This morning, Cue Well being, a speedy diagnostics startup with a linked testing machine platform, introduced its plans to go public by way of an IPO. Whereas the corporate has filed with SEC, the variety of shares and the value vary are nonetheless but to be decided.
This information comes simply months after the corporate introduced a whopping $235 million non-public financing spherical. So far, the San Diego-based firm has greater than $664 million in funding.
Based over a decade in the past, the corporate makes a speciality of creating point-of-care diagnostics that can be utilized in care settings, colleges and houses. In 2020, the corporate landed an FDA emergency use designation for its COVID-19 molecular diagnostic take a look at package, which lets prospects take a look at themselves for the virus at residence and not using a prescription.
WHY IT MATTERS
After years of IPO inactivity within the digital well being house, 2019 was a breakout 12 months for firms going public. However this development isn’t stopping. Based on an April Rock Well being report, within the first few months of 2021 there have been extra accomplished or introduced public exits by digital well being firms than the entire of 2020.
When Cue Well being formally goes public, it is going to be a part of the rising listing of digital well being firms choosing a public exit. So far, some large names within the trade together with Oscar, 23andMe, Hims and Hers, Talkspace, Amwell and Butterfly Community have all turn into public digital well being firms.
THE LARGER TREND
There are a variety of firms working within the residence diagnostics house. In Might, experiences circulated that Amazon was pursuing at-home medical testing after it landed an EUA for a COVID-19 take a look at with residence sample-collection for its workers.
Cue Well being’s competitor Everlywell, which developed a house take a look at for plenty of metrics together with diet, coronary heart well being, blood sugar and sexual well being, scored $175 million in Collection D funding in December.
LetsGetCheck has additionally developed plenty of residence diagnostics, together with ones for the testing of hormone ranges, sexually transmitted infections, liver efficiency, diet and COVID-19.