Why is Itamar Medical Ltd. (ITMR) stock soaring in Pre-Market today?

Itamar Medical Ltd. (ITMR) stock was soaring in the pre-market today after the definitive agreement with ZOLL Medical Corporation. ITMR stock price saw a surge of 44.14% to reach $29.75 a share at the time of this writing. The stock was also green in the previous trade and went up by 0.19% at closing. Let’s deep dive to explore more of it.

Itamar Medical Ltd is operating by developing and commercializing non-invasive medical devices to treat respiratory sleep disorders. Its Peripheral Arterial Tone (PAT) signal-based devices measures peripheral arterial pulse volume and arterial activities of patients.

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ZOLL Medical to Acquire ITMR stock:

ZOLL medical announced the definitive agreement with ITMR stock today on September 13, 2021. According to the agreement, the former will acquire all the outstanding ordinary shares of later for approximately $538 million consideration. The price per American Depository share for this transaction is $31. This represents a 50.2% premium over the ITMR stock price on the Nasdaq stock market on September 10, 2021. The transaction requires regulatory approval, ITMR stock’s shareholders’ approval, and other customary closing conditions. Both parties are expecting the closing of the transaction by the end of 2021.

New Appointment by ITMR stock:

Itamar stock on August 12, 2021, announced that it had appointed Marga Ortigas-Wedekind to its board of directors. Ms. Ortigas-Wedekind has profound experience of more than 30 years in digital health experience and medical technology. She is currently serving as Chief Commercial Strategy Officer for Fogarty Innovation, a nonprofit organization.

Financial View of ITMR stock:

Itamar stock released second-quarter 2021 financial results on August 10, 2021, according to which

  • Quarterly revenue reached $12.6 million, 41% higher as compared to $8.9 million in the same tenure of the previous year.
  • Gross profit in the second quarter of 2021 was $8.9 million from $6.0 million in the same prior-year period. The gross margin was 71% in the recently reported quarter.
  • ITMR stock reported a $4.6 million operating loss in the second quarter of 2021 compared to $3.2 million in Q2,2020. The increase in operating loss was mainly due to increased operating expenses.
  • Itamar stock suffered a net loss of $4.7 million in the second quarter of 2021. This compares to the net loss of $3.2 million in the same tenure of the previous year.
  • By the end of the second quarter, Itamar had $73.0 million in cash, cash equivalents, and short-term bank deposit.

Conclusion:

Investors are happy after the recent acquisition announcement of Itamar stock by ZOLL Medical. The financial results reflect the growth of ITMR stock in terms of revenue and gross profit. In a nutshell, this stock can be a good bet for investors in the long run.

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