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# Centinel Spine Files For NYSE Listing With $10.2 Million First-Half Profit, But Offering Terms Are Blank
- URL: https://www.bullished.co/centinel-spine-files-for-nyse-listing-with-10-2-million-first-half-profit-but-offering-3cab16f3/
- Published: 2026-10-07T20:41:04.000Z
- Updated: 2026-10-07T20:41:04.000Z
- Description: The spine-implant company's S-1 shows 42% sales growth for six months, a $136.1 million debt load and a tax payment deal for existing owners.
- Author: Matteo Parrino
- Tags: Deals, Industry: Not classified

Centinel Spine Holdco filed an [S-1](https://www.sec.gov/Archives/edgar/data/0002132065/000110465926114375/tm2613312-6%5Fs1.htm?ref=bullished.co) on Wednesday to list Class A shares on the New York Stock Exchange under the proposed symbol CNTL. The filing leaves the share count, price range and offering size empty, so no terms have been set.

## What the S-1 says

Morgan Stanley, Goldman Sachs and Piper Sandler lead the underwriters; the cover also lists Canaccord Genuity and BTIG. The West Chester, Pennsylvania company says it intends to apply for the listing, and the offering depends on approval.

Net revenue was [$85.2 million](https://www.sec.gov/Archives/edgar/data/0002132065/000110465926114375/tm2613312-6%5Fs1.htm?ref=bullished.co) for the six months ended June 30, up 42% from a year earlier, according to the filing. Net income was $10.2 million, against a $0.5 million loss in the same period a year earlier.

For all of 2025, revenue was $132.2 million, up 39%, yet the company still booked a $4.3 million net loss. The accumulated deficit stood at $188.4 million as of June 30.

Centinel sells only total disc replacement implants, which preserve motion in the spine as an alternative to fusion. It says all revenue comes from its pro disc line.

## Debt, the Up-C structure and what it changes

The filing lists $136.1 million outstanding under its borrowing agreements, and says offering proceeds would repay some of it. The filing estimates a $7.2 million make-whole payment on the 2023 credit agreement if it is repaid with proceeds before December 31, 2026.

The offering uses an Up-C structure. Existing owners keep their stakes as Series B units in Centinel Spine, LLC and keep the tax treatment of a partnership. IPO buyers would hold Class A shares of the corporation.

A Tax Receivable Agreement would require the company to pay those owners and certain blocker stockholders for tax benefits it may gain. The filing says it expects the payments "will be substantial and could materially affect our liquidity."

It also says principal stockholders and management would hold enough voting power to exercise significant control. The percentage is blank. The company describes itself as an emerging growth company and a smaller reporting company.

## What to watch

A later amendment should set the share count and price range. It should also fill the blanks for preliminary third-quarter 2026 results.

Until that amendment arrives, the only firm numbers are the first-half profit and the $136.1 million of debt.

### Sources

- [S-1 — Centinel Spine Holdco, Inc.](https://www.sec.gov/Archives/edgar/data/0002132065/000110465926114375/tm2613312-6%5Fs1.htm?ref=bullished.co) — SEC EDGAR