Acutus Medical, which manufactures devices for electrophysiological mapping to treat arrhythmias, announced terms for its IPO on Thursday.
The Carlsbad, CA-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. Insiders intend to purchase $45 million worth of shares in the offering. At the midpoint of the proposed range, Acutus Medical would command a fully diluted market value of $457 million.
The company's diverse product portfolio includes its foundational product, the AcQMap imaging and mapping system. Early versions have been available in the US since May 2018 and in Western Europe since July 2016, though it fully commenced the launch of its commercial-grade console and software products in the 1Q20.
Acutus Medical was founded in 2011 and booked $4 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol AFIB. J.P. Morgan, BofA Securities and William Blair are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2020.
