FocalTherics Shares Fall on Offering Price, Soft 2Q Outlook

Dow Jones
Aug 12
 

FocalTherics shares slid after the company priced its underwritten public offering and shared soft preliminary results for the second quarter.

The stock fell 17% to $4.98 in premarket trading Wednesday. Through the prior close, shares were up 49%.

The medical device maker said it is pricing its offering of more than 8.4 million American Depositary Shares at $4.75 apiece.

FocalTherics plans to sell all the shares and grant underwriters a 30-day option to buy up to an additional 1.3 million ADSs at the same price.

The gross proceeds are estimated to be $40 million, with the closing set for Aug. 14.

Separately, FocalTheracs said it expects to post $12.7 million to $13.2 million in revenue during the second quarter. Analysts are projecting $15.1 million in sales.

The preliminary results reflect FocalTherics' extracorporeal shock wave lithotripsy and distribution segments as discontinued operations.

 
 

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