Sonendo, which makes a medical device system for less-invasive root canal therapy, announced terms for its IPO on Monday.
The Laguna Hills, CA-based company plans to raise $125 million by offering 7.8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Sonendo would command a fully diluted market value of $459 million.
Sonendo has developed what it states is the first and only FDA-cleared system for root canal therapy (RCT), called the GentleWave System. The system utilizes Sonendo's proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy, and advanced fluid dynamics, to debride and disinfect deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure. The company states that the GentleWave System can also improve the workflow and economics of dental practices. Sonendo began scaling commercialization of its current technology in 2017, and as of June 30, 2021, it had an installed base of over 700 GentleWave Systems and has treated more than 600,000 patients.
Sonendo was founded in 2006 and booked $30 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol SONX. BofA Securities, Goldman Sachs, Piper Sandler, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of October 25, 2021.
