S&P upgrades Viant Medical

S&P said it raised its ratings on Viant Medical Holdings Inc. and its first-lien debt to B- from CCC+. It also upgraded the second-lien debt rating to CCC from CCC-.

“Viant demonstrated solid operating performance in the first half of 2023, which will likely persist over the near term. A sharp rebound in medical procedures and abating industry-wide headwinds resulted in Viant's revenue jumping 24% in the first half of 2023 compared to the first half of 2022. It resulted in higher-than-expected revenue growth and margin improvement. The strong growth stems from increased demand for medical procedures as Covid-19 moved to an endemic stage, trickling down to the demand for the company's contract manufacturing services, as well as the company's new product wins,” S&P said in a press release.

The agency said it does expect revenue growth rate to moderate in the second half of 2023 and the procedure backlog to be mostly fulfilled by the second half of 2023, leading to more normalized industry demand patterns in 2024.

The outlook is stable.

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