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Investment and Growth in US Medical Technology Industry Continues Despite Challenging Public Markets
Date:9/22/2008

Ernst & Young Releases its inaugural 2008 US Medtech Report

WASHINGTON, Sept. 22 /PRNewswire/ -- Private investment in the US medical technology industry has remained strong over the past 18 months, despite a precipitous drop in public equity funding this year due to the global credit crunch. At the same time, the 301 US-headquartered, publicly traded medical technology companies produced solid growth in revenues and earnings, driven by continued innovation and heightened demand brought by emerging medical and demographic trends. These and other findings are highlighted in Pulse of the industry: US medical technology report 2008, Ernst & Young LLP's first-ever report on the industry's performance, released today at the AdvaMed 2008 Medical Technology conference in Washington, D.C.

"While the credit crunch has depressed public equity financing, venture capital and deal activity remain solid," said Richard Ramko, Ernst & Young's US Medical Technology Leader. "The industry is poised for growth in the years ahead due to aging populations, the wider prevalence of chronic diseases, and an expected surge in demand for companion diagnostics to accompany new generations of targeted therapies."

Key industry findings described in the report include:

-- Financing. The US medtech industry had its second consecutive strong financing year in 2007, led by solid investment on the venture capital (VC) and public equity fronts. US companies raised nearly US$10.7 billion, a 2% increase over 2006 and a 165% increase over capital raised in 2005. However, in the first half of 2008, capital raised by the industry fell to $3.2 billion, largely because of declining funding from public investors.

-- Venture capital. Medtech companies attracted record amounts of venture capital in 2007 and sustained that pace in the first half of 2008. Total VC funding reached US$3.7 billion in 2007, a 37% increase over the previous record-setting year of 2006. Thr
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SOURCE Ernst & Young LLP
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