The environment for medtech IPOs has shifted noticeably in 2025. After a sluggish 2024, where only a handful of device makers found their way to public markets, the tide is beginning to turn. Eight months into the year, six companies in the U.S. device space have gone public. That’s a meaningful jump compared to last year and could mark the beginning of a more sustained reopening of the IPO pathway.
Before looking at the individual debuts, it’s worth stepping back to understand why the landscape for medtech IPOs feels different this year.
For medtech companies at the right point on their growth curve, going public can be transformative. Beyond raising capital, an IPO can provide:
Of course, accessing the public markets brings more scrutiny, but the fundamental mechanism hasn’t changed. What’s new is the backdrop: risk appetite in public markets is thawing, while private capital remains abundant.
Two forces are especially important:
Six U.S. medtech IPOs have priced between January and August. Beyond the headlines, their day-one trading tells us how investors are weighing clinical data, market opportunity, and scalability.
Beta Bionics (Nasdaq: BBNX): iLet Bionic Pancreas for T1D |
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Date |
Offering |
Day 1 Performance |
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1/30/25 |
13.8M shares at $17 (upsized), raising $234.6M gross |
Opened at $22, +39% close at $23.63 |
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Why It Worked: FDA clearance, a large diabetes market, and a straightforward growth narrative. It was one of the best-performing large IPOs early in the year. |
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What’s Next: Expansion into pediatric populations, scaling manufacturing, and progress on patch or bi-hormonal systems mentioned in filings |
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Kestra Medical Technologies (Nasdaq: KMTS): Wearable Defibrillator/Monitor |
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Date |
Offering |
Day 1 Performance |
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3/6/25 |
12.0M shares at $17 (upsized), raising ~$202–232M gross |
Closed at $21.84 (+28%) |
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Why It Worked: Strong clinical logic for out-of-hospital sudden cardiac arrest protection, with clear reimbursement. The above-range pricing confirmed investor demand. |
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What’s Next: Partnerships in the post-acute setting, adherence data, and payor policy updates |
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CapsoVision (Nasdaq: CV): Capsule GI Endoscopy |
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Date |
Offering |
Day 1 Performance |
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7/2/25 |
5.5M shares at $5 (upsized share count), raising $27.5M gross |
Opened at $5 with little movement |
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Why It Was Mixed: Small raise and earlier-stage commercialization. Execution now depends on commercial efficiency and advancing its pipeline, including a colon capsule with AI features. |
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What’s Next: Market adoption in GI, success of its Canon sensor collaboration, and durable growth in placements |
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Carlsmed (Nasdaq: CARL): Personalized Spine Implants (aprevo) |
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Date |
Offering |
Day 1 Performance |
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7/23/25 |
6.7M shares at $15, raising $100.5M gross |
Opened at $15, closed at $14.5 (−3.3%) |
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Why It Was Mixed: Orthopedic implants are competitive and capital-intensive, and investor caution showed. |
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What’s Next: Evidence of surgeon adoption and long-term case economics compared to standard implants |
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Shoulder Innovations (NYSE: SI): Shoulder Arthroplasty (InSet) |
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Date |
Offering |
Day 1 Performance |
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7/31/25 |
5.0M shares at $15, raising $75M gross (below the $19–21 range) |
Opened at $15.60, closed at $15.05 |
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Why It Was Mixed: The deal attracted investors, but the valuation was tighter than hoped. |
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What’s Next: Capturing market share from larger ortho strategics and expanding clinical indications |
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HeartFlow (Nasdaq: HTFL) – AI-based Noninvasive FFR for CAD |
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Date |
Offering |
Day 1 Performance |
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8/8/25 |
16.67M shares at $19 (upsized), raising $316.7M gross |
Opened at $28, intraday high of $31.50 (+47–66%) |
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Why It Worked: Strong proof points for AI applied to coronary artery disease, with robust growth and well-capitalized backers. |
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What’s Next: Continued adoption (132,000 patients in 2024), more economic data, and broader workflow integration. |
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A few themes stand out across this year’s offerings so far:
Medtech isn’t alone in seeing more IPO activity. Across all sectors, there have been 138 U.S. IPOs year-to-date, with larger debuts averaging early returns of around +9%. Beta Bionics is among the standouts in that broader group.
Capital overall is flowing more freely than in 2024. Private and public markets have both seen increased activity, and more follow-on offerings are returning. Rates have stabilized enough that investors feel comfortable underwriting multi-year payoffs, and a backlog of companies from 2022–2024 is now ready to make the leap.
Is the IPO window officially “open”? For the right kind of company, the answer appears to be yes. Those with payor visibility, strong data moats, a clear total addressable market, and scalable unit economics are being rewarded.
Still, pricing discipline matters. The Figma debut shows what can happen when demand overwhelms supply, and medtech management teams will be mindful of that dynamic during their own roadshows.
2025 will not replicate the frenzy of 2021, but it doesn’t need to. A more balanced environment, with clear playbooks and investors willing to back sustainable growth, may be even healthier long term. We expect several more medtech IPOs to take advantage of this window before the year is out.
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