Merit Medical Systems announced on March 27 that the company plans on selling 5,175,000 shares in a public offering of common stock with a total expected net proceeds of $136.5 million.
The company said the offering is expected to close on or about March 28 and is subject to customary closing conditions. Merit expects to use the money to repay debt under an existing credit facility.
Merit had originally announced the offering on March 20. At the time, the company said it planned on offering $125 million of shares of common stock and that underwriters would receive a 30-day option to purchase an additional $18.75 million of the company’s shares. Two days later, the company announced the pricing of its public offering.
In February, Merit paid $48 million to acquire interventional cardiology products from Argon Medical Devices and Catheter Connections.
Later that month, Merit announced its fourth quarter sales increased 14 percent to $157.7 million and its annual sales for 2016 increased 11.4 percent to $603.8 million.
Sales in the cardiovascular division increased 14.5 percent in the fourth quarter to $151.6 million and increased 11.4 percent for the year to $580.2 million.
Merit’s cardiovascular products include stand-alone devices, custom kits and procedure trays, inflation devices, catheters, embolization devices and electrophysiology and cardiac rhythm management tools.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.