๐Ÿฉบ $500M+ VC Funding. Health Diagnostics Index Rebounds From 15% Drop.

Impact Capital Markets #33 looks at our Diagnostics and Testing stock index, major impact deals, M&A, and upcoming economic releases.

Bula๐ŸŒด

๐Ÿ“‰ Today's Global Economic Update: Japan's January 2024 trade data, released today, revealed a significant reduction in the trade deficit, with exports rising by 11.9% YoY to JPY 7.3T. Imports fell by 9.6% to JPY 9T, marking the 10th consecutive month of decline, driven by reduced energy prices.

๐Ÿ”‹ Deal of the Day: Ascend Elements, a battery materials recycler, raised $162M in Series D funding to convert lithium-ion batteries into critical materials.

What's New?

  • ๐Ÿ”ฌ Health Diagnostics and Testing. Health Diagnostics Index recovers from 15% loss
  • ๐Ÿ’ฐ Funding. Ascend raises $162M, cardiovascular care, maternity care deals + more
  • ๐Ÿ’ผ M&A. Recycling, K-12, satellite & health insurance
  • ๐Ÿ“… Economics. Major inflation data, balance of trade, US GDP growth data + more

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๐Ÿ”ฌ Health Diagnostic Index Recovers From 15% Loss

HolonIQโ€™s Health Diagnostics and Testing Index recovered from a 15% loss in 4Q 2023 to record a 3% growth in February. Several stocks in the group saw relatively strong returns, including Abbott Laboratories (MCap: US$ 202B) and Danaher Corp. (MCap: US$ 183B), which increased by 13% and 11%, respectively. However, a few major stocks within the index saw declining returns. Roche Holding AG (MCap: US$ 218B) fell 15% YoY as 2023 profits slumped amidst a post-COVID loss of sales while Thermo Fisher Scientific (MCap: US$ 211B) also saw a minor decline.

As patient awareness of diagnostic services increases and technological advancements are incorporated into testing, diagnostics are expected to assume a progressively central role in influencing healthcare outcomes. The introduction of new technologies has also brought about self-diagnostic capabilities while the growing use of diagnostics outside conventional hospital and healthcare environments opens up new possibilities, contributing to the ongoing growth of the sector.

๐Ÿ’ฐ Funding

๐Ÿ”‹ Ascend Elements, a Massachusetts-based sustainable battery materials recycler, raised a $162M Series D to build sustainable lithium-ion battery materials in the US.

๐Ÿค– Recogni, a California-based leader in AI-based computing, raised a $102M Series C from GreatPoint Ventures & Celesta Capital to advance next-generation AI inference systems for generative AI.

๐Ÿซ€ Reprieve Cardiovascular, a Massachusetts-based company focused on intelligent fluid management for heart failure, raised a $42M Series A from Sante Ventures & Lightstone Ventures to enhance its clinical and development programs.

๐Ÿงฌ Bioptimus, a France-based biomedical analytics company, raised a $35M Seed from Sofinnova Partners to build the first universal AI foundation model for biology.

๐Ÿ‘ถ Oula Health, the first modern maternity care clinic combining obstetrics and midwifery care in New York, raised a $28M Series B to expand tech-enabled hybrid care beyond NYC.

๐Ÿงฒ Niron Magnetics, a Minnesota-based provider of rare earth-free permanent magnets, raised $25M from Samsung Ventures to expand its production facilities and scale manufacturing capacity.

โš•๏ธ AZmed, a France-based healthcare AI solutions provider, raised a $16.16M Series A with the objective of shaping the future of medical imaging with AI.

๐Ÿ’‰ Baseimmune, a UK-based vaccine discovery biotech, raised $11.35M to develop โ€˜mutation-proofโ€™ vaccines.

๐ŸŒฑ Trace Genomics, a California-based industry leader in DNA-based soil intelligence, raised a $10.5M Series B to expand its commercial growth.

๐Ÿฅ 9amHealth, a California-based virtual provider of cardiometabolic healthcare services, raised a $9.5M Series A from Cigna Ventures to expand operations.

๐Ÿ’ผ M&A

๐Ÿ”„ IFCO Systems NV, a Netherlands-based provider of reusable packaging containers, acquired BEPCO, an Estonian supply and storage company that provides transport packaging recycling services.

๐Ÿ›ก๏ธ Inszone Insurance Services, a California-based full-service insurance firm, acquired Financial Arts, an Indiana-based employee benefits and insurance service provider.

๐Ÿ“š Unleashed Brands, a Texas-based innovative brand that operates a youth enrichment platform, acquired Sylvan Learning, a Maryland-based provider of supplemental and enrichment education for K-12 students.

๐Ÿ›ฐ๏ธ NUVIEW, a Florida-based earth observation and geospatial technology company building the world's first commercial LiDAR satellite constellation, acquired Astraea, a Virginia-based satellite imagery analytics company.

๐Ÿ“… Economic Calendar

Major Inflation Data, Balance of Trade, US GDP Growth Data + More

Thursday, February 22nd 2024

๐Ÿ‡บ๐Ÿ‡ธ US FOMC Minutes
๐Ÿ‡ฉ๐Ÿ‡ช Germany HCOB Manufacturing PMI (Preliminary), February

Friday, February 23rd 2024

๐Ÿ‡ฉ๐Ÿ‡ช Germany Ifo Business Climate, February

Tuesday, February 27th 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Inflation Data, January
๐Ÿ‡ฉ๐Ÿ‡ช Germany GfK Consumer Confidence, March
๐Ÿ‡บ๐Ÿ‡ธ US Durable Goods Orders Data, January

Wednesday, February 28th 2024

๐Ÿ‡บ๐Ÿ‡ธ US GDP Growth Rate Q4

Thursday, February 29th 2024

๐Ÿ‡ซ๐Ÿ‡ท France Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡ณ India GDP Data, Q4
๐Ÿ‡ฉ๐Ÿ‡ช Germany Inflation Data (Preliminary), February
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP Data, Q4
๐Ÿ‡บ๐Ÿ‡ธ US Core PCE Price Index Data, January
๐Ÿ‡บ๐Ÿ‡ธ US Personal Income & Spending Data, January

Friday, March 01st 2024

๐Ÿ‡จ๐Ÿ‡ณ China NBS & Caixin Manufacturing PMI (Preliminary), February
๐Ÿ‡ฏ๐Ÿ‡ต Japan Consumer Confidence, February
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Inflation Data (Flash), February
๐Ÿ‡ฎ๐Ÿ‡น Italy GDP Data, 2024
๐Ÿ‡ฎ๐Ÿ‡น Italy Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡น Italy Government Budget, 2023
๐Ÿ‡บ๐Ÿ‡ธ US ISM Manufacturing PMI (Preliminary), February


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