Sonendo, which makes a medical device system for less-invasive root canal therapy, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Sonendo has developed what it states is the first and only FDA-cleared system for root canal therapy (RCT), called the GentleWave System. The system utilizes Sonendo's proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy, and advanced fluid dynamics, to debride and disinfect deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure. The company states that the GentleWave System can also improve the workflow and economics of dental practices. Sonendo began scaling commercialization of its current technology in 2017, and as of June 30, 2021, it had an installed base of over 700 GentleWave Systems and has treated more than 600,000 patients.
The Laguna Hills, CA-based company was founded in 2006 and booked $30 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol SONX. BofA Securities, Goldman Sachs, Piper Sandler, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
