Swiss dental company vVardis is moving ahead with plans to enter the U.S. public market as healthcare issuers continue to find investor support in a selective IPO environment. The company says first-half revenue more than triples from a year earlier, while losses narrow modestly as it expands sales of its cavity treatment products.
Highlights
- vVardis reports revenue of $28.6 million for the six months ended June 30, 2026, up from $9.1 million a year earlier.
- Net loss narrows to $27.8 million from $32.1 million as vVardis products reach over 20,000 of 110,000 U.S. general dental practices by June 30.
- vVardis files for NYSE IPO under the symbol 'VVVV', backed by OrbiMed and Apollo, with Goldman Sachs and others underwriting amid a selective U.S. IPO market.
Filing details and financial performance
As reported by Reuters, vVardis says in its filing for a U.S. initial public offering that revenue reaches $28.6 million in the six months ended June 30, 2026, up from $9.1 million a year earlier.The Zug, Switzerland-based company posts a net loss of $27.8 million for the period, compared with a net loss of $32.1 million a year earlier. vVardis, founded by sisters and dentists Haley Abivardi and Goly Abivardi, develops non-invasive treatments for early-stage cavities.
The company says its products are sold to more than 20,000 of the roughly 110,000 general dental practices in the United States as of June 30. It plans to use proceeds from the offering for working capital, operating expenses and capital expenditures.
IPO market backdrop and listing plans
The filing arrives as the U.S. IPO market remains selective after a strong start to the year, with investors examining valuations more closely. Analysts say, however, that healthcare and pharmaceutical companies remain relatively insulated from broader macroeconomic uncertainty.vVardis counts OrbiMed, Heartland Dental and affiliates of Apollo Global Management among its backers. Goldman Sachs, J.P. Morgan, William Blair, UBS Investment Bank, Deutsche Bank Securities and Apollo Global Securities are underwriting the offering, and the company plans to list on the NYSE under the symbol "VVVV".
In our earlier article on pre-IPO exposure to Anthropic, we explained why demand for access to the company has been rising even though its private status keeps most investors locked out. We also highlighted how limited liquidity and the lack of a transparent market price can leave holders exposed to valuation risk until a public listing becomes available.
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