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Halcyon Medical Devices · HLCN
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDEMO DATA — fictional company with illustrative numbers.
Diversified maker of cardiac and orthopedic implants with sticky surgeon relationships.
Recommendation
HOLD
2 core test(s) failed
Credit score
98 / 100
Low
Base IRR
7.1%
vs hurdle 12.0%
Downside IRR
3.8%
performing
Severe recovery
100%
IRR -3.5%
Net leverage
2.0x
FY2025A
EBITDA / interest
5.69x
FY2025A
Overview
| Sector / industry | Healthcare / Medical Devices |
| Headquarters | Minneapolis, MN |
| Revenue (FY2025A) | $1.4B |
| EBITDA (FY2025A) | $336M |
| Total debt (face value) | $900M |
| Cash | $220M |
| Net debt | $680M |
| Asset / collateral base | $1.8B |
| Enterprise value (assumed multiple) | $4.4B |
Investment thesis UNDERWRITING ASSUMPTION
Defensive, cash-generative credit with ample asset and enterprise-value coverage. The 2031 notes at a ~4-pt discount offer a mid-single-digit-plus yield with strong downside protection.
| Instrument | Senior Notes 5.90% |
| Face value / purchase price / cash investment | $100M / 96.5 / $97.0M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 6.1% · 6.7% |
Key protections
- Pull-to-par on discounted notes
- Deleveraging below 2x through FCF
- Procedure volume tailwind
Key risks
- Reimbursement or tariff pressure
- Product recall / litigation
- Debt-funded M&A
Key catalysts
- FDA clearance of next-generation implant
- Investment-grade upgrade path
Data-quality notes
- All figures are fictional and illustrative.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Halcyon Medical Devices — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Halcyon Medical Devices — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |