Laboratory Test Business

2 Laboratory Test Business Success Stories [2024]

Pat Walls

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Updated: October 7th, 2024

One of the most profitable niches in the healthcare sector is the laboratory test business. Lab tests are critical to medical care as they give patients and doctors detailed, objective health data. Doctors may request patients' bloodwork, urine tests, and specialized tests to diagnose rare conditions.

Medical labs provide clinical laboratory tests for hospitals, private outpatients, and ambulatory care center patients.

Given the critical role laboratory tests play in healthcare and the demand these services attract, starting a laboratory test business can be profitable. If you plan to start a medical lab business may specialize in a particular niche or offer a wide range of laboratory tests. Understand the regulations in your region and acquire the necessary certifications.

In this list, you'll find real-world laboratory test business success stories and very profitable examples of starting a laboratory test business that makes money.

1. Third Wave Analytics ($3.96M/year)

Savitra Sharma, the founder of Third Wave Analytics, came up with the idea for her business after witnessing the inefficiencies of technology in laboratories during her previous consulting roles. Realizing the need for a more optimal system, she reached out to Salesforce and proposed a collaboration to bring a new kind of software into the laboratory. With just $200 in capital, Sharma started Third Wave Analytics and built the world's first cloud-based laboratory information management system (LIMS) called Lockbox LIMS, which is now used internationally by organizations in various industries.

How much money it makes: $3.96M/year
How much did it cost to start: $200
How many people on the team: 7

How We Partnered With Salesforce To Develop A $330K/Month Laboratory Information Management SaaS

Third Wave Analytics developed the world's first cloud-based and customizable LIMS platform on Salesforce, generating $330k monthly revenue from clients such as Ohio State University and Boston University School of Medicine while partnering with the University of California-Berkeley for a COVID-19 study; founder Savitra Sharma advises aspiring entrepreneurs to focus on clear objectives to meet their goals.

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2. Bloom Diagnostics ($240K/year)

Angelica Kohlmann, an investor in tech and biotech companies, noticed the gap between healthcare and technology, as well as healthcare and people. Recognizing the need to bring healthcare closer to individuals through new technologies, she co-founded Bloom Diagnostics. The company developed a system that allows people to measure and track blood markers from home, providing instant personal feedback and recommendations. Within the first month of launching, they were able to win 8 pharmacies in and around Vienna. With a focus on long-term development and fundamental changes in healthcare, Bloom Diagnostics is poised to disrupt the industry.

How much money it makes: $240K/year
How much did it cost to start: $30M
How many people on the team: 70

We Raised $21M, Built A Home Blood Testing Device & Took It To Market

Bloom Diagnostics is a healthcare startup that developed a system allowing people to measure and track blood markers from home, and within the first month it won 8 pharmacies in and around Vienna, having raised $21 million to develop the product.

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