BURLINGTON, Mass., Oct. 24, 2018 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), announced today that it has acquired the assets of Cardial, a subsidiary of BD (Becton, Dickinson & Company), located in Saint-Étienne, France. The total purchase price for the acquired assets was €2.0 million, structured as €1.1 million of cash at closing, €0.5 million of assumed liabilities, and €0.4 million of post-closing installments.
Cardial’s product lines, including knitted and woven vascular grafts, valvulotomes and surgical glue, are now available through LeMaitre Vascular. Sales of the business during the latest 12-month period were €2.9mm, concentrated mostly in Europe.
Dave Roberts, LeMaitre Vascular’s President, commented, “We are pleased to expand our international footprint and product offering through this acquisition. LeMaitre now has 15 product lines, all of which are used primarily by our core customer, the vascular surgeon.”
LeMaitre Vascular expects the acquired business to contribute $0.3 million in sales and $1.6 million in operating income in Q4 2018. The operating income contribution includes an estimated $1.7 million gain resulting from the excess of the value of the assets acquired over the purchase price.
About LeMaitre Vascular
LeMaitre Vascular is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon. The Company's diversified product portfolio consists of brand name devices used in arteries and veins outside of the heart. Additional information can be found at www.lemaitre.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. Specifically, forward-looking statements in this release include, but are not limited to, statements about the Company’s expectations regarding Q4 2018 sales and operating income contributions by the acquired business. Forward-looking statements are based on management’s current, preliminary expectations and are subject to risks and uncertainties that could cause actual results to differ from the results expected, including, but not limited to, the risk that the Company may not realize the anticipated benefits of its strategic activities; risks related to the integration of acquisition targets; the risk of significant fluctuations in our quarterly and annual results due to numerous factors; the risk that we may not be able to maintain our recent levels of profitability; the risk that assumptions about the market for the Company’s products and the productivity of the Company’s direct sales force and distributors may not be correct; risks related to product demand and market acceptance of the Company’s products and pricing; the risk that a recall of our products could result in significant costs or negative publicity; the risk that the Company is not successful in transitioning to a direct-selling model in new territories; and other risks and uncertainties included under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the SEC, all of which are available on the Company’s investor relations website at http://www.lemaitre.com and on the SEC’s website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
Contacts
LeMaitre Vascular, Inc.
Investor Relations
Steven Chehames
+1-781-425-1659
schehames@lemaitre.com