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 acquisition price

$1.1B

Acquired by Medtronic · Aug 2021

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

Intersect ENT Overview

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

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$119M (Aug 2021)

Valuation

$1.1B (acquired Aug 2021)

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.

Intersect ENT acquisition details
AcquirerDateTypePriceEV/Revenue
6 Aug 2021Strategic M&A$1.1B9.2x

Intersect ENT Funding History

Intersect ENT has raised a total of $30M across 1 funding round.

Intersect ENT funding rounds

Intersect ENT funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2013Series DNorwest (lead); Kleiner Perkins; Medtronic; U.S. Venture Partners; Harmony Partners; PTV Healthcare Capital$30MIntersect 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

Investors in Intersect ENT by funding rounds participated
InvestorHQRoundsRoleFirst check
Kleiner PerkinsUnited StatesSan Francisco, CA1ParticipantFeb 2013
MedtronicUnited StatesMinneapolis, MN1ParticipantFeb 2013
NorwestUnited StatesSan Francisco, CA1LeadFeb 2013
U.S. Venture PartnersUnited StatesSan Francisco, CA1ParticipantFeb 2013

This data is available for Pro users. Sign up to see all 6 Intersect ENT investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions 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

Fiagon
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 CountryGermany
HQ City
Hennigsdorf
Deal Date15 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.

Public and private companies comparable to Intersect ENT
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Huihe HealthcareChinaShanghaiPrivate--$1.1B-
SEEGENESouth KoreaSouth KoreaPublicly listed$345M$85M$1.1B2.1x
Obsidian TherapeuticsUnited StatesUnited StatesPublicly listed-($104M)$1.1B-
Scivita Medical TechnologyChinaSuzhouPrivate--$1.1B-
BenevolentAIUnited KingdomLondonPrivate$10M-$1B100.0x
Cornerstone RoboticsHong KongHong KongPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
Shinva$1.5B$126M0.6x0.6x6.7x6.7x
PROCEPT BioRobotics$308M($98M)3.1x2.6x(9.9x)(25.1x)
SEEGENE$345M$85M2.3x2.1x9.2x7.7x
Obsidian Therapeutics-($104M)--(13.0x)-
Beta Bionics$100M($81M)9.5x8.0x(11.7x)(14.1x)
Staar Surgical$239M($37M)3.8x3.0x(24.7x)21.5x
iRadimed$84M$28M11.9x11.2x36.3x32.8x

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.

See companies similar to Intersect ENT

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial