Invuity (NSDQ:IVTY) said today it drew a $10 million tranche from a term loan with MidCap Financial, its 2nd to date.
The loan facility with MidCap requires the company meet certain net revenue requirements, which the San Francisco-based company said it has adjusted in an amended agreement. The company received the 1st tranche of $20 million from the facility in March.
“We appreciate MidCap’s ongoing support of Invuity as we continue to scale the business,” CEO Philip Sawyer said in a press release.
The loan also consists of a $10 million revolver, which Invuity drew $3.5 million from on June 30. The revolver can be increased to $20 million at a later date, Invuity said.
In July, Invuity saw shares fall after the medical device maker missed expectations on Wall Street with its 2nd quarter earnings results.