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Itamar Medical announced a proposed public offering of American Depositary Shares (ADSs), with each ADS representing 30 ordinary shares. The offering is co-managed by Piper Sandler, Cowen, and SVB Leerink. The Company and one of its shareholders, Viola Growth 2 A.V. Limited Partnership, intend to grant underwriters a 30-day option to purchase an additional 15% of the shares. The offering hinges on market conditions, and there is uncertainty regarding its completion or size. A registration statement related to this offering was filed and declared effective by the SEC.
Itamar Medical (NASDAQ: ITMR) has appointed Shane Brown as President – U.S., effective immediately. Brown will lead the company's efforts to enhance its market penetration in the U.S., where approximately 54-60 million adults suffer from sleep apnea. His background includes over 20 years in the medical technology sector, with significant roles at Abbott Laboratories and St. Jude Medical, focusing on commercial strategy. The company aims to leverage his expertise to strengthen its core sleep business and accelerate growth in the U.S. market.
Itamar Medical (Nasdaq: ITMR) reported preliminary revenue for Q3 2020, projecting total revenue between $10.7M and $11.0M, marking a growth of 32%-36% from $8.1M in Q3 2019. U.S. WatchPAT revenue is expected to be $8.6M to $8.9M, an increase of 51%-56% from $5.7M in the same quarter last year. The company also reinstated its full-year 2020 revenue guidance to $39.5M to $40.5M, reflecting a growth of 26%-29% over 2019.
Itamar Medical (NASDAQ: ITMR) reports the German Sleep Society has updated its clinical guidelines, recognizing Peripheral Arterial Tonometry (PAT™) as a valid alternative to polygraphy-based Home Sleep Apnea Testing (HSAT). Published in Somnologie Magazine on September 9, 2020, this recognition potentially paves the way for reimbursement of Itamar's WatchPAT™ devices in Germany, enhancing their market access. With sleep apnea affecting around 1 billion people globally, Itamar aims to address the 80% undiagnosed patient population.
Itamar Medical Ltd. (NASDAQ: ITMR) announced that Independence Blue Cross (IBC) has eliminated prior authorization for home sleep apnea tests (HSAT) effective July 2020. This change affects nearly five million IBC members across 27 states, simplifying access to HSATs. An estimated 54 to 60 million Americans suffer from sleep apnea, with 80% undiagnosed. CEO Gilad Glick emphasized the importance of this update in facilitating timely diagnoses and treatment for those at risk of serious health issues associated with sleep apnea.
Itamar Medical Ltd. (Nasdaq: ITMR) reported a strong performance for Q2 2020, with revenues rising 21% year-over-year to $8.9 million, driven primarily by a 31% increase in U.S. WatchPAT sales, reaching $6.6 million. Despite this growth, the gross profit margin decreased to 68% due to higher sales of WatchPAT ONE. The company's operating loss widened to $3.2 million, attributed to increased operating expenses. As of June 30, 2020, Itamar held $45.2 million in cash and equivalents, illustrating a stable liquidity position amidst ongoing macroeconomic uncertainties.
Itamar Medical Ltd. (Nasdaq: ITMR) will report its unaudited financial results for Q2 2020 on August 11, 2020, before market opening. A conference call will be held at 8:00 a.m. Eastern Time to discuss the results, led by CEO Gilad Glick and CFO Shy Basson. The company specializes in non-invasive medical devices for diagnosing sleep disorders and aims to optimize patient care while reducing healthcare costs. Investors can access the call via a toll-free number or webcast, with an archived version available for 60 days.
Itamar Medical Ltd. (NASDAQ: ITMR) has advanced the date for its corporate update and financial results for Q1 2020 to May 27, 2020, before U.S. market opening. The company focuses on non-invasive medical devices for diagnosing respiratory sleep disorders. A conference call will be held at 8:00 AM ET, providing insights into the company's performance. This update aligns with Itamar's commitment to enhancing sleep apnea management through its Total Sleep Solution platform, which is designed to optimize patient care and reduce costs.
Itamar Medical (Nasdaq: ITMR) will release its Q1 2020 financial results on May 28, 2020, before the U.S. market opens. The company specializes in non-invasive medical devices for diagnosing respiratory sleep disorders. A conference call is scheduled for the same day at 8:00 a.m. ET, hosted by Gilad Glick and Shy Basson. Investors can access the results via webcast or phone. Itamar Medical aims to optimize patient care in sleep apnea management.
