Medical Device
Market overview
Fourth Quarter 2009
The pull back in venture capital experienced in 2008 continued through 2009 with the number of capital raises by United States headquartered companies decreasing by 11% and the total dollar value of investments decreasing by 18%. In sum, there were 163 medical device venture capital raises bringing in a total of $1.7 billion. Broadly, venture capital firms were significantly more judicious in determining which medical device companies to allocate investment dollars.
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Market overview
Third Quarter 2009
Medical device companies received $424 million through 43 capital raises during the third quarter of 2009. The categories with the largest number of raises during the quarter were cardiovascular (8), orthopedic (7), and gastroenterology & urology (6). The categories raising the largest amount of capital during the quarter were gastroenterology & urology, cardiovascular, and ophthalmic, raising $121, $79, and $69 million, respectively. Other segments with impressive quarters include respiratory and neurology, whose companies raised $43 and $40 million, respectively.
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Market overview
Second Quarter 2009
The second quarter of 2009 tallied 42 capital raises accounting for approximately $475 million. During the quarter, cardiovascular and orthopedic companies combined for approximately half of the quarter’s transactions. Of the remaining transactions in the second quarter, the segments that recorded three or more transactions include; general surgery (5), ophthalmic (4) and drug delivery (3).
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Medical Device
Market overview
First Quarter 2009
Not since the second quarter of 2005 have fewer dollars been raised by medical device companies; one would have to look to before 2004 to find a quarter with a lower number of raises. The first quarter of 2009 tallied only 25 capital raises for a total of approximately $307 million (refer to Figure 1). In large part to this small sample size, the average amount per raise by stage changed radically when compared to 2008 and other prior periods.
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Medical Device
Market overview
2008 Year In Review
Throughout 2008, the medical device market experienced a number of challenges when compared to 2007. These often discouraging results were seen in regulatory approvals, mergers & acquisitions, IPOs, venture capital and public market statistics.
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Orthopedic Medical Device
M&A Review
Third Quarter 2008
The third quarter of 2008 was characterized by a continued tightening of the credit markets, unsettling economic conditions and a re-evaluation of market risk. All of these factors lead to a great deal of uncertainty heading into the fourth quarter of 2008 and beyond; however, we believe that middle market deal activity should remain steady, with the most pronounced changes continuing to be seen in large cap deals.
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Orthopedic Medical Device
M&A Review
First Half of 2008
The first half of 2008 was characterized by a continued tightening of the credit markets, unsettling economic conditions and a re-evaluation of market risk. All of these factors lead to a great deal of uncertainty heading into the second half of 2008; however, we believe that middle market deal activity should remain steady, with the most pronounced changes continuing to be seen in large cap deals.
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