Business Bites: K2M files for $100m IPO; STAAR's toric lens gets panel thumbs-up
This article was originally published in Clinica
Spinal device specialist K2M is taking a punt on the public markets, hoping to raise $100m in an initial public offering. The firm did not give details about how many shares it plans to sell or at what price. If successful, Leesburg, Virginia-based K2M will list on Nasdaq under the ticker symbol KTWO. Founded in 2004, the company sells 57 different product lines related to the repair of the spine and booked revenues of $157.6m in 2013, up 17% year-on-year. The firm’s flagship MESA technology accounted for 35% of these sales. K2M believes its products are less invasive and allow simpler surgery than rival spinal devices, it said in a filing with the US Securities and Exchange Commission. It appears to be nearing break-even point, narrowing its net loss to $8.3m last year, from $13.0m in 2012.