Key facts
- Centinel Spine posted net income of $10.2 million on revenue of $85.2 million for the six months ended June 30.
- The company develops replacement discs designed to preserve movement in the cervical and lumbar spine.
- Centinel Spine plans to list its shares on NYSE under the symbol “CNTL.”
- Morgan Stanley, Goldman Sachs, Piper Sandler, Canaccord Genuity and BTIG are underwriting the offering.
Medical device maker Centinel Spine disclosed a rise in revenue in its IPO filing on Wednesday, against an uncertain backdrop for the fall IPO market. Rising bond yields and persistently high interest rates have dampened investor appetite and prompted several major companies to delay their listings.
The West Chester, Pennsylvania-based company posted net income of $10.2 million on revenue of $85.2 million for the six months ended June 30, compared with a net loss of $503,000 on revenue of $60.1 million a year earlier. Centinel Spine develops replacement discs designed to preserve movement in the cervical and lumbar spine, offering an alternative to spinal fusion. Its prodisc platform has been used in more than 300,000 implantations worldwide and is supported by more than 590 peer-reviewed clinical papers. As of June 30, the company’s U.S. commercial network included 48 sales-management and clinical-support professionals and more than 400 distributors.
Centinel Spine plans to use the offering proceeds to repay debt and invest in its sales infrastructure, patient-awareness programs, and clinical trials. Morgan Stanley, Goldman Sachs, Piper Sandler, Canaccord Genuity and BTIG are underwriting the offering. The company plans to list its shares on NYSE under the symbol “CNTL.”