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SynCardia Systems on deck for IPO

Sep. 29, 2015 12:44 PM ETSynCardia Systems (TAHT) StockTAHTBy: Douglas W. House, SA News Editor
  • Tucson, AZ-based SynCardia Systems (TAHT) is set for its IPO of 2.5M shares of common stock at $10 - 12.
  • The medical technology firm's sole product is an artificial heart called TAH-t. It is designed to assume the full function of a failed human heart in patients suffering from advanced heart failure while the patient awaits a heart transplant. Powered by an external driver that delivers precisely calibrated pulses of air, the SynCardia TAH-t provides blood flow up to 9.5 liters per minute through each ventricle, lowering central venous pressure and promoting the recovery of vital organs. As of June, 1,470 have been implanted worldwide across 120 medical centers.
  • 2014 Financials ($M): Revenues: 15.4 (-25.5%); Operating Expenses: 18.7 (-4.5%); Net Loss: (23.5) (-52.1%); CF Ops: (9.4) (-19.7%).
  • The drop in revenues was due to a supply constraint related to Medtronic's withdrawal from supplying a key component used in the TAH-t called a Med-Hall Valve. The time, effort and expense in vetting a replacement valve resulted in an 18% headcount reduction and lower sales in 2014. The company has now established alternative suppliers of the valve.
  • 2015 Financials ($M)(6 mo.): Revenues: 8.7 (+41.1%); Operating Expenses: 9.6 (+7.7%); Net Loss: (19.6) (-77.9%); CF Ops: (15.1) (-299.3%).

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