Mako Surgical registers for IPO |
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Wed, 19 Sep 2007 12:50
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FORT LAUDERDALE, Fla. (AP) - Medical device company Mako Surgical Corp. plans an initial public offering of its common stock, according to a filing Wednesday with the Securities and Exchange Commission.The company did not disclose the estimated number or price range of shares to be offered, but indicated the offering price could total up to $86.3 million. It said the total offering price was estimated solely to calculate its registration fee and may change.Mako makes robotic devices and implants for minimally invasive orthopedic knee procedures. The company said 79 procedures have been performed using its robotic system since commercial introduction in June 2006.For the six months ended June 30, Mako widened its net loss after paying preferred dividends of $9.2 million, up from $4.7 million in the prior-year period. During the same period, the company increased its revenue to $205,943 from $4,665.Mako plans to use some of the net proceeds of the IPO to make a $4 million payment to International Business Machines Corp., under the terms of its licensing agreement with the company.JP Morgan Securities and Morgan Stanley are serving as the IPO's lead underwriters. Cowen and Co. and Wachovia Capital Markets are also underwriting the offering.Mako plans to list its shares on the Nasdaq Stock Market under the symbol 'MAKO.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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