Globus Medical wants to raise $100M in IPO

Globus Medical filed plans to raise $100 million through a initial public stock offering. The Audubon, Pa., medical-device company specializes in products used in spinal surgery.Globus Medical, according to a filing with the Securities and Exchange Commission, generated sales of $331 million last year and recorded a net income of just under $60.8 million. IN 2010, it had sales of $288 million and a profit of $54 million.
The SEC filing did not disclose how many shares, or the price per share, of stock Globus Medical intends to sell to the public.The company is lead by founder and CEO David C. Paul. Paul was previous director of product development of Synthes Spine of West Chester, Pa. Before that he was a research engineer in biomaterials research at Temple University .I sat down with Paul, a native of India back in 2007, when he detailed his company strategy for competing in the then $4 billion spinal implant market.In its SEC filing, the company now says it competes in the $10 billion worldwide spine market, which consists of the $5.9 billion spinal fusion market and the $4.1 billion disruptive technologies market.Globus Medical has introduced more than 100 products — a variety of plates, screws and rods and the tools surgeons use to install them; minimally invasive surgery instruments, biomaterials, which are either synthetically made or derived from donor bone and used to help stimulate bone growth; and movement preservation implants — since its inception in 2003. The company said it intends to continue to launch five to 10 products in each of the next three years.Earlier this month, the company and Paul reached an agreement with the Food and Drug Administration to resolve a complaint alleging a former Globus Medical product known as NuBone was sold without getting approval from the agency
Source: John George.Philadelphia Business Journal..