Cardiac implant developer Encore Medical sets terms for $15 million IPO
IPO Overview
Encore Medical, which makes transcatheter implants to repair cardiac defects, announced terms for its IPO on Tuesday.
The Eagan, MN-based company plans to raise $15 million by offering 3 million shares at a price of $5. At the proposed price, Encore Medical would command a market cap of $49 million.
Because the company is expected to have a market cap of less than $50 million at pricing, Encore Medical will be excluded from Renaissance Capital’s IPO stats.
The company develops and manufactures septal occlusion devices, which are implantable products delivered via catheter to repair certain cardiac defects, such as patent foramen ovale （PFO）。 Encore’s devices are approved for sale in the European Union, and while it does not have regulatory approval to sell its devices in the US, the company has received approval from the FDA to conduct trials to obtain market clearance.
Encore Medical was founded in 2017 and booked $2 million in revenue for the 12 months ended September 30, 2025. It plans to list on the NYSE American under the symbol EMI. Oak Ridge Financial and Dawson James are the joint bookrunners on the deal.
About the Company
We develop, manufacture, and market septal occlusion products, which are small, implantable devices delivered through a catheter inserted into a major blood vessel to permanently repair certain cardiac defects. Our devices include patented technology that has been in use extensively outside of the U.S. Procedures are performed in a cardiac catheterization lab and reduce the need for open heart surgery or a lifetime of drug therapy, which are currently the primary alternative methods for treating these defects. We have developed devices capable of providing effective, nonsurgical methods of correcting a variety of cardiac defects in both adults and children. Our primary closure device is designed to repair a cardiac defect known as a patent foramen ovale （“PFO”）。 PFO is an abnormal passage or flap-like hole between the atrial chambers of the heart that can enable embolic material （clots） to travel from the right to left chambers and potentially cause a stroke. PFO is generally detected during adulthood. An estimated 25% of the population has a PFO, yet most people have no adverse effects and are unaware that they have a PFO. However, 50% of patients who suffer a cryptogenic （from an unknown cause） stroke also have a PFO.