# Wandercraft Financial Model Wandercraft builds self-balancing exoskeletons for the walking impaired, starting with a clinical rehab device (Atalante) and developing a personal exoskeleton for everyday use. - Canonical: https://finamodel.com/startups/wandercraft - Excel download: https://finamodel.com/startup-models/wandercraft.xlsx - Category: Health-tech - Model type: 3-Statement - Funding round: Series C - Funding: $45M - Founded: 2022 - Geography: Europe-first (CE-marked); US entry pending FDA clearance (submission H1 2022) [DECK slide 8]. Core markets: North America, Europe, China & Japan (medium-term) [DECK slide 5]. - Customer: B2C ## About the company Wandercraft builds self-balancing exoskeletons for people with walking impairment, beginning with the Atalante clinical rehabilitation device. The company combines advanced hardware, software, and clinical use cases to help rehabilitation providers support mobility training for patients. It is developing a personal exoskeleton that could extend the business from rehabilitation centres into everyday mobility. Commercial progress depends on device placements, regulatory milestones, clinical adoption, reimbursement or purchasing pathways, manufacturing scale, and service support for a complex physical product. The model forecasts device placements, ASP, service contracts, rehabilitation utilisation, manufacturing cost, regulatory milestones, and personal-device adoption. It includes R&D, clinical support, warranty, inventory, sales cycles, gross margin, working capital, funding needs, and runway. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Product: Atalante - self-balancing (no crutches) powered exoskeleton for walking-impaired patients (SCI, stroke, MS, cerebral palsy, neuromuscular pathologies). Currently deployed in rehab hospitals. - Pipeline: Personal Exo - slimmer design (60% less wide, 50% less deep vs Atalante), designed to fit in cars, regular seats and bathrooms; priced to compete with high-end power wheelchairs. - Value prop: Only commercial company mastering dynamic-walk robotics for humans; addresses shortened life expectancy, pain, and social exclusion caused by wheelchair dependency. ## Market - Total market headline: €50bn. - Patient funnel (source: Simon Kucher & Partners): - Immediate opportunity (reimbursing countries, Atalante-compatible patients): 2m eligible patients - Short term (broader country/patient set): 6m - Medium term (SCI, stroke, MS, CP, neuromuscular - NA, Europe, China, Japan): 19m - Long term (all wheelchair users worldwide): 30m - ASP / pricing: Not explicitly stated; deck references "price of a high-end power wheelchair" as Personal Exo target price point. Atalante institutional pricing not disclosed. ## Revenue model - Channel: Direct sales to hospitals and rehab centres (B2B2P - hospital/insurer pays); future personal channel (B2C2P via reimbursement). - Reimbursement: Countries with reimbursement are the immediate addressable pool; FDA submission for US access H1 2022. - Revenue lines expected: Hardware sales (Atalante, Personal Exo), likely service/maintenance contracts - not confirmed in deck. ## Traction & metrics - 15 paying customers (hospitals/rehab centres) - 50+ supportive KOLs in Europe and the US - 3,000+ hours walked on Atalante - 3+ million steps accumulated - 10,000-motion user database for algorithm training - 1 kHz real-time control execution - CE-marked in less than a year; stroke MDR extension complete ## Competition / moat - Competitive landscape (bubble matrix): Wandercraft positioned top-right (highest technology threshold, largest market opportunity = Personal Mobility). Competing clusters: Walking Robots (Boston Dynamics), Surgical Robots (Intuitive, Auris), Military Exoskeletons (Lockheed Martin, Ekso, Sarcos), Industrial Exoskeletons (LG, Bosch, Ottobock, Sarcos), Medical Exoskeletons (Hocoma, ReWalk - Wandercraft also present here), Sport Exoskeletons (ROAM). - Moat: - 30 international patents, 100% IP ownership - First commercial dynamic-walk algorithm implementation on exoskeletons - Best motion generation framework claimed - 10k-motion proprietary user database - Research partnerships: Caltech, NJIT, University of Michigan, Shirley Ryan AbilityLab, MINES ParisTech - ~85-person team (50 R&D PhDs/engineers, 15 clinical/regulatory/quality, 10 production, 10 customer success) ## Team & funding ask / use of funds - Co-founders: - Matthieu Masselin - CEO (BCG, Ecole Polytechnique) - Nicolas Simon - Chairman (BCG, Ecole Polytechnique) - Jean-Louis Constanza - Development (former CEO Orange Vallée, Tele2 France; ENSAE/Dauphine/INSEAD) - Key hires: Fabien Expert (Technology, ex-CNES, PhD); Vincent Philippon (Finance) - Funding ask: €40m Series C contemplated (2021) - Use of proceeds (proportions approximate from donut chart - no exact % given): - R&D (largest slice) - Clinic & RAQA (regulatory, assurance, quality - second slice) - G&A (smallest slice) - Existing investors: XAnge, idinvest, CEMAG, bpifrance, LBO France, Anaxago - Advisor/bank: Bryan, Garnier & Co (placement agent) --- ## Recommended financial model - **Archetype + why:** MedTech hardware revenue model - unit-based P&L with a 3-statement build. This is a pre-revenue-scale, capital-intensive medical device company with two distinct product lines (Atalante clinical / Personal Exo consumer) and a reimbursement-gated sales cycle. A full 3-statement model with unit-volume driver tree is the right frame. Not a SaaS/ARR model; not an M&A/SPAC deck. - **Forecast horizon & granularity:** 5 years (2022–2026), annual, with H1/H2 split for Year 1 to capture FDA clearance timing. Monthly optionally for cash runway given burn rate sensitivity. - **Key drivers & assumptions:** *Volume drivers* - Atalante unit sales per year - Personal Exo unit sales - begin 2024+ - FDA clearance year - Countries with reimbursement coverage - gate for institutional sales *Pricing* - Atalante ASP - Personal Exo target price - Service/maintenance contract revenue *Cost drivers* - COGS / gross margin - R&D spend - largest bucket from Series C proceeds; ASSUMED €15–20m of €40m raise goes to R&D over 3 years - Clinic & RAQA spend; ASSUMED €12–15m for FDA submission, clinical trials, regulatory extensions - G&A; ASSUMED €5–8m over raise period - Headcount: ~85 employees as of 2021; ASSUMED ~120 by 2023 with Series C hiring *Capital / runway* - Series C €40m closes 2021; total prior capital ~€28m - Cash runway: ASSUMED 3 years from close (to 2024) given R&D/regulatory spend intensity - **Scenarios (Base / Bull / Bear - which variables flex):** - **Base:** FDA cleared 2023; Atalante ramp ~30 units/yr by 2023; Personal Exo launch 2025; gross margin improves to 45% by 2025. - **Bull:** FDA cleared H1 2023; reimbursement expands faster; Personal Exo at €25k ASP hits 500 units/yr by 2026 (consumer market opens). - **Bear:** FDA delayed to 2024+; reimbursement stalls in key EU markets; Atalante capped at ~20 units/yr; Personal Exo delayed to 2027; Series D required by 2024. - **Required sheets / outputs:** 1. Assumptions - all drivers, toggleable by scenario 2. Volume build - Atalante units, Personal Exo units, by country/channel 3. Revenue build - hardware + service, by product line 4. P&L - Revenue, COGS, Gross Profit, R&D, S&M, G&A, EBIT, EBITDA 5. Cash & runway - operating cash burn, Series C drawdown, months of runway 6. Balance sheet (simplified) - cash, capex, deferred revenue if any 7. Dashboard - KPIs: units sold, ASP, gross margin %, cash runway, cumulative patients treated ## Frequently asked questions ### Is the Wandercraft financial model free? Yes. The Wandercraft model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.