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T H O M S O N F I N A N C I A L Venture Capital-Backed IPO Issuance: 2005 Review and the Outlook for 2006 Robert Keiser Senior Research Manager – Capital.

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Presentation on theme: "T H O M S O N F I N A N C I A L Venture Capital-Backed IPO Issuance: 2005 Review and the Outlook for 2006 Robert Keiser Senior Research Manager – Capital."— Presentation transcript:

1 T H O M S O N F I N A N C I A L Venture Capital-Backed IPO Issuance: 2005 Review and the Outlook for 2006 Robert Keiser Senior Research Manager – Capital Markets Thomson Financial Research Group

2 T H O M S O N F I N A N C I A L $4,461

3 T H O M S O N F I N A N C I A L $15,764

4 T H O M S O N F I N A N C I A L $25, $20, $12, $11, $ 8, $ 7, $ 6, $ 4, $ 4, $ 4, $ 4, $ 3, $ 3, $ 2, $ 2, $ 1,395.9 Rank Year #IPOs Off Amt $M

5 T H O M S O N F I N A N C I A L US Micro, Small, and Large Cap Stock Indices The S&P 500 Lags Since 2000! ,000 1,200 1,400 1,600 1,800 2,000 Jan-90Jan-91Jan-92Jan-93Jan-94Jan-95Jan-96Jan-97 Jan-98 Jan-99Jan-00Jan-01Jan-02Jan-03Jan-04Jan-05Jan-06 Russell MicroCapRussell SmallCapS&P 500

6 T H O M S O N F I N A N C I A L Average Size ($ Mil) & Company Age (Years) of Annual IPO Production Over Time $79.7 $ $0 $50 $100 $150 $200 $ Avg Size VC IPOAvg Size Buyout IPOAvg Age VC IPOAvg Age Buyout IPO

7 T H O M S O N F I N A N C I A L 12000$68, $37, $16, $15, $15, $ 9, $ 8, $ 7, $ 7,726, $ 7,444, $ 3, $ 3,474, $ 2,544, $ 1, $ $ US Venture Rank Year Capital-Backed M&A ($Mil)

8 T H O M S O N F I N A N C I A L -400% -300% -200% -100% 0% 100% 200% 300% 400% % % % % 0.00% 10.00% 20.00% 30.00% 40.00% Qtrly y/y Chg VC IPOsQtrly y/y Chg S&P 500 Venture Capital IPO Issuance S&P 500 Performance Relationship; R2=50.7%

9 T H O M S O N F I N A N C I A L US, EU, & Asia Equity Performance YoY

10 T H O M S O N F I N A N C I A L Pipeline - Annual # of Companies Receiving Venture Capital Funding and Amounts ($ Mil)

11 T H O M S O N F I N A N C I A L The Stock Market and Risk Premia

12 T H O M S O N F I N A N C I A L 1/1/ /2/ /1/ /2/ /1/ /2/19923, /1/ /2/19933, /1/ /2/19943, /1/ /2/19951, /1/ /2/19961, /1/ /2/19972, /1/ /2/19981, /1/ /2/19992, /1/ /2/20003, /1/ /2/ /1/ /2/20021, /1/ /2/2003 ▬▬ ▬▬ 1/1/ /2/20041, /1/ /2/20052, /1/ /2/20062, Issuance Period $ Mil #

13 T H O M S O N F I N A N C I A L 1998 Venture Capital Investments by Tech Applications

14 T H O M S O N F I N A N C I A L Venture Capital Investments by Tech Applications

15 T H O M S O N F I N A N C I A L 1998 VC Investments by Tech Applications 2001 – 2005 VC Investments by Tech Applications

16 T H O M S O N F I N A N C I A L 2001 – 2005 Non-Internet Venture Capital Investments by Industry $97.87B

17 T H O M S O N F I N A N C I A L Growth Rate of Non-Internet VC Industry Investments 2005 over % 97% 67% 62% 36% 23% 3% -14% 87%

18 T H O M S O N F I N A N C I A L 2001 – 2005 Non-Internet VC Industry Investments $97.87B Growth Rate of Non-Internet VC Industry Investments 2005 over % 97% 87% 67% 62% 36% 23% 3% -14%

19 T H O M S O N F I N A N C I A L Focus Media (China) Holdings Co., Ltd.$ Under Armour, Inc. $ Adams Laboratories, Inc. $ Heartland Payment Systems $ Saifun Semiconductors, Ltd. $ Advanced Analogic Technologies, Inc. $ iRobot Corporation $ Coley Pharmaceutical Group, Inc. $ Vimicro Corporation $ Aspreva Pharmaceuticals Corporation $ Ikanos Communications, Inc. $ Silicon Motion Technology Corporation $ LHC Group, LLC $ Genomic Health, Inc. $ DexCom, Inc. $ Somaxon Pharmaceuticals, Inc. $ NxStage Medical, Inc. $ ViaCell, Inc. (FKA: t.Breeders, Inc.) $ Non-Internet Venture Capital IPOs%Mil

20 T H O M S O N F I N A N C I A L XenoPort, Inc. $ Allion Healthcare, Inc. $ AtriCure, Inc. $ CombinatoRx, Inc. $ Sunesis Pharmaceuticals, Inc. $ Favrille, Inc. $ CryoCor, Inc. $ Icagen, Inc. $ Threshold Pharmaceuticals, Inc. $ Pixelplus Co., Ltd. $ Micrus Corporation $ Avalon Pharmaceuticals, Inc. $ Hoku Scientific, Inc. $ Electro-Optical Sciences, Inc. $ HemoSense, Inc. $ Accentia BioPharmaceuticals, Inc. $ A4S Security, Inc. $ Non-Internet Venture Capital IPOs%Mil


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