BUZZ-Kestra Medical rebounds after boosted $138 mln stock sale

Reuters12-03 22:14

BUZZ-Kestra Medical rebounds after boosted $138 mln stock sale

** Medical device maker Kestra Medical Technologies' KMTS.O shares up 4.5% at $24.04 before the bell after upsized $138 mln follow-on priced

** Kirkland, Washington-based KMTS late Tues said it sold 6 mln shares at $23

** KMTS stock on Tues fell 6.8% to close at $23.01 following ~8.5% slide on Mon after co announced 5.5 mln share offering and released preliminary fiscal Q2 results

** Co, which has ~51.4 mln shares outstanding, intends to use net offering proceeds to grow its business through hiring of additional sales representatives and clinical care specialists, along with continued investments in its devices, fund R&D, and for working capital and other purposes, per the offering prospectus

** BofA, Piper Sandler, JP Morgan, Goldman and Wells Fargo are joint bookrunners

** KMTS went public in Mar IPO priced at $17. Stock has traded as high as $30 (Oct 27) and as low as $13.25 (Jul 16)

** 5 of 6 analysts rate the stock "strong buy" or "buy", 1 rates "hold"; median PT is $28, per LSEG data

** In other co news, KMTS early Weds said it will report Q2 results on Dec 11 after market close

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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