1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
UTRS
Event Date
2021-10-22
IPO Date (Actual)
2021-10-20
Sector
Health Care
Subsector
Health Care Equipment & Supplies
Offer Range
$12.00-$12.00
Shares Offered
6.25M
28.82M
$457.1M
21.7%
Implied Upside vs Midpoint
Description
We are a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. We have established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of abnormal uterine bleeding (AUB) in most uterine anatomies. Our solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies. There is a significant body of peer-reviewed literature that we believe validates the clinical performance of our solutions and supports the ability of our products to meaningfully improve the quality of life for women suffering from AUB. For example, the short- and long-term safety and effectiveness of our endometrial ablation systems, the Minerva ES and the Genesys HTA, have obtained approval through the premarket approval application (PMA) process, and have been evaluated in multiple clinical trials that had sites audited by the United States Food and Drug Administration (FDA). AUB is caused by a variety of factors and is characterized by menstrual blood loss in excess of 80 milliliters (ml) per menstrual cycle, which is two to three times the average blood loss during a normal menstrual cycle. These factors include structural causes within the uterus, such as fibroids and polyps, and non-structural causes, such as hormonal imbalances. AUB can have a significant impact on a woman’s quality of life. Women suffering from AUB typically need to change their sanitary products every two hours or less and pass blood clots the size of a quarter or larger. When left untreated, AUB can stop women from engaging in ordinary daily activities during menstruation, which interferes with their family, social, personal, and professional lives. Prolonged bleeding can result in fatigue and, in extreme cases, anemia. We offer a broad suite of products for the treatment of structural and non-structural causes of AUB in most uterine anatomies. Our devices are utilized by obstetrician-gynecologists (OB/GYNs) across a variety of medical treatment settings, including hospitals, ambulatory surgical centers (ASCs), and physician offices. We believe our solutions can provide the following important benefits: • Improved quality of life. Our solutions are designed to eliminate the pain and life disruption of unwanted, excessive menstrual bleeding, and improve the quality of life for our patients; • Enhanced patient safety. Our proprietary safety enhancements are designed to reduce the potential complications associated with other endometrial ablation and tissue resection alternatives; • Favorable clinical outcomes. The clinical performance of our PMA-approved products have been evaluated in numerous clinical research studies, demonstrating high rates of procedural success driven by our continued technological innovation; • Intuitive design and procedural ergonomics. Our products are designed to offer easy setup and intuitive operation, which we believe enables a rapid learning curve and fast adoption by physicians; and • Increased patient comfort and convenience. Our minimally invasive solutions are designed to maximize the patient’s experience by reducing procedure and recovery times. We market and sell our products through a direct sales force in the United States. Our target customer base includes approximately 19,000 OB/GYNs practicing in hospital, ASCs, and physician offices. As of June 30, 2021, our commercial team consisted of approximately 80 field-based personnel that call on OB/GYNs in all major U.S. markets. Our sales and marketing programs focus on educating physicians regarding the use of our products and on providing materials to help them educate their patients about our procedures. We also provide online patient-oriented educational materials about AUB and our products and procedures, which patients may use to consider and then discuss treatment options with their physicians. Third-party coverage and reimbursement for endometrial ablation and tissue resection procedures performed in the hospital, ASC, or physician office setting are well established in the United States. These procedures are routinely covered and reimbursed by private healthcare insurance, managed care payors, and government healthcare programs. --- We were incorporated in Delaware on November 3, 2008 under the name Minerva Surgical, Inc. Our principal executive offices are located at 4255 Burton Dr., Santa Clara, CA 95054. Our telephone number is (855) 646-7874. Our website address is www.minervasurgical.com.
MINERVA SURGICAL INC annual income statement and balance sheet, FY 2019 to FY 2022, as reported in SEC filings.
| Metric | FY 2019 | FY 2020 | FY 2021 | FY 2022 |
|---|---|---|---|---|
| Revenue | — | $37.8M | $52.1M | $50.3M |
| Gross profit | — | $19.1M | $30.5M | $27.2M |
| Operating income | — | ($15.4M) | ($29.1M) | ($30.9M) |
| Net income | — | ($18.3M) | ($21.5M) | ($34.1M) |
| Metric | FY 2019 | FY 2020 | FY 2021 | FY 2022 |
|---|---|---|---|---|
| Total assets | — | $92.0M | $115M | $68.9M |
| Total liabilities | — | $191M | $71.0M | $51.7M |
| Total equity | ($205M) | ($222M) | $44.1M | $17.2M |
| Cash & equivalents | — | $17.4M | $40.6M | $6.9M |