Medical technology company Haemonetics has announced the completion of its acquisition of US-based Attune Medical.
The deal was announced by the companies last month.
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Attune Medical is engaged in the manufacturing of the ensoETM proactive oesophagal cooling device.
The US Food and Drug Administration (FDA)-cleared temperature regulation device is indicated for oesophagal protection at the time of procedures that are related to radiofrequency (RF) cardiac ablation.
The transaction includes a $160m upfront cash payment along with additional performance-based considerations.
These future payments are contingent upon Attune Medical’s sales growth over the next three years and certain milestones achievement.
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By GlobalDataHaemonetics anticipates that Attune Medical will contribute between $30m and $35m in revenue by fiscal year 2025.
The acquisition is also expected to add between $0.05 and $0.10 to Haemonetics’ earnings per diluted share on a GAAP basis, and between $0.10 and $0.15 to adjusted earnings per diluted share, excluding one-time costs associated with the acquisition and integration.
To finance this acquisition, Haemonetics used a mix of available cash and a $150m draw from its revolving credit facility.
Post-acquisition, Haemonetics projects a net debt to EBITDA ratio of approximately 2.4 times, in line with the terms set out in the company’s existing credit agreement.
The single-tube ensoETM is designed for ease of use. It can be positioned in the oesophagus and connected to an external heat exchange unit to create a closed-loop system.
This helps in the proactive controlled management of temperature.
More than 68,000 devices have been shipped by Attune Medical for use in hospitals.
EnsoETM was first made available in 2015 and has since been used in over 50,000 electrophysiology procedures.
