Bioventus Files for IPO

Bioventus Inc. filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. There were no pricing details given in the filing but the offering is valued up to $150 million. The company intends to list its common shares on the NASDAQ Global Market under the symbol BIOV.

The underwriters for the offering are JPMorgan, Piper Jaffray, Stifel, and Leerink Partners.

This is a global medical technology company focused on developing and commercializing innovative and proprietary orthobiologic products for the treatment of patients suffering from a broad array of musculoskeletal conditions. The products address the growing need for clinically effective, cost efficient and minimally invasive solutions that enhance the body’s natural healing processes.

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The company operates its business through four reportable segments: Active Healing Therapies—U.S., Active Healing Therapies—International, Surgical and BMP.

Bioventus currently markets and sells its products in the U.S. and 29 other countries. Its Exogen system and Supartz FX, which accounted for the majority of revenue in 2015, have regulatory approvals to be marketed and sold in the U.S. Additionally, the company also has regulatory approval to market and sell the Exogen system in key international markets, such as the European Union and Canada.

In the filing the company described its finances:

We have grown our total net sales from $232.4 million for the year ended December 31, 2013 to $242.9 million for the year ended December 31, 2014 and to $253.7 million for the year ended December 31, 2015, at a compound annual growth rate, or CAGR, of 4.5%. We have grown our total net sales from $53.4 million for the three months ended March 28, 2015, to $65.4 million for the three months ended April 2, 2016, at an annual growth rate of 22.6%. For the years ended December 31, 2013, 2014 and 2015 and the three months ended March 28, 2015 and April 2, 2016, we had net losses of $22.4 million, $12.9 million, $34.1 million, $21.0 million and $6.0 million, respectively.

The company intends to use its net proceeds to repay indebtedness, as well as for working capital and general corporate purposes.