Invuity today laid down the terms of an initial public offering worth up to $60 million.
The San Francisco-based surgical lighting maker said it plans to offer 4 million shares at $14 to $16 each, listing under the "IVTY" symbol on the NASDAQ exchange.
At the midpoint of the proposed range, Invuity would command a fully diluted market value of $207 million and an enterprise value of $144 million, according to a regulatory filing. Piper Jaffray, Leerink Partners, Stifel and William Blair are backers on the deal, which is expected to price during the week of June 8.
Invuity said its initial marketing efforts are focused on orthopedics, spine, breast oncology, plastics and thyroid surgical specialties, but that its devices have broader indications and can be marketed to other specialties with little to no additional regulatory clearance. Invuity currently makes over 40 different devices.
"We integrate our Intelligent Photonics technology platform into our single-use and reusable advanced surgical devices to address some of the critical intracavity illumination and visualization challenges facing surgeons today. We utilize our proprietary Intelligent Photonics technology to develop optical waveguides that direct and shape thermally cool, brilliant light into broad, uniform and volumetric illumination of the surgical target," the company said in an SEC filing.
"We currently estimate the annual total addressable market for our devices in these surgical specialties in the United States to be approximately $2 billion, based on the estimate of our average revenue per procedure," according to the filing.
Invuity said it sold lighting devices to about 350 hospitals during the 4th quarter last year, up from 150 during the same period in 2013. The company estimated that its devices have been used in some 74,000 procedures, based on the number of single-use units it’s shipped.