Leg compression device developer Tactile Systems Technology reduced its initial public offering to $46 million.
Those estimates are down approximately 24% from the $60 million it said it hoped to bring in in June, which was 30% less than the $86 million projection the company put up when it registered the IPO in January.
The company said on Wednesday it plans to offer 4 million shares of common stock at a public offering price of $10 per share, with a 30-day underwriters option for an additional 600,000 shares.
Tactile Systems makes the Flexitouch fully-automated pneumatic compression device, which is designed to treat lymphedema, and the Actitouch wearable compression device designed to treat venous leg ulcers caused by chronic venous insufficiency.
The company,which reported sales of $60 million for its fiscal 2015 year, plans to trade on the NASDAQ exchange under the “TCMD” symbol. Tactile Systems said the Flexitouch delivered 92% of its revenues in 2014, while the newer ACTitouch only pulled in 5% of all sales for the company.
The company operates using a direct-to-patient and direct-to-provider model, and said its devices are approved for coverage by Medicare, certain Medicaid programs and the Veterans Administration, according to an SEC filing.