There is a huge underwriting group for the size of this offering. Underwriters include BofA Merrill Lynch, Goldman Sachs, Piper Jaffray, Leerink Swann, Canaccord Genuity, William Blair & Company, and Oppenheimer & Co.
Globus is a medical device company focused exclusively on the design, development and commercialization of products that promote healing in patients with spine disorders. It noted, “We are an engineering-driven company with a history of rapidly developing and commercializing products that assist surgeons in effectively treating their patients, respond to evolving surgeon needs and address new treatment options.”
The company claims to have launched over 100 products since its inception in 2003. The company has also grown its sales from $15.6 million in 2004 to $331.5 million in 2011. For the year ended December 31, 2011, Globus had $118.6 million in Adjusted EBITDA, representing an Adjusted EBITDA margin of 36%, and $60.8 million of net income.
While this company is not widely known by the public, it is refreshing to see an IPO filing from a medical technology player that has both growing revenues and profits.
JON C. OGG
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