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ZOLL Medical Corporation has successfully completed its acquisition of Itamar Medical Ltd. for $1.0333 per ordinary share, totaling approximately $31 per American Depository Share. Itamar Medical will operate as a division within ZOLL, focusing on sleep-disordered breathing diagnostics. The integration is expected to leverage ZOLL's global infrastructure to drive growth while maintaining operations in Caesarea, Israel. Following the acquisition, Itamar Medical's shares will cease trading on the Nasdaq and TASE markets, and it will deregister its securities with the SEC.
Itamar Medical Ltd. (Nasdaq: ITMR) reported a 23% increase in total revenues for Q3 2021, reaching $13.6 million, driven primarily by a 27% rise in U.S. WatchPAT revenues to $11.3 million. The company added 137 new WatchPAT ONE customers, boosting growth across the U.S. and European markets. However, operating loss widened to $7.3 million, primarily due to higher operating expenses, including $1.7 million in transaction costs related to its acquisition by ZOLL Medical, expected to close in December 2021.
ZOLL Medical Corporation has announced a definitive agreement to acquire Itamar Medical Ltd. for approximately $538 million. This acquisition will enable ZOLL to enhance its services for undiagnosed cardiac patients suffering from sleep apnea. Itamar’s WatchPAT device, which is FDA-cleared, is a key component in this integration to improve diagnosis and treatment in the cardiopulmonary sector. The deal represents a premium of 50.2% over Itamar's stock price on September 10, 2021, and is expected to close by the end of 2021.
Itamar Medical Ltd. (NASDAQ: ITMR) has appointed Marga Ortigas-Wedekind to its Board of Directors. With over 30 years of experience in medical technology and digital health, Ortigas-Wedekind currently serves as Chief Commercial Strategy Officer at Fogarty Innovation. Her extensive background includes leadership roles at iRhythm Technologies and Omnicell Inc. The appointment aligns with Itamar's long-term goals in improving cardiac patient care pathways through enhanced sleep apnea management.
Itamar Medical Ltd. reported a 41% increase in total revenues for Q2 2021, reaching $12.6 million, driven largely by a 53% rise in U.S. WatchPAT sales, totaling $10.1 million. The company raised its full-year revenue guidance to between $53 million and $54 million, representing a growth of 29% to 32% year-over-year. Despite these gains, Itamar Medical experienced an operating loss of $4.6 million for the quarter, partly due to increased operating expenses. The company also appointed a new board member and launched enhancements to its WatchPAT product line.
Itamar Medical Ltd. (NASDAQ: ITMR) will announce its financial results for Q2 2021 on August 10, 2021, before U.S. market opening. A conference call will follow at 8:00 a.m. ET, hosted by CEO Gilad Glick and CFO Shy Basson, to discuss the results and provide a corporate update. Itamar Medical specializes in non-invasive devices and solutions for diagnosing sleep disorders, offering a digital healthcare platform for effective sleep apnea management. Its key product, WatchPAT, is available in major markets including the US, Japan, and Europe.
Itamar Medical Ltd. (NASDAQ: ITMR) will present at the Ladenburg Thalmann Annual Healthcare Conference on July 14, 2021, at 8:30 a.m. ET. The event will focus on the company’s efforts in integrating sleep apnea management into cardiac care. A live and archived webcast of the presentation will be available on their website. Itamar is known for its innovative non-invasive devices for diagnosing sleep disorders, particularly its WatchPAT product, aimed at optimizing patient care and reducing healthcare costs.
Itamar Medical Ltd. (NASDAQ: ITMR) announced enhancements to its WatchPAT product line, set to debut on June 11, 2021, at the Virtual SLEEP 2021 Conference. The new offerings include WatchPAT ONE with SleepPath, enabling subjective data collection via a smartphone app, and WatchPAT ONE-M, which allows for multi-night testing. These innovations aim to improve home sleep diagnostics and increase interaction between sleep patients and physicians, thus enhancing overall patient care.
Itamar Medical Ltd. (NASDAQ: ITMR) has appointed Brad Fluegel to its Board of Directors, enhancing its leadership with his extensive healthcare experience. Fluegel has over 25 years in strategic roles, including at Walgreens Co., where he directed commercial healthcare activities. His expertise in Direct to Consumer and healthcare retail is expected to support Itamar's growth plans. The company specializes in non-invasive solutions for sleep apnea management, notably its product WatchPAT, which is available in major markets like the US, Japan, and Europe.
Itamar Medical Ltd. (Nasdaq: ITMR) reported a 43% year-over-year revenue increase to $12.0 million for Q1 2021, driven mainly by U.S. WatchPAT™ sales, which rose 38% to $8.4 million. The company gained 725 new WatchPAT ONE customers, averaging 32 per month. However, the gross margin fell to 67% from 76% in Q1 2020, attributed to increased WatchPAT ONE sales and non-recurring expenses of $0.4 million from relocating production. The net loss for the quarter was $5.5 million, compared to $2.0 million in the previous year, with an operating loss of $5.3 million.
