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Newly Public Medtechs Gain In Share Price, Market Cap

The device IPO class of 2014 gained on share price, with several outperforming by more than 100%, and market caps for larger companies have grown at a rapid pace.

IPOs may not have been a viable exit for device start-ups in the last 10 years, but that may be changing. In 2014, 18 device companies (excluding pharma- and diagnostics-focused entities) went public, tripling the six such transactions in each of 2012 and in 2013. This opened IPO window bodes well for investors and device developers alike – as of April 20, 2015, the 2014 device IPO cohort was up 24% on average from the IPO price. In comparison, the class of 2013 has returned about the same gain, but the 2012 group has been performing even better at 40%, thanks to big increases in share value for spinal implant maker Globus Medical Inc.[See Deal] and Chinese manufacturer of neonatal equipment Ningbo David Medical Device Co. Ltd.[See Deal], which have both experienced greater than 100% increases in their share prices. (See Exhibit 1.)

Exhibit 1

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