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The top 10 digital health IPOs in the last five years

Companies that went public included Castlight Health, Teladoc, iRhythm and Nant Health

Financial trends and news by Steven Loeb
May 30, 2017 | Comments
Short URL: http://vator.tv/n/49a1

Digital health is one of the most exciting tech spaces, with advancements that will have an effect not only on the lives of millions of people, but on the entire U.S. economy.

There has been a big rise in the amount of funding going into these companies in the last five years. In 2012, there was $1.5 billion put into 132 companies. That number has grown to over $4 billion in each of the last three years. 

In 2016, there was $4.2 billion put into digital health companies, in 296 deals.

Once a space starts to grow that quickly, the next step is for companies to take the leap and enter into the public market. Though the numbers are currently somewhat slow, only three digital health companies raised a total of $250M on the public markets in 2016, there have been a number of big healthtech IPOs since 2012.

Castlight Health, a provider of employee healthcare-engagement platform for enterprises.

The company provides a suite of enterprise healthcare applications designed to reduce costs and improve quality and outcomes for enterprises and their people. The platform is designed to enable employers to provide actionable healthcare information to their employees, introduce advanced benefit designs and manage adjacent areas of healthcare-benefit spending.

Castlight Health raised $165.2 million in its initial public offering on the NYSE under the symbol CSLT on March 14, 2014. A total of 11,100,000 shares were sold at a price of $16, raising $177.6 million.

Price at the start of the year: $5.05

Current price: $3.7

Percentage change for the year: Down 26 percent

Percentage change from IPO: Down 76 percent

Teladoc, a provider of telehealth consultation services.

The company offers consumer members and dependents access to telephone medical consultation with trained primary care doctors who diagnose medical problems and prescribe medications. Its membership service focuses on non-emergency and non-interventional primary care services.

Teladoc raised $156.7 million in its initial public offering on the New York stock exchange under the symbol TDOC on July 01, 2015. A total of 8,250,000 shares were sold at a price of $19 per share. 

Price at the start of the year: $16.65

Current price: $30.30

Percentage change for the year: Up 82 percent

Percentage change from IPO: Up 59.5 percent

iRhythm Technologies, an operator of a healthcare-information services company.

The company provides a platform and device for long-term continuous cardiac monitoring, to enable diagnosis earlier in the clinical pathway. Its wearable products can monitor heart rhythms.

iRhythm raised $107 million in its initial public offering on the NASDAQ stock exchange under the ticker symbol of IRTC on October 20, 2016. A total of 6,294,118 shares were sold at a price of $17 per share.

Price at the start of the year: $30.32

Current price: $34.01

Percentage change for the year: Up 12 percent

Percentage change from IPO: Up 100 percent

Everyday Health, a provider of healthcare communication platform.

The company offers a digital marketing and communications platform for healthcare companies that want to engage with consumers and healthcare professionals.

The company raised $100.1 million on the New York Stock Exchange under the ticker symbol EVDY on March 27, 2014. A total of 7,150,000 shares were sold at a price of $14 per share.

Ziff Davis acquired Everyday Health in November 2016 for $465 million.

Final price: $10.50

Percentage change from IPO: Down 25 percent

Vocera Communications, a provider of mobile communication services to healthcare and non-healthcare markets.The company offers voice communication services, secure messaging applications and care transition services.

The company raised $74.4 million in its initial public offering on the New York stock exchange under the ticker symbol of VCRA on March 28, 2012. A total of 5,850,000 shares were sold at a price of $16 per share, making the total offering amount $93.6 million.

Price at the start of the year: $18.52

Current price: $26.26

Percentage change for the year: Down 29 percent

Percentage change from IPO: Up 16 percent

NantHealth

Nant Health, a provider of cloud-based intelligent clinical operating systems. The company offers a platform that reduces the administrative time and tasks associated with obtaining preauthorization.

The company raised $91 million in its initial public offering on the NASDAQ stock exchange under the ticker symbol of NH on June 2, 2016. A total of 6,500,000 shares were sold at a price of $14 per share. 

Price at the start of the year: $10.07

Current price: $3.06

Percentage change for the year: Down 69.5 percent

Percentage change from IPO: Down 78 percent

Entellus Medical

Entellus Medical, a developer of balloon-dilation technologies to treat sinusitis.

The company offers XprESS multi-sinus dilation tool, which offers ENT physicians a tool to trans-nasally treat the frontal, sphenoid or maxillary sinuses in either a doctor’s office or operating room.

The company raised $78 million in its initial public offering on the NASDAQ stock exchange under the ticker symbol of ENTL on January 28, 2015. A total of 4,600,000 shares were sold at a price of $17.

Price at the start of the year: $19.2

Current price: $13.60

Percentage change for the year: Down 29 percent

Percentage change from IPO: Down 17 percent

Greenway Health, a provider of integrated information technology solutions and managed business services to ambulatory healthcare providers.

The company offers PrimeSUITE, a single integrated application with electronic health record (EHR), practice management and interoperability functionality.

The company raised $66.67 million in its initial public offering on the NYSE stock exchange under the ticker symbol of GWAY on Februray 2, 2012. A total of 6,666,667 shares were sold at at a price of $10 per share.

Greenway was acquired by Vitera Healthcare Solutions in September 2013 for $644 million. 

Final stock price: $20.35

Percentage change from IPO: Up 203 percent

Avinger, a developer of catheter-based technologies for treating vascular diseases.

The company designs, develops and manufactures precision medical device technology with the goal of helping patients retain optimal blood flow to their limbs. It offers Wildcat, a catheter that helps physicians in treating peripheral artery disease; and Ocelot, a real-time intravascular imaging device.

The company raised $65 million in its initial public offering on the NASDAQ stock exchange under the ticker symbol of AVGR on January 30, 2015. A total of 5,000,000 shares were sold at $13 per share.

Price at the start of the year: $3.80

Current price: $0.37

Percentage change for the year: Down 90 percent

Percentage change from IPO: Down 97 percent

Intersect ENT

Intersect ENT, a developer of medical devices designed to provide treatment of ear, nose and throat.

The company has developed the PROPEL dissolvable implant for chronic sinusitis patients undergoing sinus surgery, to prevent obstruction of the ethmoid sinus following surgery, enabling the patients to get cure fast after the surgery.

Intersect ENT raised $55 million in its initial public offering on the NASDAQ stock exchange under the ticker symbol of XENT on July 24, 2014. A total of 5,000,000 shares were sold at a price of $11 per share.

Price at the start of the year: $12.20

Current price: $25.25

Percentage change for the year: Up 106 percent

Percentage change from IPO: Up 129 percent

(Image source: digitalhealthage.com)

Castlight Health

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