Israeli sleep apnea diagnostic devices company Itamar Medical Ltd. (Nasdaq: ITMR; TASE:ITMR) has raised $70 million in a secondary offering on Nasdaq. The Caesarea-based company develops and commercializes non-invasive medical devices to aid in the diagnosis of respiratory sleep disorders. $24.6 million of the offering was in shares sold by Viola Fund, which halved its holdings in Itamar.
The offering was closed at a 4.4% discount on the company's share price at close of trade on Wall Street on Thursday evening. On Friday, despite the discount, Itamar's share price rose 7.25% to $273.50, giving a market cap of $1.164 billion.
Piper Sandler, Cowen and SVB Leerink are acting as joint bookrunners for the proposed offering.
Most of Itamar's diagnostic devices were used by cardiologists and other specialists in sleep laboratories but since the start of the Covid-19 crisis the emphasis has shifted to home diagnostic kits.
Itamar expects revenue in the $12.5 million to $12.8 million range on the fourth quarter of 2020, up 28-31% over the corresponding quarter of 2019 and up 43-46% when taking into account a large one-time sale in the fourth quarter of 2019. Full year 2020 revenue will be $40.8-41.1 million, up 31% from 2019.
In January, Itamar made its first acquisition, buying San Francisco based Spry Health, which has developed a wrist-based medical grade remote patient monitoring (RPM) solution for an undisclosed sum.
Itamar Medical president and CEO is Gilad Glick.
Published by Globes, Israel business news - en.globes.co.il - on February 7, 2021
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