The number of shares and price for the offering have not yet been determined.
After a profitable 2019, Vertex sharply increased spending in the first quarter ended March 31. As a result of an 89-percent increase in operating expenses, the company reported a first-quarter loss or $28.1 million, compared to net income of $7.3 million for last year’s corresponding period. First-quarter revenue was $89.2 million, an increase of 19.6 percent from $74.6 million a year earlier.
For 2019, Vertex reported net income of $30.9 million, a turnaround from a loss of $6.1 million for 2018. Revenue for the most recently completed year was $321.5 million, up 18 percent from $274.2 million for 2018.
The offering will create Class A and Class B stock, the latter held by the founder’s family and their affiliates. Each Class A share is entitled to one vote while each Class B share is entitled to 10 votes per share and is convertible into one Class A share of common stock. The percentages each class will represent of total shareholding have not been established.