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Warsaw Had Filed with The SEC for a Proposed an Initial Public Offering of Common Stock.

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Core prompt: Warsaw, IN–based medical device manufacturer Biomet Inc. announced on March 7 that it had filed with the Securities and Exchange Commi

Warsaw, IN–based medical device manufacturer Biomet Inc. announced on March 7 that it had filed with the Securities and Exchange Commission (SEC) for a proposed an initial public offering of common stock.

The announcement states that the number of shares to be offered and the price range for the proposed offering have not yet been determined. But according to a report on Reuters, the firm seeks to raise $100 million from the IPO.

Biomet expects to use the net proceeds of the offering primarily to reduce outstanding indebtedness, according to the release. In its second quarter fiscal year 2014 results, the company reported net outstanding debt of over $5.7 billion.

Those second-quarter results also detailed net worldwide sales of approximately $826 million, which the company said was a 4.5 percent year-on-year increase. Excluding special items, Biomet's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) during the second quarter of fiscal year 2014 totaled $293.8 million, which compares with $288.2 million for the second quarter of fiscal year 2013.

The company, which was founded in 1977,  had been taken private in 2007 by a consortium of investment firms including Goldman Sachs Group Inc, Blackstone Group LP, KKR & Co LP, and TPG Capital LP. The total buyout price of $11.4 billion was accomplished with a tender offer of $46.00 per share.

Biomet designs, manufactures, and markets products primarily into the orthopedic, spinal, and dental products segments of the device industry. The company says its product portfolio includes reconstructive products, fixation products, spinal products, and other products such as arthroscopy products and soft goods, and bracing products.

The reconstructive products include orthopedic joint replacement devices, bone cements and accessories, autologous therapies and dental reconstructive implants.

Biomet's fixation products include electrical bone growth stimulators, internal and external orthopedic fixation devices, craniomaxillofacial implants, and bone substitute materials.

The company's offerings into the spinal segment include spinal stimulation devices, spinal hardware, and orthobiologics.

Biomet says that it and its subsidiaries currently sell into more than 90 worldwide markets.

Stephen Levy is a contributor to Qmed and MPMN.

 
keywords: Health, Medicine
 
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