Vyaire Enters into Bankruptcy: Pandemic Success Turns to Financial Struggle

Vyaire Medical, a maker of ventilators, filed for Chapter 11 bankruptcy protection after demand waned for its products. The company said its total assets were between $100 million and $500 million with total liabilities between $500 million and $1 billion, according to the bankruptcy filing.

The Chicago, IL-based company said the decision follows below-plan performance in the first half of the financial year, which frustrated efforts to refinance company debt.

“Chapter 11 protection will offer us the breathing room we need to explore selling our businesses to capable, well-financed buyers that have the financial ability and stability to execute on the Respiratory Diagnostics (RDx) and Ventilation business strategies delivering our vital products to customers and patients in need,” said John Bibb, Group CEO, Vyaire.

 The company said in the coming months it will focus on the following:

A trend that is emerging in the industry is the crash of many companies that exploded during the early days of the pandemic.

Related:How Click Therapeutics Is Aligning with Medtech’s Latest Trend

Late last month, Cue Health, a developer of COVID-19 detection tests, shutdown operations. The San Diego, CA-based company was founded in 2010, but saw amazing growth in 2021. At one point, Cue Health had a valuation approaching $3 billion.

Better Therapeutics, a prescription digital therapeutics firm, announced the termination of its employees and a decision to explore strategic alternatives.

The San Francisco, CA-based company developed digital diabetes apps. It was recently revealed that Click Therapeutics acquired Better Therapeutics’s assets.