Spinal Elements filed to go public with a $100 million IPO. Proceeds will support debt refinancing and investments in growth. The company will trade on NASDAQ as SPEL.
Founded in 2003, Spinal Elements was one of the first companies to use PEEK as a material for interbody devices. The company was also the first to get FDA 510(k) clearance for a PEEK interbody, the first with a stand-alone cervical device, and the first to apply a titanium surface coating onto PEEK interbody devices (Ti-Bond®).
The company posted 2018 and 2019 revenue of $90.8 million and $95.9 million, respectively, +5.6% year over year. For 1H20, the company posted revenue of $42.7 million, -7.3% vs. 1H19, with the loss attributed to delays in elective surgical procedures caused by the COVID-19 pandemic.
Spinal Elements and Amendia joined to form one company in 2017. Its leadership team brings experience from Alphatec, Benvenue Medical, Medtronic Sofamor Danek, NuVasive, Smith & Nephew, Stryker and Zimmer Biomet.
Key products include the Karma posterior fixation device, Katana retractor and access system, Lucent XP PEEK Expandable Interbody, OmegaLIF Posterior Oblique Access and Interbody Device, Sapphire X Anterior Cervical Plate (slated for launch by year-end) and the TeleGraft Bone Graft Delivery System (next-gen version also slated for 2020 launch.