Invuity (IVTY) IPO Opens at $12.75/Share, Above Offering Price

June 15, 2015 12:17 PM EDT
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Price: $7.39 --0%

Overall Analyst Rating:
    NEUTRAL (= Flat)

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The IPO for Invuity (NASDAQ: IVTY) opened at $12.75 per share, after the company priced 4 million shares of its common stock at $12 apiece last Friday.

Piper Jaffray, Leerink Partners and Stifel are acting as joint book-running managers for the offering. William Blair is acting as a co-manager.

Invuity is a commercial-stage medical technology company pioneering the use of advanced photonics to provide surgeons with improved direct visualization of surgical cavities during minimally invasive and minimal access surgical procedures. The company integrate its Intelligent Photonics technology platform into their single-use and reusable advanced surgical devices to address some of the critical intracavity illumination and visualization challenges facing surgeons today. They utilize their proprietary Intelligent Photonics technology to develop optical waveguides that direct and shape thermally cool, brilliant light into broad, uniform and volumetric illumination of the surgical target. They believe that improving a surgeon's ability to see critical anatomical structures can lead to better clinical and aesthetic outcomes, improved patient safety and reduced surgical time and healthcare costs. The company has sold their devices to approximately 400 hospitals in the first quarter of 2015, as compared to approximately 200 hospitals in the same quarter of 2014. Based on the number of single-use units they have shipped as of March 31, 2015, they estimate that their devices have been used in over 92,000 surgical procedures. They are also using their Intelligent Photonics technology to develop new devices and modalities to broaden the application and adoption of open minimally invasive and minimal access procedures and enable new advanced surgical techniques.

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