Integrated passive components (IPCs) are attracting increasing interest due to the miniaturization of wireless devices, as well as the need to increase reliability of signal conditioning in radio frequency (RF) circuits such as filtering, impedance matching, differential to single-ended conversion, and coupling.

IPCs are electronic sub-systems that combine multiple discrete passive components into a single surface-mounted device. Manufactured using low temperature cofired ceramic (LTCC) technology that allows passive components to be layered in 3D, IPCs deliver the same functionality as 10 to 40 individual components, reducing required board space.

With this approach, the entire front-end between RF chipset and antenna can be manufactured in a single, ultra-low profile (0.35mm to 1.0mm total thickness) package that is less than 20% the size of the same circuit comprised of discrete components.

“If you were to look at the circuit from above, you would only see three chips: the RF wireless chip, the IPC, and the antenna,” explains Manuel Carmona, RF business development and product manager at Johanson Technology. “The design is clean and small. You can make the overall printed circuit board (PCB) size much smaller using IPCs while maintaining high wireless performance.”

IPCs also deliver greater reliability. By creating a circuit within a small LTCC package, variability and potential points-of-failure are nearly eliminated. A single integrated package of matching components also assures compliance with FCC or ETSI requirements.

“A lot of the variability of solo surface-mounted components is due to the individual variance of each component. When you multiply that by 10 to 20 components, you just need one weak link in the RF chain for the entire front-end to fail,” Carmona says.

IPCs are available for almost any type of passive circuit, including low- and high-pass filters, diplexers, triplexers, impedance matched baluns, balun-filters, band pass filters, and couplers.

LTCC technology

Manufacturing IPCs is similar to creating multi-layer surface mounted device (SMD) component parts, such as capacitors and inductors. However, LTCC manufacturing allows circuits to be embedded in up to 40 separate layers of a 3D package that is still very low profile.

Using this manufacturing process, Johanson Technology developed a line of small, highly reliable IPCs for RF systems. These components operate across several bands from 300MHz to 10GHz, covering cellular, DECT, WLAN, Bluetooth, 802.11 (a, b, and g), and GPS applications.

Each integrated package is RF tested to ensure all components are working properly and are fully integrated.

“Because the LTCC manufacturing process is extremely precise and repeatable, we can stay within the manufacturing limits of alignment, variations, and so forth, so you get really consistent, robust RF circuitry,” Carmona says.

Matched-filter baluns

One IPC offering is Johanson Technology’s line of matched-filter baluns.

A balun is an electrical device that converts between a balanced (differential) and unbalanced (single-ended) signal. The component has many forms and may include devices that also transform impedances.

Because many RF wireless chipsets have differential (two pin) outputs – an RF input and output – that connect to a single-ended antenna, the signal must be converted from differential to single-ended in a specific impedance ratio. These wireless radio frequency integrated circuits (RFICs) usually have a non-standard complex impedance that the IPCs match for optimum power efficiency. Some baluns are also combined with bandpass, low-pass, or high-pass filters.

To accomplish an impedance conjugate match, Johanson Technology works with chipset original equipment manufacturers (OEMs) to create specific baluns with matching part numbers for each chip. Reference designs during development simplify and speed up chipset adoption.

Markets

Because IPCs require much less board space, engineers can design miniaturized devices with RF circuitry and create smaller form-factor products.

Beyond size, a smaller PCB can also impact product aesthetics, allowing slim, low profiles. Eliminating components on a 10:1 or greater basis also reduces overall device weight.These factors have major implications for next-generation smart wearables (rings, bracelets, shoes, jeans, shirts, and other apparel), implantable medical devices, and portable electronics.

Johanson Technology
https://www.johansontechnology.com

As experienced medtech executives and current practitioners of medtech merger & acquisition (M&A) advisory, we have observed some interesting and exciting acquisitions from the buyers’ and sellers’ side of the table – merger activity with large organizations, middle-market companies, and emerging technology start-ups.

Common seller-side mistakes include:

1. Being unprepared for M&A – Many sellers have limited M&A experience and don’t take the time to understand the full requirements of the process to achieve a successful outcome.

2. Unrealistic valuation expectations – It’s important to understand the likely value of your company – not some comparable obtained by reading about a one-off deal (i.e. an acquisition of another company by a Medtronic or Boston Scientific for hundreds of millions).

3. Lacking transparency – Sellers may lose the deal or value by not being forthright with potential issues. If discovered in diligence (which usually happens), the buyer will either back away or re-negotiate the deal. It’s better to provide full disclosure before the letter of intent (LOI).

4. Changing sell price based on perceived interests – Once a seller has an appropriate value in mind, the seller shouldn’t change expectations due to the number of interested parties. Buyers that you worked hard to entice to review your business may become nervous if you jump to higher valuations. A seller, however, can negotiate with multiple interested parties to ensure no money is left on the table.

5. Leaving money on the table – Without proper, objective, professional help, many sellers leave some potential value unrealized in the deal.

6. Overestimating negotiation leverage – Sellers who lack a clear understanding of their actual leverage may push buyers away from the deal.

7. Taking too much time to respond – Deal magic is about timing and process flow. Every process has its own flow so once it begins, do everything possible to keep the process train on the tracks. If momentum stops, it may kill the deal.

8. Being unprepared for the tax implications – Be ready to negotiate tax implications to avoid future conflicts. Do this prior to LOI negotiations to avoid killing the deal through slowing the momentum.

9. Not understanding global opportunities – A seller should be able to explain the full global market opportunity for its products and pipeline – leave no market behind.

10. Underestimating regulatory requirements (and timing) for new products – Timing is critical to the seller’s pro-formas and the buyer’s new product introduction calculations.

11. Not having a reasonable pro-forma projection – Many buyers prefer to assess the sellers’ vision for future sales during valuation analysis.

12. Losing track of company operations – Some sellers get lazy and decide not to invest in some operations during the M&A process. This is a huge mistake as those items can often be a deal-killer when discovered by a potential buyer during diligence.

13. Not hiring an experienced M&A professional to lead negotiations – Every deal has its own momentum and leverage points. It’s helpful to have a professional on your side to negotiate with the buyer – who will likely have experienced professionals on their side.

At a high level, we have learned that Value = Strategic Fit + Timing. It should be that simple. However, deal attainment takes much preparation and execution. Think it through to avoid unforced errors during your strategic exit process.

MedWorld Advisors
www.medworldadvisors.com

About the authors: CEO Florence Joffroy-Black, a long-time medtech M&A and marketing expert, can be reached at florencejblack@medworldadvisors.com. Managing Director Dave Sheppard, a former medical OEM Fortune 500 executive, can be reached at davesheppard@medworldadvisors.com.

In brief

United Grinding North America’s Tool Division promoted several people. Markus Stolmar will transition from his current role as vice president to executive vice president; Simon Manns will move into Stolmar’s leadership position after years as the division’s technical sales manager; and Sales Support Engineer Richard Navratil moves into the position of technical sales manager. Outside the Tool Division, Phil Wiss has been promoted from regional sales manager III to regional sales manager IV; Jason Barber was promoted to director of information services from information services manager. 

Forest City Gear has promoted Joe Konetski to process engineer on its Cut Teeth Only operations team, a resource dedicated to completion of gears made from a customer’s gear blank.

ADM Tronics Unlimited Inc. is expanding research and development (R&D) and manufacturing areas in its Northvale, New Jersey, facility to accommodate increases in customer contract manufacturing orders and increased R&D activities for its suite of proprietary medical technologies.

Mazak’s Discover 2019 education and technology event

Discover 2019 takes place at Mazak Corp.’s North American manufacturing headquarters in Florence, Kentucky, Nov. 5-7 and 12-13. Attendees will learn about technologies that increase efficiency and productivity, such as hybrid multi-tasking machines with additive manufacturing (AM), friction stir welding (FSW), hot wire deposition (HWD), and auto gear (AG) packages. Mixed reality (MR) remote service support and a machine spindle health monitoring system will also be on display, highlighting artificial intelligence (AI) within Mazak’s Smooth Technology manufacturing platform.

Thirty machining systems will be either completely new to the industry or making their North American debuts – several of which are Kentucky-produced models. There will also be several learning seminars with Mazak collaborative partners, access to Mazak application experts, a student day for recruitment, and regularly scheduled tours of the Mazak iSMART Factory.

“Mazak customers have come to rely on the Discover events for keeping up with the latest manufacturing advancements,” says Dan Janka, president of Mazak Corp. He adds that the Discover What We Can Do Together theme “coincides with Mazak’s 100 Year Anniversary.”