Some initial public offerings (IPOs) are considered a huge success if the stock appreciates more than about 20% on its IPO date. To some, though, that’s an unsuccessful launch from the company’s point of view because the firm left a lot of money on the table. But what about an IPO that prices below its expected range and then posts a modest gain on its first trading day?

That is the situation with Trivascular Technologies Inc. (NASDAQ: TRIV), which sold 6.5 million shares at $12 a share Wednesday morning, below its expected price range of $13 to $15. The company makes medical devices to treat abdominal aortic aneurysms. The company plans to use about $4.6 million of the proceeds to pay off a note to Boston Scientific. The remainder of the proceeds will be used to expand Trivascular’s sales and marketing efforts for its Ovation stent system.

Underwriters for the offering are J.P. Morgan and Credit Suisse. The company’s revenues rose from around $5.4 million in 2012 to $19.5 million in 2013. Net losses rose too, from $43.3 million to $50.3 million. Among its competitors are Medtronic Inc. (NYSE: MDT) and Endologix Inc. (NASDAQ: ELGX).

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Investors are wary of the increased expenditures in marketing, considering the company has already piled up nearly $240 million in debt. The potential market for the product is expected to rise from $1.4 billion in 2012 to $1.6 billion in 2016. But the competition is stiff and Trivascular faces an uphill battle.

Shares were up 3.5% in the noon hour on Wednesday to $12.42, after trading in a range of $11.17 to $12.54 on its opening day.

Quotient Ltd., a commercial-stage medical diagnostics firm, was also expected to fire off its IPO Wednesday, but that does not appear to be an expectation met by action. There is always tomorrow.

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