LDR is a global medical device company focused on designing and commercializing surgical technologies for the treatment of patients suffering from spine disorders.
LDR announced its proposal for an initial public offering in September 2013 to raise $75 million by offering 5 million shares for $14 to $16 each. And in April, the company announced plans to raise $25 million in a secondary public offering.
Several device companies have taken the IPO route recently, including K2M, which filed for an IPO in March and recently announced the terms of the offering. Biomet also filed for an IPO in March and was subsequently acquired by Zimmer for $13.4 billion.
Here are five things to know about LDR and its follow-on public offering:
1. The company will expand its offering to 1.3 million shares, up from the 900,000 shares it announced in April. The stock's current share price of $27.90 would result in $32.1 million in capital, according to an Austin Business Journal report.
2. The new capital could be used to grow the company's sales, marketing and research and development, according to the Austin Business Journal report. The money may also be used for investments in outside technology or to acquire complementary businesses.
3. The company announced a net loss of $3.5 million in the first quarter of 2014, down from the same period last year when the company suffered a net loss of $2.6 million. LDR's revenues for Q1 2014 reached $31.1 million, up from its revenues in Q1 of 2013, which reached $25.8 million.
"Our exclusive technology products grew at a strong rate again this quarter, aided by the availability of Mobi-C in the U.S. market, and higher revenues in both our cervical and lumbar product lines," said Christophe Lavigne, president and CEO.
The Mobi-C is the first cervical disc replacement device approved by the FDA for both one- and two-level indications.
4. LDR's primary products are based on its VerteBRIDGE fusion and Mobi non-fusion technology platforms. These are designed for applications in the cervical and lumbar spine.
Recently, a clinical trial examined the Mobi-C and found that ACDF patients with kyphotic C2-C7 angle at 24 months had significantly worse outcomes in NDI score, satisfaction and SF-12 Mental Component Score than those with lordic C2-C7.
The results of the trial were published and the paper won the International Society for the Advancement of Spine Surgery's Charles D. Ray Award for Best Clinical Paper.
5. LDR, headquartered in Troyes, France and Austin, Texas, has an international presence, with direct offices in five countries — France, Brazil, the U.S., China and South Korea. The company was founded on 2000, with LDR Spine USA being established in 2004.
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