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Outset Medical Prices Equity Offering At $53.50 Per Share

Outset Medical Prices Equity Offering At $53.50 Per Share
  • Outset Medical Inc (NASDAQ: OM) has priced an underwritten public offering of 2.5 million common shares sold by the company and some 3.4 million shares sold by certain of its stockholders at $53.50 per share. The offer price is at a 4% discount from the last close price of $55.6 on Thursday.
  • Underwriters have an option to purchase up to an additional 891,728 shares, and the offering is expected to close on April 13.
  • The company intends to use the proceeds to expand its sales and support organization, research and development, working capital, and other general corporate purposes.
  • Morgan Stanley, BofA Securities, and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the offering. See Form S-1 here.
  • In Q4, the company reported net revenue of $17.2 million and $49.9 million for FY2020, representing 143% and 231% increases, respectively, over the corresponding periods of 2019.
  • For FY2021, Outset projects revenue to range from $89 million to $94 million, equivalent to around 78% to 88% Y/Y growth.
  • For Q1 2021, Outset sees sales in the range of $21 million to $22 million, up approximately 192 to 206% on a Y/Y basis.
  • Price Action: OM shares are up 0.7% at $55.99 during market trading hours on the last check Friday.

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Posted-In: BriefsBiotech Earnings News Guidance Health Care Offerings General

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