Bioventus Files for $150MM IPO
Bioventus registered for an initial public offering it plans to use to pay off debt. The IPO registration put a placeholder amount of $150MM, but that number is likely to change when Bioventus prices the flotation, according to the company.
Bioventus formed in 2012 when Smith & Nephew spun out its biologics and clinical therapies division in a joint venture with Essex Woodlands, a venture capital firm.
The business has grown since the spinout, which in 2010 reported $44MM in profits on $223MM in sales. Bioventus said sales grew 4.4% to $253.7MM last year, but losses widened by 7.4%, to $4MM. Second quarter losses also widened, rising 9.3% to $1MM on sales growth of 22.6% to $65.4MM, according to the IPO registration.
Bioventus introduced two new products at this year's AAOS, and acquired BioStructures in 3Q15. In 4Q14, Bioventus acquired the OsteoAMP product line from Advanced Biologics.
Source: Mass Device, ORTHOWORLD