A running list of medtech companies with exposure to Silicon Valley Bank.

Amanda Pedersen

March 13, 2023

6 Min Read
A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara,
Image credit: Justin Sullivan / Getty Images News via Getty Images

Silicon Valley Bank was shuttered Friday, leading to a tense weekend for many tech companies, including some in medtech.

The bank's closure followed interest rate hikes that hurt the bank's startup customers. The bank attempted to raise capital last week to shore up its balance sheet, but that only prompted a run on the bank as panicked customers rushed to pull money held at SVB. Depositors at Silicon Valley Bank are expected to have access to their funds today, bank regulators said Sunday evening.

As news of the Silicon Valley Bank collapse broke on Friday, medtech analysts scrambled to determine which companies in their coverage have exposure to the shuttered bank. Here's what we know so far, based on reports from BTIG analysts Ryan Zimmerman and Marie Thibault, and regulatory filings.

iRhythm Technologies

According to a March 10 filing with the Securities and Exchange Commission (SEC), iRhythm Technologies had roughly $54.5 million in operating accounts at Silicon Valley Bank as of Dec. 31, 2022, and $24.4 million in money market fund accounts outside of SVB used for day-to-day business operations. The company also held $134.3 million in short-term investments held in accounts outside of SVB that could be available in the near-term, if needed. These short-term investments are primarily comprised of U.S.-government backed securities of the highest investment grade, the company said in its SEC filing.

Additionally, iRhythm said it currently has a $35 million term loan outstanding with SVB. Under the terms of the term loan agreement, this term loan is not callable by SVB outside of an event of default. The company also has a further undrawn $40 million available under its term loan facility and $25 million under a revolving credit line. However, iRhythm said it is not reliant on the revolving credit line for daily operations. The company also said in the filing that it expects its cash, cash equivalents, and short-term investments held outside of SVB will be sufficient to operate the business and meet its cash requirements for the foreseeable future.


BTIG analysts noted that Accuray has a five-year senior secured credit agreement with Silicon Valley Bank and other lenders expiring in 2026. This includes a term loan of $80 million and revolving credit facility of $40 million. As of December 31, 2022, the company had $73 million in outstanding debt under the term loan and $10 million outstanding under the revolver. Accuray had cash, equivalents, and short-term restricted cash of about $68 million.

"Accuray considers its exposure to any liquidity concern at SVB as immaterial, given that cash held at SVB is below the FDIC-insured limit of $250,000 and that Accuray holds no securities at SVB," the company said in a March 10 SEC filing.


BTIG analysts reported that AtriCure has a five-year loan agreement with Silicon Valley Bank expiring November 2026 that includes a term loan of $60 million with an option to make available an additional $30 million in borrowings, and a $30 million revolver. As of December 31, 2022, AtriCure had $60 million in outstanding debt under the term loan and unused borrowing capacity of about $29 million under the revolver. The company had cash, equivalents and short-term investments of about $121 million and long-term investments of about $52 million. However, most of AtriCure's cash and investments is held in custody outside SVB, the analysts noted.



BTIG analysts reported that ViewRay has a five-year loan facility agreement with MidCap and Silicon Valley Bank expiring November 2027 that includes a term loan of up to $100 million and revolving credit facility of up to $25 million. As of December 31, 2022, the company had $80 million in outstanding debt ($75 million from the term loan and $5 million from the revolver). ViewRay had cash, cash equivalents and restricted cash of $142.5 million, the analysts reported.

Treace Medical Concepts

Treace Medical Concepts said in a March 10 SEC filing that it currently holds over 90% of its cash, cash equivalents, and marketable securities at a large U.S. banking institution that is unrelated to Silicon Valley Bank. The company does maintain operating accounts with SVB, however, given the minimal exposure to SVB, Treace said it does not believe the current situation with SVB will have a material effect on its financial condition or operating plans. BTIG analysts noted that Treace also has an additional $0.9 million in cash pledged to SVB as collateral for the companies' corporate credit card. The analysts said Treace has a pro forma cash balance of $188.8 million following a $107.5 million stock offering on February 8.


Vericel entered into an agreement on Aug. 27, 2021 where SVB Leerink would act as a placement agent to sell $200 million in common stock in an at-the-market offering, according to BTIG analysts. SVB Leerink is not required to sell a specified number of shares and as of Dec. 31, 2022, Vericel has sold no shares in relation to this agreement. The analysts noted that Vericel has $51.1 million in cash and cash equivalents on its balance sheet.


According to BTIG analysts, Organogenesis has a term loan facility with Silicon Valley Bank and other lenders of up to $75 million and a revolving credit facility of up to $125 million. The company currently has $71.25 million in outstanding term loans owed and is required to pay the loan in the following installments: $4.7 million in 2023, $5.6 million in 2024, $6.6 million in 2025, and $54.6 million in 2026. The company has $102.5 million in cash and cash equivalents on its balance sheet, the analysts noted.


Humacyte said in a March 13 SEC filing that it currently holds "an immaterial balance of cash" with Silicon Valley Bank, and that its investment portfolio does not contain any securities of SVB.

The company is party to a loan and security agreement with SVB and affiliates of SVB for the funding of term loans in multiple tranches up to an aggregate principal amount of $50 million, according to the filing. Humacyte said it has drawn $30 million in principal to date and does not expect to make any additional draws on the commitment. "Therefore the company believes that any change in circumstances at SVB will not have any material effect on the company's cash balances, financial condition, and operating plan," Humacyte said.

BTIG analysts noted that Humacyte has $163.7M in cash and cash equivalents on its balance sheet.


BTIG analysts noted that on April 8, 2021, SVB Leerink acted as sales agent for Lensar's $35 million common stock issuance in an at-the-market offering. They also noted that Lensar has $19.3 million in cash and cash equivalents on its balance sheet.

A worker tells Silicon Valley Bank customers the bank headquarters is closed on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. FDIC.

These medtech companies have minimal exposure to Silicon Valley Bank

BTIG's Thibault noted in a report Sunday that the following companies confirmed they do not have meaningful exposure to SVB.

Acutus Medical

Acutus Medical estimates its exposure is $2.5 million which is about 3% of cash investments, Thibault reported. She noted that Acutus was in the process of switching its banking partner and does not expect any disruption in operations.

Boston Scientific

Boston Scientific has some accounts with Silicon Valley Bank, largely from recently acquired companies, but does not have a material balance with them, Thibault noted.


Senseonics confimed that it has very minimal, non-material cash exposure to SVB, with some portion FDIC-insured, Thibault noted.

About the Author(s)

Amanda Pedersen

Amanda Pedersen is a veteran journalist and award-winning columnist with a passion for helping medical device professionals connect the dots between the medtech news of the day and the bigger picture. She has been covering the medtech industry since 2006.

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