Orthobiologics maker Bioventus yesterday registered for an initial public offering it plans to use to pay off debt.
Durham, N.C.-based Bioventus was formed in 2012 when Smith & Nephew (NYSE:SNN) spun out its biologics and clinical therapies division in a joint venture with venture capital firm Essex Woodlands. In October 2014 Bioventus acquired the OsteoAMP product line from Advanced Biologics for an undisclosed amount; late last year the company added BioStructures, a developer of absorbable bone grafts, also for an undisclosed amount. In January Bioventus named former Medtronic (NYSE:MDT) CEO Bill Hawkins as chairman. The company tapped the CEO of Abiomed (NSDQ:ABMD), Mike Minogue, for a seat on the board last week.
The company’s IPO registration put a placeholder amount of $150 million, but that number is likely to change when Bioventus prices the flotation.
The business has grown since the spinout from Smith & Nephew, which in 2010 reported $44 million in profits on $223 million in sales. Yesterday Bioventus said sales grew 4.4% to $253.7 million last year, but said losses widened by 7.4% to -$4.0 million.
Second-quarter losses also widened, rising 9.3% to -$1.0 million on sales growth of 22.6% to $65.4 million, according to the IPO registration.
Bioventus plans to list its shares on the NASDAQ exchange under the “BIOV” symbol.