MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Spinal firm K2M aims for $100M IPO

Spinal firm K2M aims for $100M IPO

By

Spinal firm K2M aims for $100M IPO

Spinal surgery devices maker K2M Group Holdings hopes to raise as much as $100 million through its impending initial public offering, according to registration documents filed with the SEC.

The Virginia -based company has yet to reveal per-share pricing and other details of the IPO, but has said that it hopes to use the funds to wipe out some debts and pay out some dividends. The company said that it owes about $22.3 million in outstanding debt on its shareholder notes, $23.5 million on an outstanding credit facility and $15.7 million in unpaid dividends on Series A and B preferred stock.

K2M has long been the largest privately held spinal implants maker, but announced earlier this year plans to go public at long last. There is still no sense of timing for the IPO, but the company has said in the past that it’s waiting for the right market conditions.

"I really believe we positioned the company very well now, so that when those medtech markets open up, I think we are well-positioned for an [initial public offering]. I think that’s one of the obvious potential next steps for the organization,"K2M co-founder, president & CEO Eric Major told MassDevice.com in an interview last year.

K2M will trade on the Nasdaq exchange under the KTWO ticker following the IPO.

In case you missed it

RSS From Medical Design & Outsourcing

  • More than 50 medtech testing sites win FDA pilot accreditation
    The FDA announced today that more than 50 laboratory sites were chosen to participate in its program for streamlined regulatory reviews. In total, 53 sites made the FDA’s initial list for participation in its Accreditation Scheme for Conformity Assessment (ASCA) program, which will set out to support more streamlined regulatory reviews of medical device market… […]
  • Medline Industries up for sale?
    Medline Industries is looking for a buyer in a deal that could be worth $30 billion, according to a report in the Wall Street Journal. The Journal cites “people familiar with the matter” saying that Northfield, Ill.-based Medline has hired Goldman Sachs to manage the process. The people added that the company might alternatively seek… […]
  • Micro to add plant in Costa Rica
    Contract manufacturer Micro today announced plans to open a new plant in Costa Rica. The 32,000 ft² facility will significantly increase Micro’s cleanroom assembly capacity, according to the Somerset, N.J.-based company. It will be located in the Zona Franca Metro business park and is expected to open in late 2021 with operations beginning in 2022.… […]
  • Survey shows solid medical device industry performance despite pandemic
    By Stewart Eisenhart, Emergo Group Medical device and IVD manufacturers report healthy performance over the course of 2020, but also faced significant operational and regulatory challenges related to the coronavirus pandemic. Get the full story here at the Emergo Group’s blog. The opinions expressed in this blog post are the author’s only and do not… […]
  • Cardinal Health wins $58M federal PPE contract
    Cardinal Health (NYSE: CAH) today said it has won a $57.8 million contract from the U.S. Dept. of Health and Human Services to support the Strategic National Stockpile. The Dublin, Ohio-based company received the contract, which includes options that if exercised by the HHS could reach $91.6 million, to store and distribute 80,000 pallets of… […]
  • Qosina adds single-use bioprocessing devices
    Qosina this week launched its product line for the single-use bioprocess industry. The new product line includes tube-to-tube bard connectors, luer fittings, check valves, tubing pinch clamps, tubing, steam thru connectors and more. Get the full story on our sister site, Medical Tubing + Extrusion. The post Qosina adds single-use bioprocessing devices appeared first on […]
  • Could BrainCheck’s simple test help COVID long-haulers?
    BrainCheck‘s eponymous mobile neurocognitive test can detect dementia and concussion. But it has a new application: post-COVID brain fog. Developed by neurologists at Baylor College of Medicine’s Eagleman Laboratory for Perception and Action, BrainCheck carries an FDA Class II Software as a Medical Device (SaMD) designation and can be used on a tablet or laptop… […]
  • XL Precision Technologies holding an April 28 webinar about laser tech
    XL Precision Technologies is holding an online webinar on April 28 at 8 a.m. Eastern time (1 p.m. U.K. time) about laser technology in medical device manufacturing. Register for the webinar here: https://bit.ly/XL-MER-Webinar2 Stockton-on-Tees, U.K.–based XL Precision Technologies provides laser welding, laser cutting of fine tubes and flat material and laser etching of components. It’s… […]
  • Medical device companies put $3.6 billion in docs’ pockets, study finds
    Medtech companies paid $3.62 billion for access to physicians — 10% more than drug companies did — from 2014 to 2017, according to new research. Device company payments to surgical specialists were significantly more tied to the surgeons’ Medicare billing than payments from drug companies to specialists, according to the study, which appears in the… […]
  • FDA slaps Class I label on rapid infuser recall
    The FDA today declared that the recall of an emergency infusion device kit is the most serious type. The recall covers three models of disposable sets made by Smisson-Cartledge Biomedical for its ThermaCor 1200 rapid infuser, which is used for fluid or bolus delivery. The system is made of a footswitch for hands-free fluid control,… […]
  • Cretex breaks ground on new plant north of Minneapolis
    Cretex Cos. last week broke ground on a new 245,000 ft2 medical device contract manufacturing plant in Brooklyn Park, Minn. Elk River, Minn.–based Cretex plans to complete facility construction by the end of the year. The company expects the facility by the end of 2022 to house its stamping, molding and tool design — and… […]

Leave a Reply