ASGE)
- Expanding into a $20.1B global market across gastrointestinal diagnostics and echo-endoscopy

## Active fundraises
- wefunder:fundraise:165727: 4(a)(6) successful (USD)
- wefunder:fundraise:122867: 4(a)(6) successful (USD)
- wefunder:fundraise:163976: 4(a)(6) open (USD)
- wefunder:fundraise:122866: 4(a)(6) successful (USD)

## Investor memos
- Kingscrowd Capital: https://wefunder.com/memos/feed/185311-endosound-investment-memo

## Story
Company OverviewEndoSound(R), Inc. is a medical technology company focused on expanding access to endoscopic ultrasound (EUS), a diagnostic modality used in gastrointestinal care. The company has developed a system designed to enable ultrasound capability using standard gastroscopes commonly found in endoscopy settings.Endoscopic ultrasound is widely used in hospital environments but is less commonly available in ambulatory surgical centers and community-based hospital settings due to cost, infrastructure, and training requirements. EndoSound’s approach is intended to address certain elements of these constraints; however, adoption, utilization, and clinical outcomes may vary across care settings.The company’s first-generation system has received FDA clearance. Regulatory clearance does not ensure clinical adoption, commercial success, or improved patient outcomes.The current offering is intended to support continued product development, manufacturing readiness, and commercialization of the company’s next-generation endoscopic ultrasound system.Selected Investment ConsiderationsThe following points summarize certain factors that may be relevant when evaluating the Company. These considerations are not exhaustive and should be reviewed in conjunction with the full offering materials.The company has developed an FDA-cleared first-generation system designed to enable ultrasound functionality using standard gastroscopesThe product is intended to integrate into existing endoscopy workflows without requiring dedicated echoendoscopesThe company is pursuing a model that includes both system sales and recurring procedure-based revenueEarly clinical use has provided operational feedback that informs ongoing product developmentMarket adoption is subject to a range of factors, including physician acceptance, training requirements, reimbursement dynamics, and institutional purchasing decisionsIndustry Context and ProblemEndoscopic ultrasound is a diagnostic procedure that combines standard endoscopy with ultrasound imaging, allowing physicians to evaluate the gastrointestinal tract and surrounding structures in greater detail than with standard endoscopy alone. It is used in the evaluation of certain GI cancers, lesions, and other conditions where additional imaging is needed to inform next steps.Access to EUS is largely concentrated in larger hospitals and academic medical centers. Traditional EUS systems typically require dedicated echoendoscopes, significant upfront capital investment, and physicians who have completed specialized training beyond standard endoscopy. Community hospitals and ambulatory surgery centers, where a substantial share of routine endoscopy takes place, often lack one or more of these requirements.When a patient's initial endoscopy occurs at one of these settings and ultrasound imaging is needed to evaluate a finding, that patient is generally referred to a separate facility. The referring site cannot complete the evaluation on its own. Depending on the provider and region, these referrals may result in scheduling delays, additional patient appointments, and a break in continuity of care.EndoSound has developed an FDA-cleared system intended to address this access gap at the point where endoscopy is already being performed. The system is designed to add ultrasound capability to standard gastroscopes that many facilities already own, rather than requiring the purchase of a traditional dedicated EUS system, which can cost approximately $450,000 or more. EndoSound's system is priced at approximately $60,000.The system is intended to integrate into existing endoscopy workflows without requiring new infrastructure or significant changes to room staffing and setup. EndoSound continues to refine its product based on direct feedback from physicians using the system in clinical practice. Actual integration, utilization, and physician adoption may differ across institutions, and there can be no assurance that future iterations will achieve intended performance or market acceptance.Development Status and TrajectoryThe company reports that its first-generation system has progressed through product development, regulatory clearance, and use in clinical settings.According to company-reported internal tracking, the system has been used in hundreds of procedures across 17 active clinical sites as part of routine endoscopy workflows. These figures have not been independently verified.Feedback from early clinical use has informed the design of a next-generation system. The transition from initial clinical use to broader commercialization is subject to additional development, manufacturing, and market factors, all of which involve uncertainty.Market OpportunityEndoSound has estimated its addressable market based on published upper endoscopy procedure volumes, site-of-care distribution, and internal assumptions regarding adoption and per-procedure pricing of approximately $650.Approximately 8 million upper endoscopy procedures are performed each year in the United States. According to the company, an estimated 80% of hospitals and 97% of ambulatory surgery centers do not currently offer EUS, primarily due to the capital requirements and infrastructure associated with traditional systems.Based on this landscape, EndoSound estimates its market opportunity as follows:Total Addressable Market (TAM): approximately $19 billionServiceable Addressable Market (SAM): approximately $7.2 billionInitial Serviceable Obtainable Market (SOM): approximately $1.8 billionThese estimates are derived from internal modeling using procedure volume data and pricing assumptions. They are intended to illustrate the scope of the opportunity as the company sees it and should not be interpreted as projections of future financial performance. Actual market opportunity may differ materially based on adoption rates, pricing, competition, and other factors outside the company's control.Clinical and Economic ConsiderationsThe company believes that expanding access to ultrasound-enhanced endoscopy may have clinical and economic implications at the point of care. EndoSound's system is designed to enable Echo-EGD, defined as a standard upper GI endoscopy enhanced with ultrasound imaging, in settings where traditional EUS systems are not deployed.The company references published data and internal estimates suggesting the following potential outcomes:Echo-EGD may identify pancreatic disease in approximately 40% of patients presenting with dyspepsiaIt may change clinical management in approximately 25% of cases compared to standard upper GI endoscopy aloneUse as a first-line diagnostic tool has the potential to shorten the diagnostic timeline from approximately 10 weeks to approximately 2 weeksEstimated savings of approximately $4,600 in insurance costs per episode of careEstimated savings of over $1,100 in patient out-of-pocket expenses per episode of careOutcomes may vary depending on patient population, provider expertise, and clinical setting. No assurance can be given that EndoSound's system will achieve similar results across all institutions or use cases, and these figures should not be interpreted as guarantees of clinical or financial performance.Business ModelEndoSound intends to generate revenue through two channels: an upfront system sale and recurring per-procedure usage fees.Facilities purchase the EndoSound system for approximately $60,000, compared to traditional EUS systems that often cost $450,000 or more and require dedicated scopesAfter installation, the company charges approximately $650 per procedure each time the system is used in clinical practiceThe company reports gross margins of approximately 95% on per-procedure revenueThis structure is intended to generate recurring revenue that grows alongside procedure volume at each installed site, without requiring additional capital equipment purchases. These figures reflect current pricing targets and internal estimates. Actual revenue, margins, and pricing may vary based on market conditions, customer agreements, and reimbursement dynamics.Commercial TractionThe company reports the following operational milestones, based on internal tracking that has not been independently verified:Hundreds of procedures completed using the first-generation system across 17 active clinical sitesRoughly 50 facilities have expressed preliminary interest or are in various stages of engagement regarding the next product iteration$3.5M raised in the company's initial round, including $1.4M through Wefunder$5M non-dilutive licensing and royalty agreement executed with a strategic partner for commercialization rights in ChinaEndoSound received ASGE and AGA Innovation of the Year recognition in 2022Expressions of interest from facilities do not constitute binding purchase commitments. Commercial adoption remains subject to individual purchasing decisions, clinical validation requirements, and operational considerations at each institution. Industry recognition does not imply endorsement of the company's securities or investment opportunity.Use of ProceedsThe company intends to use proceeds from this offering for purposes that may include:Commercial expansion and sales effortsManufacturing and supply chain developmentContinued product development and engineeringGeneral corporate and administrative expensesActual allocation of funds may vary based on operational priorities, market conditions, and other factors.ManagementEndoSound's leadership team includes individuals with backgrounds spanning clinical EUS practice, ultrasound engineering, and medical device commercialization. Prior experience does not guarantee future performance or the success of the company.Scott Aldrich Jr., Chief Executive Officer - Medical device executive with 20+ years in gastrointestinal devices. Previously held strategy and commercialization roles at MotusGI, Mauna Kea, and Pentax Medical.Stephen Steinberg, MD, Founder and Chief Medical Officer - GI physician with 40+ years of clinical and academic experience. Has performed thousands of EUS procedures, served as a key opinion leader in the field, and co-invented EndoSound's core technology.Scott Corbett, Founder and Chief Technology Officer - Biomedical engineer with 30+ years in ultrasound. Holds 19 patents, co-invented EndoSound's technology, and previously held engineering leadership roles at GE, Tyco Healthcare, and Sonivate.Paul Henwood, Chief Operating Officer - Operations executive with experience scaling early- and mid-stage technology companies. Began his career as an ultrasound transducer engineer and later served in senior leadership roles including CEO and President. Helped lead MicroConnex through operational growth and a successful exit.Josh Cohn, Chief Commercial Officer - Medtech commercial leader with 18 years of sales experience. Former National Sales Director at Pentax Medical, focused on EUS commercialization across hospitals and ambulatory surgery centers.Risk ConsiderationsAn investment in EndoSound involves a high degree of risk. These risks include, but are not limited to:Early-stage company risk and limited operating historyUncertainty of product adoption and market acceptanceRegulatory and compliance risksDependence on key personnelCompetition from existing and emerging technologiesReimbursement variability across healthcare systemsPotential need for additional capitalIlliquidity of the investmentInvestors should be prepared to lose their entire investment.Forward-Looking StatementsThis communication contains forward-looking statements, including statements regarding product development, market opportunity, and business strategy. These statements are based on current expectations and assumptions that involve risks and uncertainties.Actual results may differ materially from those expressed or implied in forward-looking statements. No assurance can be given that the Company will achieve its objectives or that any investment will result in a financial return.

## FAQ
1. **what type of investment is this? equity? interest only investment? any financial details would be helpful**
   - Thank you for your interest in EndoSound. This is a convertible note. https://help.wefunder.com/#/contract/295251-convertible-note Once you click the reserve button, the terms of the convertible note can be found on the right-hand side. Here is a link: https://wefunder.com/endosound/invest Should you have any additional questions, please do not hesitate to reach out. The EndoSound Team
2. **Hello Josh, I'm not particularly worried about your Debt Ratio of 199% at this stage of the company's lifecycle, just because with a Cash to Assets ratio of 47%, and future positive returns, the Debt Ratio can eventually be slashed down over time and eventually paid off with i...**
   - Great question—happy to clarify. The reported 80% gross margin includes licensing revenue. When isolating product sales and excluding non-cash items like depreciation, as well as warranty reserves and inventory write-offs, our 2024 product gross margin was approximately 68%. Last year’s gross margin was impacted by early-stage commercialization factors, including lower purchasing volumes, higher inbound shipping costs, and the operational dynamics typical of a company in its first year of rev...
3. **SHARE PRICE**
   - Since this is a convertible note, there isn’t a fixed share price at the time of investment. Instead, the investment will convert into equity during a Series B round—it will be at a 20% discount to that round’s share price or at a valuation cap of $45M, whichever provides the better conversion terms.
4. **I am a pulmonologist, and I am familiar with EBUS. It appears that your device is a disposable product. What is the cost of the product, and is this a reimbursable expense to the endoscopy suite? Does Medicare recognized the importance of EBUS and reimburse enough to cover the...**
   - Hi Howard, Thanks for your thoughtful question. While our platform is currently focused on GI applications, we are actively exploring EBUS as a potential addition to our portfolio and have already conducted some early technical feasibility work. To clarify our design: our system features a reusable ultrasound transducer (with no working channels), paired with a single-use device that connects the transducer to the endoscope and controls the needle—eliminating the need for an elevator mechanis...
5. **Hi EndoSound Team, I’m Zac Stahlhut with D3VC, a venture fund specializing in investment crowdfunding. Our team is conducting its due diligence and has two follow-up questions regarding the clinical application of your technology. First, your materials highlight a significant ...**
   - Hi Zac- I’m Steve Steinberg, co-founder and Chief Medical Officer for EndoSound. Thanks for your insightful questions: 1. Diagnostic Timeline: a. Abdominal Pain and Dyspepsia: 25 years ago, Anand Sahai and a group of equally prominent luminaries in EUS demonstrated a 40% “find” rate when endoscopic ultrasound was added to a traditional upper endoscopic exam (EGD)—conditions that would not have been discovered with the standard EGD alone. (EUS to detect evidence of pancreatic disease in patien...

## Team
- Scott Aldrich Jr (Chief Executive Officer)
- Stephen Steinberg (Founder & Chief Medical Officer)
- Scott Corbett (Founder & Chief Technology Officer)
- Josh Cohn (Chief Commercial Officer)
- Elizabeth Ettling (founder)

## Recent posts
- EndoSound®: We Are Live! (2026-06-03T14:23:46Z)
- The EVS Gen 2: “Way easier. Very easy to maneuver. Image is great." (2026-05-19T15:34:18Z)
- The EndoSound Vision System Generation 2 is here (2026-05-12T18:05:58Z)
- Busy past few days... (2026-05-06T14:47:25Z)
- Thank you from all of us at EndoSound! (2025-11-13T16:26:36Z)
- Less than 10 hours to go to invest... (2025-11-10T19:19:57Z)
- Most Raised again this week! Just a little more to go... (2025-11-06T15:55:17Z)
- 🚀 Milestone Alert: New Country. New Physician. Two Hospitals. One Day. (2025-11-05T19:38:25Z)
- Closing Soon: Just days to go in the community raise! (2025-10-30T16:11:07Z)
- Out in the field, spreading the word... (2025-10-29T16:19:40Z)
- One Week to GO!! (2025-10-27T15:37:18Z)
- 🚀 New Product Announcement: EndoSound® Biopsy Port Adapter Receives FDA 510(k) Clearance (2025-10-23T22:34:26Z)
- 2WTG!: EndoSound folks in Action! (2025-10-22T17:59:14Z)
- EndoSound: Two weeks to go...truly (2025-10-20T19:44:58Z)
- Another new site doing EUS in the ASC! Round Closing Soon! (2025-10-02T19:31:15Z)

## Q&A
- Q: Hope you can add at your website possibility to sign up for newsletter.
  - A: This is a great suggestion, and we will look into this for you. We will also keep providing updates here on our updates page as long as possible.
- Q: The materials mention global expansion, especially LATAM and emerging markets. Given the $650 per-procedure cost structure, I am curious how the adoption works in those geographies where procedures are often cash-pay and margins are thin? What’s the real economic case for a clinic in those markets? Furthmore, how do you plan to adjust pricing or reimbursement strategy once the current CMS pass-through support ends? Lastly, I am curious about the average utilization rate where EndoSound is being used? Thank you in advance.
  - A: Thank you very much for your question. Different markets will have different go to market strategies. For example, in the US, we have CMS reimbursement for the $650 disposable device, so the cost of the adapter is not an obstacle. We have distributors in both LATAM and the EMEA. Our early experience in these markets suggest that our price point is well suited for underserved markets and adoption in those markets are expected to be significant.
- Q: Do you know about LIN: https://www.lifespan.io/longevity-investor-network/
  - A: Hi Thomas, Thank you again for sharing another great resource—we weren’t aware of the Longevity Investor Network, but will certainly take a closer look. While we continue to actively engage with a number of individuals and organizations to connect with the best-fit investors, it’s incredibly valuable when our community highlights opportunities we may not have come across. We truly appreciate your interest in our success and your willingness to share insights and introductions—it makes a real difference.
- Q: Do you know about LSN: https://www.lifesciencenation.com/workshops/
  - A: Hi Thomas, Thank you for bringing LSN to our attention—we weren’t aware of their workshops, but they look very interesting and something we will certainly explore further. At first glance, the process does appear more streamlined and tailored for companies of our size. I’ve participated in non-deal roadshows (NDR) in the past with the aid of large banks, which can be valuable but often quite broad. What LSN offers looks more focused and practical for a growth-stage company like EndoSound. We really appreciate you sharing this resource with us!
- Q: Value of stock
  - A: Since this is a convertible note, there isn’t a fixed share price at the time of investment. Instead, the investment will convert into equity during a Series B round—it will be at a 20% discount to that round’s share price or at a valuation cap of $45M, whichever provides the better conversion terms.
- Q: SHARE PRICE
  - A: Since this is a convertible note, there isn’t a fixed share price at the time of investment. Instead, the investment will convert into equity during a Series B round—it will be at a 20% discount to that round’s share price or at a valuation cap of $45M, whichever provides the better conversion terms.
- Q: When would this current round of funding close? Very Respectfully.
  - A: Hi Dr Paul Adjei, currently the round is scheduled to close on October 3, 2025. So a little under 2 weeks from now.
- Q: Any plans for Middle East expansion? I can see this being used as epxerts in the field I'm sure you know given the types of pathology there in terms of HPB EUS is the way to go as opposed to MRI
  - A: Thank you for your question and support of EndoSound. We agree that HPB EUS is the way to go and by eliminating the traditional cost barriers of implementing EUS more broadly, EndoSound makes this pathway even easier. In regard to the Middle East, we believe there is an enormous opportunity across EMEA, and is precisely why we are already working diligently with a distributor located out of Dubai. They have a great deal of experience in the GI field and are a highly regarded distributor of many of the top brands in the gastrointestinal field.
- Q: Does your agreement provide for a named beneficiary. I'm somewhat past my prime and have children , grandchildren and great grandchildren that I'd like to share the passion with ?
  - A: Roger, thank you for your interest in EndoSound. Indeed you are able to name beneficiaries, up to 10. Here is the language and instructions straight from Wefunder. To add a beneficiary, go to your settings (https://www.wefunder.com/settings), click Investor Information, and then "Add Beneficiary" under the Beneficiaries section. You can add up to 10 beneficiaries and change them at any time. Adding a beneficiary allows you to select who will inherit your Wefunder assets without going through probate court, which can be lengthy. Your beneficiaries can choose to keep your stock and other equity or sell it to another investor they find. Please note that you cannot have beneficiaries if you reside in Louisiana due to state policies. Thanks again for your interest!!!
- Q: What is the exit plan - what type and approximately when either in timeline or metric achievement terms?
  - A: Hi James, The most likely exit for EndoSound is acquisition by a strategic, which is the typical pathway for Medtech companies. IPOs remain less common in our sector. Several strategics are actively tracking our progress and have expressed significant interest. Our target exit timeline has historically been in the 18–24 month range. However, given current market conditions and the inherent unpredictability of M&A timing, we cannot make guarantees, and investors should not rely solely on this timeframe. Strategics generally evaluate acquisition opportunities based on demonstrated market adoption, clinical validation, and "same store sales"—repeat utilization and growing volume at existing customer sites. Our focus is on expanding adoption, increasing utilization, and continuing to build broad clinical and commercial evidence. We are working toward achieving many of the key milestones that potential acquirers look for in 2026, including broader market traction, consistent repeat usage, and strategic portfolio fit—positioning EndoSound to be a compelling acquisition opportunity.
- Q: I am a pulmonologist, and I am familiar with EBUS. It appears that your device is a disposable product. What is the cost of the product, and is this a reimbursable expense to the endoscopy suite? Does Medicare recognized the importance of EBUS and reimburse enough to cover the added cost of the disposable equipment?
  - A: Hi Howard, Thanks for your thoughtful question. While our platform is currently focused on GI applications, we are actively exploring EBUS as a potential addition to our portfolio and have already conducted some early technical feasibility work. To clarify our design: our system features a reusable ultrasound transducer (with no working channels), paired with a single-use device that connects the transducer to the endoscope and controls the needle—eliminating the need for an elevator mechanism and simplifying reprocessing. The EUS-guided FNA and FNB procedures, as well as imaging only procedures, are reimbursed under existing CPT codes in both hospital and ASC settings. These have existing coverage and payment. In addition, CMS has awarded our device a transitional pass-through payment, which is a temporary Medicare policy that provides separate reimbursement for new and innovative medical devices. This coverage includes our disposable component for up to three years, helping offset the cost for facilities adopting the technology. Happy to provide more details. Just let me know if this answers your questions. All the best
- Q: Hello Josh, I'm not particularly worried about your Debt Ratio of 199% at this stage of the company's lifecycle, just because with a Cash to Assets ratio of 47%, and future positive returns, the Debt Ratio can eventually be slashed down over time and eventually paid off with increasing revenue. My major concern and question is, with a Gross Margin of 80%, how did you end up with a Net Margin of -170%?
  - A: Great question—happy to clarify. The reported 80% gross margin includes licensing revenue. When isolating product sales and excluding non-cash items like depreciation, as well as warranty reserves and inventory write-offs, our 2024 product gross margin was approximately 68%. Last year’s gross margin was impacted by early-stage commercialization factors, including lower purchasing volumes, higher inbound shipping costs, and the operational dynamics typical of a company in its first year of revenue. That said, we’ve made strong progress—through engineered cost reductions and increased purchase volumes, we’re already seeing ~70% gross margins year-to-date and targeting 70–80% long term. The -170% net margin reflects our early commercial stage—2024 marked our first year of sales—and our current investment phase. We’re strategically allocating capital toward new product development, clinical validation, and the infrastructure required to support future growth. We expect meaningful improvement in margins by 2026 as revenue scales and investments begin to normalize. So while we do expect margins to improve significantly by 2026, we’re not in a position to give precise forward-looking numbers just yet.
- Q: what type of investment is this? equity? interest only investment? any financial details would be helpful
  - A: Thank you for your interest in EndoSound. This is a convertible note. https://help.wefunder.com/#/contract/295251-convertible-note Once you click the reserve button, the terms of the convertible note can be found on the right-hand side. Here is a link: https://wefunder.com/endosound/invest Should you have any additional questions, please do not hesitate to reach out. The EndoSound Team
- Q: Scott, Thanks for your quick answer below. Had a few more questions: 1. Can you share any directional metrics around commercial growth over the last 12 months (for example, growth in procedure volume, recurring disposable revenue, or similar)? 2. What do you currently view as the primary bottleneck to scaling adoption: physician training, sales cycles, reimbursement, manufacturing capacity, or something else? 3. What milestones is management hoping to achieve before the next institutional financing round? Thanks
  - A: Thank you for the additional questions.1. Can you share any directional metrics around commercial growth over the last 12 months?While we do not publicly disclose detailed operating metrics, we have seen strong growth in both procedure utilization and recurring disposable revenue. The past year was intentionally focused on a controlled commercial release to validate the product and market opportunity. With the launch of Gen 2, we are now entering a broader growth phase.2. What is currently the primary bottleneck to scaling adoption?Commercial capacity is our primary constraint today. We have a strong pipeline and plan to expand our commercial team to support growth. Physician training, reimbursement, and manufacturing capacity have not been significant barriers to adoption.3. What milestones are you targeting before the next institutional financing round?Our focus is on growing procedure volume, recurring revenue, and the installed base while demonstrating that additional commercial investment can efficiently drive growth. Gen 1 validated the clinical need; Gen 2 is about proving scalable commercialization.We appreciate the thoughtful questions and continued support.
- Q: How many paying sites are actively using EVS today, what is the average monthly procedure volume per site, and how has that number changed over the last 12 months? Thanks
  - A: Thank you for the question.While we do not publicly disclose the number of active customer sites or average procedure volumes per account for competitive reasons, we can share that commercial adoption of the EVS platform continues to grow as we expand our controlled market release.What has been particularly encouraging is the utilization we see once a site begins using EVS. Our experience to date has shown that physicians and centers that incorporate EVS into their workflow generally continue to use the platform and reorder disposables, which is an important indicator of clinical value and user satisfaction.Over the last 12 months, we have seen increasing procedural utilization across our installed base as physicians become more familiar with the technology and identify additional opportunities to incorporate ultrasound into routine endoscopic practice. We have also continued to add new accounts while expanding usage within existing accounts.As we move into the broader commercial launch of our second-generation EVS platform, our focus remains on supporting customer success, driving utilization, and expanding access to endoscopic ultrasound in sites where traditional EUS has historically been difficult to implement.