Solta Medical, an aesthetic medical device maker being spun out of Bausch Health, withdrew its plans for an initial public offering on Monday. It originally filed in February 2022 with an estimated deal size of $200 million. The company had not updated its prospectus since then.
Another Bausch Health spin-off, eyecare company Bausch + Lomb (BLCO) went public this past May and last closed -18% below its offer price.
Solta Medical describes itself as a leading global aesthetic medical device company. Its brands include Thermage, Clear + Brilliant, Fraxel, and VASER, which have a combined installed base of more than 13,800 systems, and a presence in approximately 50 countries as of December 31, 2020.
The Vaughan, Canada-based company was founded in 1995 and booked $306 million in sales for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol SLTA. Goldman Sachs, Morgan Stanley, Citi, Guggenheim Securities, Barclays, and Evercore ISI were set to be the joint bookrunners on the deal.
