Inspire Medical Systems, which spun out from Medtronic (NYSE:MDT) in 2007 and creates devices for treating obstructive sleep apnea, said last Friday it is looking to launch an initial public offering that could bring in as much as $86.3 million for the company.
Inspire Medical developed and produces a sleep apnea implant, a pacemaker-like system designed to stimulate nerves to keep airways open during sleep.
The Minneapolis-based company said it plans to offer shares under the NYSE ticker symbol “INSP”.
Last year, the company reported sales of $28.6 million and approximately $22.6 in gross profit, with $17.5 million in net losses, down from a reported $18.5 million in net losses reported in 2016.
The company has not yet said how many shares it plans to float in the offering. BofA Merrill Lynch and Goldman Sachs & Co are acting as underwriters for the offering, according to an SEC filing.
In November 2016, Inspire Medical closed a $37.5 million Series F financing round, as well as announcing the appointment of Marilyn Nelson to the board of directors.