Symmetry Medical Scales Back its Proposed IPO
BY JOHN MCCORMICK, NOVEMBER 22, 2004
In an SEC filing on Wednesday of last week Symmetry Medical, Inc. reduced the number of shares it plans to offer from ten million to eight million. Pricing is set at the $13 to $15 per share range according to the new registration statement.
While Symmetry represents an additional opportunity for the public to invest in an orthopedic device manufacturer, it is an entirely different animal from the likes of Wright Medical or Stryker. As we pointed out in our 06.07.04 article, the company is a supplier to the industry with significant revenue concentration and should be evaluated on a different basis.
This filing has been hanging out there since May which is long enough to allow new data to be incorporated into the registration statement. Of note, the nine month pro forma revenues and earnings show significant growth from the prior year.
