Globus Medical, which designs products to improve spinal surgery outcomes, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The company has released over 100 products, including surgical devices, disc replacements and biomaterials to promote bone regeneration. In 2011, sales increased 15% to $331 million, while gross margin, after declining 200 bps from 2009 to 2010, dropped a further 200 bps to 79%. Net income was up 12% to $61 million.
The Audubon, PA-based company, which was founded in 2003, plans to list on the NYSE under the symbol GMED. BofA Merrill Lynch, Goldman Sachs and Piper Jaffray are the joint bookrunners on the deal.
