News

Minnetronix Expands HQ, Plans to Hire Up to 80 by 2019

Growth in all three of the medtech firm’s business segments has pushed it to expand its operations and staff size.

Minnetronix wrapped its latest expansion project on Monday—the medtech firm’s fourth in eleven years—adding 22,000 square feet to its St. Paul headquarters.
 
Jeremy Maniak, who took over as president of Minnetronix last month, told TCB the company has experienced (and expects to continue experiencing) growth in its staff size, campus and client list over at least the next couple of years.
 
Minnetronix, founded in 1996, works alongside both medium-sized and large-scale medical device companies (from Cardiovascular Systems to Medtronic) during the full product development cycle.
 
Across all three of the company’s main fields of work—radiofrequency devices, wearables and fluid-based products—“we’ve seen growth of 20 to 25 percent in new customers over the past two years,” Maniak said. “And we expect that to continue.”
 
Increasing demand for its services have fueled both the company headcount and facility expansions.
 
In late 2013, when Minnetronix had about 160 employees in late 2013, when it announced the completion of a 65,000-square-foot addition—roughly doubling the size of its headquarters. Two years later, the employee count neared the 200 mark and now stands at about 300.
 
Looking ahead, Maniak believes the company’s staff size will “probably grow 15 percent each year. Essentially, we’re looking to hire 30 to 40 folks a year every year for the next few years.” Most of those new positions will be in engineering, product development, manufacturing and general operations, Maniak noted.
 
With the latest addition to its campus, production capacity will increase by 50 percent, the company said in a release. Most prominent within its new workspace is a “new product commercialization” designed to accelerate the time it takes for a product to be “market ready.”
 
On whether Minnetronix plans to expand its campus further in the future or relocate, Maniak said the company is having that conversation now. “This recent expansion really covers us for the next year or two. It’s not a five year play,” he said. “I think there’s another 80,000 [square feet] available in the campus we’re in, but there are tenants in some of it. So there’s some opportunity to expand in place, but there’s also the option to pick up the headquarters and move. Somewhere nearby, though.”