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Medical Device IPOs: Year of the Comeback?
September 1, 2004
4 Min Read
.svg?width=850&auto=webp&quality=95&format=jpg&disable=upscale "Medical Device IPOs: Year of the Comeback?")
Originally Published MX September/October 2004
BUSINESS NEWS
After a complete absence from the public equity markets in 2003, the medtech industry is showing signs that the initial public offering (IPO) may be reemerging as a viable tool for capital formation. Renaissance Capital (Greenwich, CT) reports that six medtech companies issued IPOs during the first six months of this year (see Table I).
Company | Location | Ticker | Web Site | Products | 2003 Revenues | Employees |
AngioDynamics Inc. | Queensbury, NY | NASDAQ: | www.angiodynamics.com | Medical devices used in minimally invasive, image-guided procedures to treat peripheral vascualr disease. | 46.2 | 218 |
Animas Corp. | West Chester, PA | NASDAQ: | www.animascorp.com | External insulin pumps. | 31.6 | 290 |
Cutera Inc. | Brisbane, CA | NASDAQ: | www.cutera.com | Laser-based products for aesthetic removal of hair, wrinkles, and leg and facial veins. | 44.1 | 112 |
Digirad Corp. | Poway, CA | NASDAQ: | www.digirad.com | Solid-state medical imaging products for the detection of cardiovascular disease. | 59.1 | 316 |
Kinetic Concepts Inc. | San Antonio, TX | NYSE: | www.kci1.com | Advanced wound care and therapeutic surface products. | 821.7 | 4096 |
NuVasive Inc. | San Diego, CA | NASDAQ: | www.nuvasive.com | Surgical products for the treatement of spine disorders. | 25.8 | 83 |
Table I. Company information for medical device firms placing initial public offerings during the first six months of 2004. Data: Renaissance Capital and company reports. |
Continuing the trend since the midpoint of the year, three additional medtech companies have launched their anticipated IPOs. NeuroMetrix Inc. (Waltham, MA) went public on July 22 (NASDAQ: NURO) with an opening price of $8.00, which had risen to $8.08 at the end of August. Syneron Medical Ltd. (Yoqneam, Israel), began trading on August 9 (NASDAQ: ELOS) with an opening price of $12, which fell back slightly to $11.90 at the end of August. Stereotaxis (St. Louis) began trading on August 12 (NASDAQ: STXS) with an opening price of $8, which had risen to $9.14 by the end of the month.
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