During the first quarter of 2020, a total of 153 financings brought $13.2 billion into the med-tech industry, representing a 20% drop from the first quarter of 2019, but still significantly above all of the other quarters since 2017. The number of private financings appears to be climbing in comparison with recent years, and some large notes offerings have placed private raises of public companies on top. In contrast, IPOs and follow-on offerings are way down from previous quarters.