Thursday, June 18, 2015

News: ConforMIS sets terms for $135m IPO

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ConforMIS today set the terms for its forthcoming initial public offering, saying it plans to float 9 million shares at $14 to $16 apiece.
At the midpoint of the range, the IPO would fetch $135 million.
Bedford, Mass.-based ConforMIS said last month that the IPO could bring in as much as $172.5 million.
The company plans to trade on the NASDAQ exchange under the “CFMS” symbol. The company originally filed confidentially March 20, according to the SEC.
The company plans to file for FDA approval of its customized hip implant this year, according to a regulatory filing.
“We expect to submit an application for clearance of iTotal Hip, our 1st customized hip replacement implant, to the U.S. Food & Drug Administration, or FDA, in 2015,” ConforMIS said.
J.P. Morgan and Deutsche Bank are the joint bookrunners on the IPO.
ConforMIS said it employs 86 sales reps in the U.S., Germany and the U.K. The company reported sales of $48.2 million last year, a 39% increase over 2013, and said 1st-quarter revenues were $14.7 million, up 36% over Q1 2014.
Last month ConforMIS and Wright Medical (NSDQ:WMGIburied the hatchet in a patent infringement dispute over customized instrumentation technology.
Published at Mass Device

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