Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.</li>
<li>This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.</li>
<li>LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.</li>
</ul>


LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.
LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Shoulder Innovations / Equity Capital Markets

<ul>
<li>Shoulder Innovations Inc., a pure-play shoulder arthroplasty device company, is expected to IPO soon. </li>
<li>The company’s amended S-1 puts the initial price range per share at $19.00 to $21.00, implying a market cap of ~$450M at midpoint on a fully-diluted basis.  </li>
<li>I have a positive view of Shoulder Innovations IPO and see upside vs. IPO price due to the company’s superior growth profile, industry-leading gross margins and capital efficient technology.</li>
</ul>


Shoulder Innovations Inc., a pure-play shoulder arthroplasty device company, is expected to IPO soon. 
The company’s amended S-1 puts the initial price range per share at $19.00 to $21.00, implying a market cap of ~$450M at midpoint on a fully-diluted basis.  
I have a positive view of Shoulder Innovations IPO and see upside vs. IPO price due to the company’s superior growth profile, industry-leading gross margins and capital efficient technology.


Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

<ul>
<li>Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.</li>
<li>Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.</li>
<li>I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.</li>
</ul>


Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.


Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> has submitted the Hugo robotic-assisted surgery system to the FDA for a urologic indication in 1Q25. In clinical trial, Hugo met the safety and effectiveness endpoints.</li>
<li>Approval is expected in 2H25. Medtronic expects Hugo would contribute to the company’s surgical business in FY26 and will be ‘a meaningful growth driver’ for the company in the medium-term.</li>
<li>Medtronic is well-positioned for accelerated growth, driven by momentum in some of the most attractive growth markets in MedTech. The U.S. approval of Hugo is an icing on the cake.</li>
</ul>



Medtronic Plc (MDT US) has submitted the Hugo robotic-assisted surgery system to the FDA for a urologic indication in 1Q25. In clinical trial, Hugo met the safety and effectiveness endpoints.
Approval is expected in 2H25. Medtronic expects Hugo would contribute to the company’s surgical business in FY26 and will be ‘a meaningful growth driver’ for the company in the medium-term.
Medtronic is well-positioned for accelerated growth, driven by momentum in some of the most attractive growth markets in MedTech. The U.S. approval of Hugo is an icing on the cake.


Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

United States

Stryker Corporation develops, manufactures, and markets specialty surgical and medical products. The Company's products include implants, biologics, surgical, neurologic, ear, nose and throat and interventional pain equipment, endoscopic, surgical navigation, communications and digital imaging systems, as well as patient handling and emergency medical equipment.

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Stryker (SYK UN)

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

Shoulder Innovations, a shoulder arthroplasty device company, is ready to complete IPO. I like the company's top line growth profile, industry...

Andrei Zakharov

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...

Andrei Zakharov

Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

Shoulder Innovations, a shoulder arthroplasty device company, is ready to complete IPO. I like the company's top line growth profile, industry...

Andrei Zakharov

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

​Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...

Andrei Zakharov

Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

​Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...

Tina Banerjee

Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...

Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...