Leg compression device developer Tactile Systems Technology set the terms for its initial public offering today, saying it plans to float 4 million shares at $14 to $16 apiece.
At the midpoint, that would fetch $60 million, or 30% less than the $86 million projection the company put up when it registered the IPO in January.
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. Tacile 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.
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