Orthobiologics company Bioventus is hoping to secure $100 million for its proposed stock offering, according to WRAL Tech Wire.
The company filed an initial public offering with the Securities and Exchange Commission Jan. 19. Bioventus filed an IPO in 2016, but withdrew its application two months later.
Now, the company has stronger revenue — it reported $340.1 million in 2019, representing a 6.5 percent year-over-year increase — and a larger portfolio, which includes products for spinal fusion and other orthopedic procedures.
Despite challenges caused by the COVID-19 pandemic, Bioventus reported a net income of $12.5 million through the third quarter in 2020, according to the report.
The company said it plans to use IPO proceeds for acquisitions, such as CartiHeal, as well as payments of $9.25 million due to Anthony Bihl, who retired as CEO last year.