Kestra Medical Technologies (Nasdaq:KMTS) began trading on the Nasdaq market following an upsized initial public offering (IPO).
The maker of the Assure wearable cardioverter defibrillator (WCD) system priced nearly 12 million shares at $17 per share. Underwriters have a 30-day over-allotment option to purchase up to nearly 1.8 million additional common shares at the offering price. Kirkland, Washington–based Kestra expects gross proceeds from the upsized IPO to total around $202 million.
When the company initially filed for an IPO last month, it set its sights on raising roughly $100 million. However, with the closing of the IPO, the company is now bringing in more than twice that amount.
Shares of KMTS opened the day today at around $22 apiece.
Kestra Medical’s IPO follows a recent resurgence of the offerings across medtech. Beta Bionics went public in January with a $204 million IPO. Other medtech companies recently announcing IPOs include medtech distribution giant Medline, heart valve company Anteris Technologies and neurotech company CeriBell.
More about Kestra Medical and its Assure system
Assure, a modern wearable cardioverter defibrillator (WCD) system, received FDA approval in 2021. Kestra designed Assure to provide autonomous detection and defibrillation for ventricular arrhythmias. It can also detect and record other clinically significant arrhythmias that may require clinical intervention.
The company says it designed its offering specifically to meet the underserved needs of female cardiac patients as well. Assure features four channels of ECG, an advanced algorithm and adaptive patient intelligence. The WCD reduces noise and ensures clear data and insights. It also sends an alert to an emergency medical services (EMS) operator after a defibrillator shock.
Last summer, the company brought in $196 million in an oversubscribed financing round. Weeks later, it added medtech veteran and longtime Axonics CEO Raymond Cohen to its board as well.
The company dipped into the Axonics well against last month, tapping Al Ford as its new chief commercial officer (CCO). He had previously served as CCO at Axonics, where he led the development and execution of its commercialization strategy before Boston Scientific acquired the company for $3.7 billion in November.
