|ACE64--Courtesy of Penumbra|
Medical device IPOs are gearing back up for the fall after a few slow months. This week, vascular specialist Penumbra is slated to price a $101 million IPO, while Swiss heart valve maker Symetis has started one for $83 million that's slated to start trading near the end of the month. In addition, Internet-of-Things player Adesto has filed to raise up to $50 million.
Penumbra could kick off the fall IPO lineup with a bang--the post-IPO valuation of the company is anticipated to be a whopping almost $850 million. Penumbra and brain cancer treatment company Novocure, which filed for an IPO worth up to $300 million at the end of August, are expected to be among the largest IPOs to get done this fall.
As for Penumbra, it had $81.3 million in revenue during the first half of this year, up from $57.6 million during the same period in 2014. The bulk of that revenue, or $66.1 million, came from its neuro products, with the peripheral vascular ones accounting for the remaining $15.2 million.
Its marketed products include several neurovascular access products, the ACE system, neurovascular embolization products, a neurosurgical tool as well as peripheral embolization and thrombectomy devices. Penumbra already had 1,000 employees at June 30, a figure that has roughly doubled since the end of 2013. At June 30, the company had $91.3 million in working capital.
Also this week, Symetis said it would price an IPO that values it at about 200 million and 240 million Swiss francs ($206 million to $247 million). The company is selling up to 2.3 million shares each at a price of 35 to 46 francs.
The company has two versions (transfemoral and transcapial) of its Acurate transcatheter aortic valve implantation system that includes a bioprosthesis made of porcine pericardial tissue valve sewn into a self-expanding nitinol stent covered with an antileak, porcine pericardial skirt. It's intended for use in high-risk patients with severe aortic stenosis. Both have received a CE mark.
Lastly, IoT-focused Adesto has filed for its own IPO. The company sells memory products for consumer and medical devices including wearables. Through the end of last year, it had shipped more than 200 million units to more than 500 customers--59 of which were large multinationals.
Its revenues were $20.3 million during the first half of this year, down from $21.1 million during the same period in 2014. It had a net loss of $4 million last half.