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- Intersect ENT
Intersect ENT Acquisition, Valuation, Funding & Investors
Intersect ENT was acquired by Medtronic for $1.1B in August 2021, a 9.2x multiple on $119M of revenue.
Intersect ENT revenue at acquisition
$119M
Last twelve months · Aug 2021
Intersect ENT revenue multiple at acquisition
9.2x
EV/Revenue · Aug 2021
Cumulative funding Intersect ENT raised
$30M
across 1 funding round
About Intersect ENT
Intersect ENT is a medical device firm focused on drug-eluting implants for ear, nose, and throat conditions. Menlo Park-headquartered since 2003, the company developed PROPEL and SINUVA sinus implants that deliver corticosteroids directly to surgical sites, reducing inflammation and repeat procedures. Its products address chronic rhinosinusitis and nasal polyps, earning FDA approvals in 2011 and 2018. Acquired by Olympus in 2022, Intersect ENT serves ENT surgeons in the United States and Europe with bioresorbable implants.
Founded
2003
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$119M (Aug 2021)
Valuation
$1.1B (acquired Aug 2021)
Sectors
Intersect ENT Acquisition
Intersect ENT was acquired by Medtronic for $1.1B on 6 August 2021.
The acquisition price implies a 9.2x revenue multiple on $119M of revenue.
Before the acquisition Intersect ENT had raised $30M across 1 funding round.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 6 Aug 2021 | Strategic M&A | $1.1B | 9.2x |
Intersect ENT Funding History
Intersect ENT has raised a total of $30M across 1 funding round.
Intersect ENT funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2013 | Series D | Norwest (lead); Kleiner Perkins; Medtronic; U.S. Venture Partners; Harmony Partners; PTV Healthcare Capital | $30M | Intersect ENT, a Menlo Park, CA-based medical device company founded in 2003, develops innovative treatment solutions for ear, nose, and throat conditions, focusing on drug-eluting implants for chronic sinusitis sufferers. Its flagship products, Propel and Propel Mini, deliver corticosteroid mometasone furoate while dissolving to keep sinuses open, with FDA approvals in 2011. The company had treated over 6,000 patients by early 2013 and expanded into new 32,000 sq ft facilities to meet demand. On February 25, 2013, Intersect ENT completed the initial closing of a $30 million Series D funding round led by Norwest Venture Partners, with participation from existing investors Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences, Medtronic, and others including Harmony Partners. The funds were earmarked for accelerating U.S. commercial expansion of Propel and Propel Mini, funding clinical studies for a new office-based treatment in the RESOLVE trial targeting polyp disease, and supporting the path to profitability. Financially, Intersect ENT reported $17.9 million in revenue for the full year 2013, a more than 200% increase from $5.9 million in 2012, alongside a net loss of about $18.4 million. Another source noted nearly $18 million for the year ending 2013. The company had raised approximately $80-90 million in total funding prior to this round. Post-round, Intersect ENT pursued further growth, filing for an $80 million IPO in 2014 under ticker XENT, with Medtronic holding nearly 7% and Norwest 12.9% stakes pre-IPO. It raised $55 million in the IPO after pricing at the low end. The sinusitis market affects over 31 million U.S. adults, positioning Intersect's less invasive implants as alternatives to surgery. |
Who has invested in Intersect ENT?
6 investors have backed Intersect ENT across its funding rounds, including Kleiner Perkins, Norwest, U.S. Venture Partners, Harmony Partners, Medtronic and PTV Healthcare Capital.
Lead investors include Norwest.
Intersect ENT Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Feb 2013 | ||
| 1 | Participant | Feb 2013 | ||
| 1 | Lead | Feb 2013 | ||
| 1 | Participant | Feb 2013 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Intersect ENT
Intersect ENT has acquired 1 company to date.
Last acquisition by Intersect ENT was on September 15th 2020. Intersect ENT acquired Fiagon for $71M.
Latest Acquisitions by Intersect ENT
| Description | Fiagon is a medical device company developing electromagnetic navigation systems for ENT and neurosurgery. Its tools integrate CT and MRI image data with flexible pointers and tracking matrices for precise instrument positioning during minimally invasive procedures. Headquartered in Hennigsdorf, Germany, Fiagon systems enhance surgical accuracy in sinus, skull base, and brain applications. |
| HQ Country | |
| HQ City | Hennigsdorf |
| Deal Date | 15 Sep 2020 |
| Valuation | $71M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Intersect ENT acquisitions and their M&A valuation multiples. Start Free Trial | |
Intersect ENT Competitors
Intersect ENT competitors include listed companies like SEEGENE and Obsidian Therapeutics, and private ones like Huihe Healthcare, Scivita Medical Technology, BenevolentAI and Cornerstone Robotics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.1B | - | ||
| Publicly listed | $345M | $85M | $1.1B | 2.1x | ||
| Publicly listed | - | ($104M) | $1.1B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | $10M | - | $1B | 100.0x | ||
| Private | - | - | $1B | - |
Intersect ENT Public Comps
Intersect ENT is no longer listed, but its public comps include PHC Holdings, Shinva, PROCEPT BioRobotics, SEEGENE, Obsidian Therapeutics, Beta Bionics, Staar Surgical, iRadimed, Wandong Medical and Artivion.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.3B | $320M | 1.0x | 1.0x | 7.2x | 6.5x | |||
| $1.5B | $126M | 0.6x | 0.6x | 6.7x | 6.7x | |||
| $308M | ($98M) | 3.1x | 2.6x | (9.9x) | (25.1x) | |||
| $345M | $85M | 2.3x | 2.1x | 9.2x | 7.7x | |||
| - | ($104M) | - | - | (13.0x) | - | |||
| $100M | ($81M) | 9.5x | 8.0x | (11.7x) | (14.1x) | |||
| $239M | ($37M) | 3.8x | 3.0x | (24.7x) | 21.5x | |||
| $84M | $28M | 11.9x | 11.2x | 36.3x | 32.8x | |||
This data is available for Pro users. Sign up to see all Intersect ENT competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Intersect ENT
| When was Intersect ENT founded? | Intersect ENT was founded in 2003. |
| Where is Intersect ENT headquartered? | Intersect ENT is headquartered in San Francisco, CA, United States. |
| Is Intersect ENT publicly listed? | No, Intersect ENT was acquired by Medtronic in August 2021. |
| Who acquired Intersect ENT? | Intersect ENT was acquired by Medtronic in August 2021. |
| How much was Intersect ENT acquired for? | Intersect ENT was acquired for $1.1B in August 2021, a 9.2x revenue multiple. |
| How much funding has Intersect ENT raised? | Intersect ENT has raised $30M across 1 funding round. |
| What was Intersect ENT's last funding round? | Intersect ENT's last funding round was a $30M Series D in February 2013, led by Norwest. |
| Who are Intersect ENT's investors? | Intersect ENT's investors include Kleiner Perkins, Medtronic, Norwest, U.S. Venture Partners, Harmony Partners and PTV Healthcare Capital. |
| Which companies are comparable to Intersect ENT? | Companies comparable to Intersect ENT include Huihe Healthcare, SEEGENE, Obsidian Therapeutics, Scivita Medical Technology, BenevolentAI and Cornerstone Robotics. |
| How many companies has Intersect ENT acquired? | Intersect ENT has acquired 1 company, including Fiagon. |
| What was the largest acquisition by Intersect ENT? | The $71M acquisition of Fiagon in September 2020 is the largest acquisition Intersect ENT has made to date. |
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