Stock Track | Kestra Medical Technologies Soars 8.34% on Upsized $138 Million Public Offering

Stock Track12-03

Kestra Medical Technologies Inc (KMTS) saw its stock price surge 8.34% in intraday trading on Wednesday, reflecting strong investor interest following the company's announcement of an upsized public offering.

The digital healthcare company priced an offering of 6 million shares at $23 per share, raising approximately $138 million. The underwriters also have a 30-day option to purchase an additional 900,000 shares, which could further increase the proceeds. This move is seen as a positive signal by investors, reflecting confidence in the company's growth prospects and financial health.

Kestra Medical plans to use the net proceeds to expand its business, including hiring additional sales representatives and clinical care specialists, investing in device development, funding R&D, and for working capital. Analysts remain bullish on the stock, with 5 of 6 rating it a "strong buy" or "buy."

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