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Healthcare IPOs For August 6

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In the healthcare sector, 14 companies made their debut on the NASDAQ last month.

Let's take a look at the U.S. healthcare IPOs scheduled for tomorrow (August 6).

1. Acutus Medical Inc.

Carlsbad, California-based Acutus Medical is scheduled to go public on the Nasdaq Global Select Market under the symbol "AFIB" on August 6, 2020.

Founded in 2011, Acutus Medical is an arrhythmia management company developing tools for catheter-based ablation procedures to treat various heart arrhythmias.

The IPO is expected to be priced between $16.00 and $18.00 per share.

The company has offered to sell 7.35 million shares of common stock in the offering and the underwriters have an option for 30 days to purchase up to 1.1 million additional shares.

Underwriters of the IPO:

J.P. Morgan Securities LLC, BofA Securities, Inc., William Blair & Company, L.L.C., Canaccord Genuity LLC, BTIG L.L.C.

Product Portfolio:

The company's foundational product is AcQMap, which enables physicians to uncover the electrical activation pattern of the heart with real-time visualization during electrophysiology procedures. It has received FDA clearance and CE Mark.

In addition to AcQMap, the other marketed products include a suite of access devices, transseptal crossing tools, diagnostic and mapping catheters, ablation catheters (currently available only in European markets), mapping and imaging consoles and accessories, as well as supporting algorithms and software programs.

Near-term Catalysts:

The company expects to secure CE Mark approval for AcQBlate, its catheter designed to deliver radiofrequency energy for the destruction of arrhythmogenic tissue, in Europe in the second half of 2020.

An investigational device exemption, or IDE, trial necessary to secure approval for AcQBlate in the U.S. is expected to begin in the second half of 2020.

The premarket approval of AcQBlate by the FDA and commercial launch in the U.S are expected in the second half of 2022.

Financial Numbers:

For the first quarter ended March 31, 2020, the company generated revenue of $1.58 million and a net loss of $18.1 million. This compares with revenue of $0.8 million and a net loss of $14.7 million in the year-ago quarter.

2. Oak Street Health Inc.

Chicago, Illinois-based Oak Street Health is a network of primary care centers for adults on Medicare, currently operating more than 50 centers across Illinois, Michigan, Indiana, Pennsylvania, Ohio, Rhode Island, North Carolina and Tennessee.

The company has plans to expand into Texas, New York and Mississippi in 2020.

Founded in 2012, Oak Street Health is scheduled to list its stock on the Nasdaq Global Select Market, under the symbol "OSH", on August 6, 2020.

The company has offered to sell 15.625 million shares in the offering - with the initial public offering price expected to be between $15.00 and $17.00 per share. The underwriters have a 30-day option period to purchase up to 2.34 million additional shares.

Underwriters of the IPO:

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, William Blair & Company, L.L.C., Piper Sandler & Co., Robert W. Baird & Co. Inc, SunTrust Robinson Humphrey, Inc.

Financial numbers:

For the three months ended March 31, 2020, the net loss attributable to the company widened to $15.0 million from $10.0 million in the same period last year. Quarterly revenues were $201.8 million, up 72% from $117.4 million a year ago.

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