Presentation by PWC at Medtech Conference 2016.
Participants:
Mark Scholtes, Partner – PwC
Tom Salemi, Content Director – Healthegy
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PWC - Medtech by the Numbers – Medtech Conference 2016
1. The state of venture capital
investment in device markets
MedTech Investing Conference
June 1, 2016
www.pwc.com
2. PwC
PricewaterhouseCoopers/National Venture Capital Association
MoneyTree™ Report
based on data from Thomson Reuters
MoneyTree Web site: www.pwcmoneytree.com
Presented by:
Mark Scholtes, Partner
PricewaterhouseCoopers LLP
Phone: (612) 596-6399
E-mail: mark.j.scholtes@pwc.com
2
June 2016Source: PwC/NVCA Money Tree Survey
3. PwC
National deals and their stages
3
June 2016
Number of deals – All industries
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Seed Early Expansion Later
Source: PwC/NVCA Money Tree Survey
4. PwC
National deals and their stages – Q1 2016
4
June 2016
Number of deals – All industries
0
200
400
600
800
1000
1200
Q1 2016
Seed Early Expansion Later
Source: PwC/NVCA Money Tree Survey
5. PwC
Minnesota deals and their stages
5
June 2016
Number of deals – All industries
0
10
20
30
40
50
60
70
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Seed Early Expansion Later
Source: PwC/NVCA Money Tree Survey
6. PwC
Minnesota deals and their stages – Q1 2016
6
June 2016
Number of deals – All industries
0
2
4
6
8
10
12
Q1 2016
Seed Early Expansion Later
Source: PwC/NVCA Money Tree Survey
7. PwC
Industry investments nationally
7
June 2016
Industries by percentage of total capital invested
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Medical Devices and Equipment Biotechnology Software All Others
Minnesota
2011-2016 Q1
Source: PwC/NVCA Money Tree Survey
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q12016
9. PwC
National medical device investments
9
June 2016
In Billions
$2.8
$3.7 $3.6
$2.6 $2.5
$2.9
$2.5
$2.2
$2.7 $2.8
0
1
2
3
4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: PwC/NVCA Money Tree Survey
10. PwC
National medical device investments – Q1 2016
10
June 2016
In Billions
$0.5
0
1
Q1 2016
Source: PwC/NVCA Money Tree Survey
11. PwC
Minnesota medical device investments
11
June 2016
In Millions
$184.0
$230.2
$274.5
$198.8
$110.8
$132.6 $139.5
$157.7
$234.0
$129.8
0
50
100
150
200
250
300
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Medical device sector has been the #1 recipient of venture capital in Minnesota since 2001 – other
than for 2015 – in which $195.1 million was invested in software companies.
Source: PwC/NVCA Money Tree Survey
12. PwC
Minnesota share of all medical device investments
12
June 2016
% of total capital invested
6.5%
6.3%
7.7% 7.6%
4.4%
4.6%
5.6%
7.2%
8.6%
4.6%
0
1
2
3
4
5
6
7
8
9
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: PwC/NVCA Money Tree Survey
13. PwC
National medical device average deal size
13
June 2016
In Millions
$7.9
$9.4
$9.1
$7.5 $7.3
$7.8 $7.6
$6.4
$8.4
$8.7 $8.6
0
1
2
3
4
5
6
7
8
9
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016
Source: PwC/NVCA Money Tree Survey
14. PwC
Most active medical device VCs in 2015
Listed based on reported device deals
(7 or more deals)
• Canaan Partners
• Domain Associates
• Innova Memphis
• InterWest Partners
• Keiretsu Forum
14
June 2016Source: PwC/NVCA Money Tree Survey
• MB Venture Partners
• New Enterprise Associates
• Polaris Venture Partners
• Tullis Health Industries
• Versant Ventures
15. PwC
Most active medical device VCs in 2015
Listed based on reported device deals
(5-6 deals)
• Arboretum Ventures
• Ascension Ventures
• Connecticut Innovations
• Deerfield Management
• Kleiner Perkins Caufield & Byers
15
June 2016Source: PwC/NVCA Money Tree Survey
• Longitude Capital Management
• Morgenthaler Ventures
• Partisan Management Group
• Radius Ventures
• US Venture Partners
16. PwC
Top 10 states for 2015 medical device deals
16
June 2016
Deal $ in Millions
Minnesota has been ranked #3 or #4 for the last sixteen years.
State Deals Investment $ U.S. Total
1. California 93 $1,079 38.5%
2. Massachusetts 36 562 20.1
3. Pennsylvania 25 150 5.4
4. Minnesota 8 130 4.6
5. Washington 13 93 3.3
6. Georgia 7 91 3.3
7. Florida 9 74 2.6
8. Missouri 8 66 2.4
9. Texas 12 65 2.3
10. New Jersey 12 62 2.2
Total 84.7%
Source: PwC/NVCA Money Tree Survey