07.01.15
Bedford, Mass.-based orthopedic implant firm ConforMIS Inc. is going public with an initial public offering (IPO) on Wednesday, July 1.
When the IPO was announced, the company's initial target range was 9,000,000 shares of common stock at a price of $14.00-$16.00 per share, raising between $126 million and $144 million. On July 1, the company announced an offering price of $15.00 per share, before underwriting discounts.
The company will trade on Nasdaq under the "CFMS” symbol.
J.P. Morgan and Deutsche Bank Securities served as the underwriters for the IPO and Wells Fargo Securities and Canaccord Genuity were co-managers. All of the shares in the offering are being sold by ConforMIS. In addition, ConforMIS has granted the underwriters an option to purchase up to 1.35 million additional shares of common stock at the public offering price, less the underwriting discount.
The company expects to net about $121 million in proceeds from the IPO and use it to expand the company's manufacturing capacity, sales, research and development, clinical activities, and to fund working capital and for general corporate purposes. ConforMIS officials said they also might use some proceeds to acquire other companies or to buy or license technologies that complement the company’s, though the firm hasn’t committed to any such deals.
ConforMIS provided the following description of the company for the IPO: “We are a medical technology company that uses our proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants that are individually sized and shaped, which we refer to as customized, to fit each patient’s unique anatomy.
The worldwide market for joint replacement products is approximately $15 billion annually and growing, and we believe our iFit technology platform is applicable to all major joints in this market. We believe we are the only company offering a broad line of customized knee implants designed to restore the natural shape of a patient’s knee. We have sold a total of more than 30,000 knee implants in the United States and Europe. In recent clinical studies, iTotal CR, our cruciate-retaining total knee replacement implant and best-selling product, demonstrated superior clinical outcomes, including better function and greater patient satisfaction compared to off-the-shelf implants. We recently initiated the limited launch of iTotal PS, our posterior-stabilized total knee replacement implant which addresses the largest segment of the knee replacement market. We expect to submit an application for clearance of iTotal Hip, our first customized hip replacement implant, with the U.S. Food and Drug Administration, or FDA, in 2015.”
ConforMIS was founded in 2004. For the 2014 fiscal year, ConforMIS reported total revenue of $48.2 million, an increase of 39 percent on a reported basis compared to $34.6 million in 2013. To date, the company has sold more than 30,000 knee implants in the United States and Europe.
When the IPO was announced, the company's initial target range was 9,000,000 shares of common stock at a price of $14.00-$16.00 per share, raising between $126 million and $144 million. On July 1, the company announced an offering price of $15.00 per share, before underwriting discounts.
The company will trade on Nasdaq under the "CFMS” symbol.
J.P. Morgan and Deutsche Bank Securities served as the underwriters for the IPO and Wells Fargo Securities and Canaccord Genuity were co-managers. All of the shares in the offering are being sold by ConforMIS. In addition, ConforMIS has granted the underwriters an option to purchase up to 1.35 million additional shares of common stock at the public offering price, less the underwriting discount.
The company expects to net about $121 million in proceeds from the IPO and use it to expand the company's manufacturing capacity, sales, research and development, clinical activities, and to fund working capital and for general corporate purposes. ConforMIS officials said they also might use some proceeds to acquire other companies or to buy or license technologies that complement the company’s, though the firm hasn’t committed to any such deals.
ConforMIS provided the following description of the company for the IPO: “We are a medical technology company that uses our proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants that are individually sized and shaped, which we refer to as customized, to fit each patient’s unique anatomy.
The worldwide market for joint replacement products is approximately $15 billion annually and growing, and we believe our iFit technology platform is applicable to all major joints in this market. We believe we are the only company offering a broad line of customized knee implants designed to restore the natural shape of a patient’s knee. We have sold a total of more than 30,000 knee implants in the United States and Europe. In recent clinical studies, iTotal CR, our cruciate-retaining total knee replacement implant and best-selling product, demonstrated superior clinical outcomes, including better function and greater patient satisfaction compared to off-the-shelf implants. We recently initiated the limited launch of iTotal PS, our posterior-stabilized total knee replacement implant which addresses the largest segment of the knee replacement market. We expect to submit an application for clearance of iTotal Hip, our first customized hip replacement implant, with the U.S. Food and Drug Administration, or FDA, in 2015.”
ConforMIS was founded in 2004. For the 2014 fiscal year, ConforMIS reported total revenue of $48.2 million, an increase of 39 percent on a reported basis compared to $34.6 million in 2013. To date, the company has sold more than 30,000 knee implants in the United States and Europe.