How to Decide Where to Deploy Capital in Growth-Stage Medtech: Interview with CMR Surgical CEO Massimiliano (Max) Colella

In this episode, we sat down with Massimiliano (Max) Colella, CEO of CMR Surgical.

CMR Surgical is developing Versius, a surgical robot designed to make minimally invasive procedures more accessible across specialties.

Max brings more than three decades of healthcare leadership experience spanning medtech and hospital systems. He previously held leadership roles at Johnson & Johnson and Smith & Nephew across Europe, Asia Pacific, and the Middle East, and later served as CEO of Evercare Group, a TPG portfolio company.

In this interview, Max discusses how to prioritize capital allocation between platform development and product line expansion, when internal processes need restructuring, the importance of having the right culture, and why undertaking market research ahead of launching into a new market is crucial. He also shares his approach to hiring — and on maintaining clear board governance boundaries.

KEY MOMENTS FROM THE INTERVIEW

• (03:08) - An overview of Max's background and the journey that led him to CMR Surgical

• (06:53) - Why Max chose surgical robotics — and how Versius is designed to differentiate from existing systems

• (16:18) - How Max restructured internal processes at CMR to eliminate large-company bureaucracy

• (21:09) - How market research reshaped CMR’s U.S. strategy beyond ambulatory surgery centers

• (28:48) - Max’s capital allocation philosophy: prioritize system performance and stability before expanding capabilities

• (32:19) - Max's take on Techmed and the future of robotics

• (36:36) - Why clearly defined roles between board and management are critical for governance

• (41:10) - Max’s philosophy around hiring for mindset over skill