Medical device company Tornier plans to raise $205 million in an initial public offering, according to a filing with the U.S. Securities and Exchange Commission.
The Netherlands-based company, which has its U.S. headquarters in Edina, is seen as one of the leaders in developing orthopedic products for surgeons who treat musculoskeletal injuries and disorders of the shoulder, wrist, hand, foot, elbow and ankle.
This niche, overlooked in the past by major orthopedics companies, has been seen by some analysts as a growth area, especially as baby boomers get older.
"Tornier specifically focuses in that niche market," said Kevin Flewwelling, an orthopedics manager at Millennium Research Group. "It has done a good job of establishing itself."
The company's sales were about $201.5 million last year, with 57 percent of revenue from the U.S. market. Sales in 2009 were up about 14 percent compared to 2008, Tornier said.
The company claimed it held the No. 1 market position in foot and ankle joint replacement system sales in the U.S. last year and the No. 2 market position worldwide for sales of shoulder joint replacement products.
But the company has not been profitable, reporting net losses for the last three years. Tornier said last year's net loss was $55.7 million. The company said it had 769 employees at the end of last year, with 157 U.S. employees.
Tornier joins a short list of Minnesota companies to file or complete IPOs this year. The company listed investment bank and securities firm Piper Jaffray as its IPO's lead manager.
