Centinel Spine ($CNTL) just filed for an IPO. West Chester, PA-based pure play in total disc replacement for cervical and lumbar disease, with FDA approvals for multiple prodisc devices. Record Q2 202

The numbers tell a growth story: ninth straight adjusted EBITDA-positive quarter, third consecutive quarter of double-digit EBITDA margin. Roughly $176M raised privately to date, and the Prodisc assets came from J&J's DePuy Synthes. Two risks worth flagging: the Up-C structure may hand significant economic benefits to Continuing Equity Owners and Blocker Stockholders at public investors' expense. And Tax Receivable Agreement payments could be substantial, pressuring liquidity. Use of proceeds wasn't detailed in what we have, so I won't guess. Listing on the NYSE under CNTL, contingent on approval, and there's no prior public market for the Class A shares. Bottom line: real revenue momentum in a thin medtech IPO window that's seen CeriBell and Heartflow test appetite while others withdrew. If the Up-C math and TRAs don't eat the upside, this is one to watch.

The numbers tell a growth story: ninth straight adjusted EBITDA-positive quarter, third consecutive quarter of double-digit EBITDA margin. Roughly $176M raised privately to date, and the Prodisc asset