How a $170,000 X-ray helped this fund to make money
In a world where people live so long that their organs wear out, Cordis’ Jacob Celermajer has been buying up companies that focus on implantable devices.
An 80-year-old patient of cardiothoracic surgeon Michael Vallely was a walking marvel of modern medicine. His X-ray revealed a collection of pacemakers, stents, and valves worth an estimated $170,000, and these were all working in unison to keep the man alive.
For the founders of Cordis Asset Management – Michael Cartmill, a medical device engineer, and Vallely – who were examining the man’s X-ray back in 2018, it was a lightbulb moment that would kickstart a fund.
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Cécile Lefort is a markets reporter based in the Sydney newsroom. Cécile worked in New York and Hong Kong writing about global capital markets. Email Cecile at cecile.lefort@afr.com
