Implant system maker Spinal Elements files for $100M Nasdaq IPO (Fierce Biotech)
Spinal Elements, maker of a wide range of implants and products for minimally invasive spine procedures, has filed to go public with a $100 million Nasdaq IPO.
The proceeds will primarily be used to refinance and pay down its debts, according to the company’s prospectus filed with the Securities and Exchange Commission, followed by investments in growing its business. The exact pricing terms of the offering have not been disclosed and it plans to list on the stock exchange under the ticker "SPEL."
As of June 30, the company said it owed about $138.9 million in a combined principal amount of outstanding debts. Total revenue for 2018 and 2019 topped $90.8 million and $95.9 million, respectively, for a growth rate of about 5.7%. But over the first six months of 2020, the company brought in $42.7 million, a decrease of about 7.3% compared to the same period the year before, largely due to delays in elective surgical procedures caused by the COVID-19 pandemic.
At the same time, the company posted net losses of $45.8 million in 2018 and $42.8 million in 2019, as well as $25.4 million for the first half of th...
