- Increases Scale in Vascular Access and Peripheral Vascular Markets
- Expands Product Portfolio and Adds Innovative Technologies
- Strengthens Focus on Operational Excellence
- Expected to be Accretive in FY13
"The acquisition of Navilyst brings
AngioDynamics'presence in the Vascular Access market.
Adds trusted NAMIC® fluid management brand with leading global market presence to
AngioDynamics'product offering. NAMIC® provides entrée for AngioDynamics'peripheral vascular portfolio in catheterization labs and with interventional cardiologists.
BioFlo® products utilize a novel technology that minimizes the accumulation of thrombus in vascular products such as PICCs, Ports and Dialysis Catheters. BioFlo(R) PICC is approved for use in
Canadaand Europeand is pending U.S. FDA510(k) market clearance.
- Patented PASV® 3-way valve technology has a long clinical history in Ports and PICC's and is designed to automatically resist backflow.
- NAMIC has been the gold standard in fluid management in the cardiology catheter lab and interventional radiology office setting for more than 40 years.
- Automated power injector in development has potential for significant reductions in contrast usage and radiation exposure.
World-class manufacturing and operations, which employ Lean and
Six Sigmabest practices, are based in Glens Falls, N.Y., within four miles of AngioDynamics' Queensbury, N.Y., facility.
- State-of-the-art Convenience Kitting platform provides customers fluid management and PICC products highly customized to their precise specifications.
- Vertically integrated injection molding capabilities enable efficient, high volume, tight tolerance production of most components.
- High-powered Oracle ERP system drives improved quality and customer satisfaction through integration of product, customer, quality and regulatory information.
High-caliber research and development facilities in
The combined Company's Vascular Access business will offer a full line of ports, PICCs and other products differentiated by advanced technologies like the PASV® valve and BioFlo® from Navilyst, and
"The combination of Navilyst and
Expected Financial Impact of the Transaction
Based on an expected closing in the fiscal fourth quarter of 2012,
Pro forma net sales of approximately
$360 millionin FY13.
Pro forma adjusted EBITDA of approximately
$60 millionin FY13, excluding transaction-related costs and non-recurring costs.
Net Cost Savings
Net cost savings are expected to be approximately
$5-7 millionin FY13, excluding associated one-time costs, and increase to approximately $10-15 millionon a run-rate basis over a 2-3 year period.
Accretive to non-GAAP EPS by at least
$0.08per share in FY13, excluding transaction-related costs and non-recurring costs.
Acquired tax assets will produce
$11.5 million, or $0.32per share, in annual cash tax savings each year from FY13 to FY23.
Cumulative cash tax savings will amount to
$130 million, or $3.65per share, through FY24.
On a present value basis, the acquired tax assets reduce the effective purchase price by approximately
$80 million, to $292 million.
"We believe joining Navilyst with
Financial guidance will be updated when the transaction closes.
Under the terms of the agreement,
Use of Non GAAP Measures
Management uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors in analyzing the underlying trends in
This document includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as "expect," "reaffirm," "anticipate," "plan," "believe," "estimate," "may," "will," "predict," "project," "might," "intend," "potential," "could," "would," "should," "optimistic," "seek," "continue," "pursue," or "our future success depends," or the negative or other variations thereof or comparable terminology, are intended to identify such forward-looking statements. In particular, they include statements relating to, among other things, future actions, strategies, future performance and future financial results of AngioDynamics. These forward-looking statements are based on current expectations and projections about future events. The forward-looking statements in this document include those with respect to the expected timing of the completion of the transaction.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance or results of
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.
CONTACT: Company Contact:Source:
AngioDynamics, Inc. D. Joseph Gersuk, CFO (800) 772-6446 x1608 jgersuk@AngioDynamics.com Investor Relations Contacts: EVC Group, Inc. Greg Gin/ Doug Sherk(646) 445-4801; (415) 652-9100 firstname.lastname@example.org; email@example.com Media Contact: EVC Group, Inc. Chris Gale(646) 201-5431 firstname.lastname@example.org
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