Inspire Medical Systems (NYSE: INSP) is offering 1.5 million shares of common stock for sale to the public, and its stockholders are selling 1 million additional shares of the stock, according to a regulatory filing. The company hopes to make $66.8 million on the sale.
Maple Grove, Minn.-based Inspire, which spun out from Medtronic (NYSE:MDT) in 2007, makes devices for treating obstructive sleep apnea. The company had said it planned to issue 5 million shares at $14 to $16 apiece in its IPO in April 2018, but in May upped the offering to a least $108 million.
Inspire posted a net loss of $17.1 million for the nine months ended September 30, 2018 on sales of $34 million and a gross margin of 80%. Those results compared to a net loss of $13.3 million on sales of $18.6 million and a gross margin of 78% for the same period last year. Its accumulated deficit as of September 30, 2018 was $142.1 million.
Inspire’s common stock closed at $47.89 per share on Dec. 3 and dropped to $42.95 at the opening today, bouncing back slightly to $45.25 by 11:30 a.m. EST. Inspire based the $66.8 million figure on selling the stock at $47.89 per share, which is the last reported sale price on December 3.
The company said it intends to use the net proceeds from the offering to hire additional sales and marketing personnel, expand marketing programs in the U.S., Europe and Japan, to fund product development and R&D, for working capital and other general corporate purposes. It might also use some of the proceeds to acquire, in-license or invest in products, technologies or businesses that are complementary to its business, but said it has no agreements or commitments to complete any such transaction.
Inspire said it will not receive any proceeds from the sale of its common stock by the selling stockholders in the offering.
The post Inspire Medical offers another 1.5 million shares following April IPO appeared first on MassDevice.
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