A Swiss Company That Could Spare You the Drill at the Dentist Is Going Public. It Won't Be Cheap
A liquid that heals early tooth decay in five minutes without a drill has already been sold to 20 000 US dental practices. Its Swiss maker is now heading for the stock market, and revenue is up 214 %. But it has just $19 million in the bank.
Key points
Three reputable sources put the valuation for one upcoming IPO at $1.3 billion, $4.1 billion and $4.37 billion.
The company boosted first-half revenue by 214 % and gross margin to 86 %, yet its loss barely budged.
It has $19.4 million left in the bank and is heading to the stock market in the week the VIX made its biggest jump in 18 months.
Two business partners account for more than two-thirds of its revenue, and one of them is also a shareholder.
The founders will retain 87 % of the votes after the IPO, even though their shares carry just one-tenth of the economic rights.
Three different price tags for one company
vVARDIS Holding $VVVV, švýcarský výrobce tekutiny, která hojí počínající zubní kaz bez vrtačky, se má 13. listopadu 2026 začít obchodovat na newyorské burze NYSE. Akcie nabízí v rozpětí 21 až 24 USD a od investorů chce získat až 228,6 milionu dolarů. Ke dni 11. listopadu emise ještě nebyla naceněna a termín i cena se mohou do poslední chvíle změnit.
The timing is bold, to say the least. The VIX volatility index, nicknamed the fear gauge, recorded its biggest intraday jump in more than 18 months on November 5, as the market sold off tech stocks following the US midterm elections. Most companies would postpone an IPO in a week like that.
It's a little surprising to see a company going ahead right now. The sell-off is concentrated in AI, but a VIX above 20 affects the entire IPO market. ... But if any company were to go public in this environment, a fast-growing medical products maker like vVardis makes the most sense. Healthcare is a defensive sector, and people will get cavities regardless of what's happening with AI data centers.
Matt Kennedy, senior strategist at Renaissance Capital
Even more interesting is how much the company is actually worth. Reuters cites a valuation of up to $4.37 billion, IPOScoop calculates $4.1 billion, and Renaissance Capital puts the market capitalization at $1.3 billion. Three reputable sources, three numbers, and the highest is more than triple the lowest.
This isn't a typo or a different forecast of the future. All three numbers come from the same prospectus; they differ only in how each source counts the shares. And that makes the difference between buying the company at 25 times annual revenue or almost 90 times. One sentence in the prospectus, overlooked by the headlines, explains it.