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

ough June 2008, the US industry raised approximately US$1.7 billion, putting it on track to equal or surpass the average from the two previous years.

-- IPOs. While 13 initial public offerings (IPOs) were successfully completed in 2007, only three were completed in the first half of 2008. Total 2007 funding through IPOs rose to US$1.1 billion, a 54% increase over 2006. The average valuation at the time of the IPO swelled to US$405 million, a 94% increase over 2006.

-- IPO performance. Eight out of the 13 medtech companies that went public in 2007 saw gains from their initial IPO valuations during the year, which led to an average return of 24% for the year. However, these companies were significantly impacted by the challenging market conditions this year, with an average return of minus 4% through June 2008.

-- Booming deal space. The medtech M&A environment continues to be strong in 2007 and the first half of 2008. The total value of M&As was $49 billion in 2007, an 83% increase over 2006 after adjusting for the skewing impact of three mega mergers in 2006. Through the first half of 2008, the total value of M&A in the sector was approximately US$19 billion, a slightly lower pace than 2007, but still strong relative to years prior.

-- New generations of buyers. In addition to high deal volume, the base of buyers in medtech M&As has broadened. Many of the biggest medtech acquisitions in 2007 and the first half of 2008 were driven by two nontraditional participants: globally diversified conglomerates and private equity funds. While medtech-medtech mergers still represent the bulk of deals (through June 2008, these deals represented 81% of all M&A deals, or 54% of total deal value) mid-tier medtech buyers have become increasingly visible, supplementing the large cap medtech firms that have traditionally dominated.

-- Financial performance. Revenue for "pure-play" medtech companies increased by 6% in 2007 from the previous year, to US
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SOURCE Ernst & Young LLP
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