Globus Medical IPO watch: Medical device company Globus Medical filed the IPO (initial public offering) registration statement with the Securities and Exchange Commission on May 8, 2012. According to the prospectus, the company and the selling shareholders will sell Class A common stock in this public offering. The company intends to apply to list its Class A common stock on the New York Stock Exchange under the symbol “GMED“. Globus Medical intends to use the net proceeds from this offering for working capital and general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs and Piper Jaffray are acting as the lead underwriters for the public offering. The Globus Medical IPO underwriting syndicate also includes Leerink Swann, Canaccord Genuity, William Blair and Oppenheimer.
Globus Medical, founded in 2003, is an engineering-driven medical device company focused exclusively on the design, development and commercialization of products that promote healing in patients with spine disorders. The company’s products principally fall into two categories: innovative fusion or disruptive technologies.
Globus Medical has a high growth history. The company grew its sales from $122.64 million in 2007 to $331.5 million in 2011. For the year ended December 31, 2011, Adjusted EBITDA reached $118.6 million, representing an Adjusted EBITDA margin of 36%, and $60.8 million of net income. The company booked $94.7 million in sales for the three months ended March 31, 2012 compared with the same period of the prior year, representing an increase of 21%.
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Globus Medical IPO