Device companies brought in a total of $3.4 billion in financing during the second quarter, a significant decrease – less than half – compared with Q1’s aggregate $7.6 billion. Still, over $5 billion of the first quarter figure was outlier Siemens Healthineers AG’s IPO [See Deal], and excluding that deal means that Q2 activity actually performed better. Debt financing once again had a strong showing, in Q2, and follow-on public offerings also represented a substantial amount (see Exhibit 1).
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