ProteinSimple Files to Go Public
ProteinSimple introduced its first product in 2006 and grew its installed base with its 2009 acquisition of Alpha Innotech (see IBO 9/15/09), a provider of imaging systems. The company’s Simple Western product line, consisting of four products, automates and simplifies Western blotting utilizing capillary electrophoresis. The Biologics product line consists of the iCE3 for measuring protein-charge heterogeneity and the MFI (microflow imaging) system for particle characterization. The Americas; Europe, the Middle East and Africa; and Asia Pacific accounted for 59%, 26% and 15% of 2013 revenues, respectively.
Santa Clara, CA 5/1/14; Washington, DC 5/1/14—ProteinSimple, a provider of systems and consumables for protein analysis, has announced the filing of a registration statement with the SEC for an IPO. The company’s common stock will be listed on the NASDAQ Global Stock Market under the symbol “PRTN.” The number of shares to be offered and price range have not yet been determined. Company revenues grew 26.8% in 2013 to $51.1 million (see page 12), of which 15%, 7% and 5% of the growth was due to higher sales of instruments, consumables sales and extended warranty contracts, respectively. In 2013, the company recorded its first annual operating profit of $1.8 million, compared to an operating loss of $4.0 million in 2012. The company’s product lines include Simple Western systems for the quantification of protein expression, Biologics systems for examining the structure and purity of biologics, and digital-imaging systems. ProteinSimple has an installed base of more than 14,000 systems, including 330 Simple Western systems and 950 Biologics systems. In 2013, 43% of revenue was from outside the US, 85% was from biopharmaceutical customers, and 33% came from recurring sources.
