BOSTON, March 5,
2024 /PRNewswire/ -- Haemonetics Corporation (NYSE:
HAE), a global medical technology company focused on delivering
innovative medical products and solutions to drive better patient
outcomes, today announced that it has entered into a definitive
agreement to acquire privately-held Chicago-based Attune Medical, the manufacturer
of the ensoETM® proactive esophageal cooling device, the
only FDA-cleared temperature regulation device indicated for
esophageal protection during radiofrequency (RF) cardiac ablation
procedures.
Under the terms of the agreement, Haemonetics will acquire
Attune Medical for an upfront cash payment of $160 million at closing plus additional
contingent consideration based on sales growth in the three years
following the consummation of the transaction and the achievement
of certain other milestones. The acquisition is subject to
customary closing conditions and is expected to be completed in the
first quarter of Haemonetics' fiscal year 2025.
In the treatment of atrial fibrillation, a condition that
affects 3 to 6 million people in the U.S., ensoETM significantly
reduces the likelihood of esophageal injury during RF cardiac
ablations. Additionally, studies have reported reduced procedure
times and patient readmissions, and increased rates of same-day
discharge and long-term procedure success with the use of
ensoETM.
Stewart Strong, Haemonetics'
President, Global Hospital, said, "Attune Medical's ensoETM will
bolster Haemonetics' presence in the electrophysiology market and
complement our leadership in Vascular Closure. EnsoETM effectively
reduces esophageal injuries without requiring hospitals to purchase
complex and costly new ablation systems. With this groundbreaking
solution we look forward to empowering more physicians to improve
patient outcomes, and expanding our EP portfolio with yet another
industry-leading technology to accelerate the growth and impact of
our Interventional Technologies business."
Jay Istvan, Chief Executive
Officer at Attune Medical, added, "We are thrilled to become part
of Haemonetics. Their Hospital business has strong positions in
both EP and critical care, and their international channels are
robust and expanding. We believe Haemonetics is the best company to
bring ensoETM's substantial benefits to more caregivers worldwide
to enable new standards of care."
Attune Medical generated approximately $22 million in revenue during its most recently
completed fiscal year ended December 31,
2023, more than doubling its revenue from the prior fiscal
year. Haemonetics expects this transaction to be immediately
accretive to revenue and earnings growth following the completion
of the transaction.
Haemonetics plans to finance this acquisition through a
combination of cash-on-hand and a draw under its revolving credit
facility.
DLA Piper served as legal advisor for Haemonetics. William Blair served as financial advisor and
Perkins Coie served as legal advisor
for Attune Medical.
About Haemonetics
Haemonetics (NYSE: HAE) is a global healthcare company dedicated
to providing a suite of innovative medical products and solutions
for customers, to help them improve patient care and reduce the
cost of healthcare. Our technology addresses important medical
markets: blood and plasma component collection, the surgical suite,
and hospital transfusion services. Haemonetics' Global Hospital
business provides a range of solutions to address the needs of
hospitals, including Interventional Technologies for
electrophysiology and interventional cardiology, and Blood
Management Technologies that include diagnostics to help inform
treatment decisions, technologies to help avoid unnecessary
allogeneic transfusions and solutions to help optimize management
of blood products. To learn more about Haemonetics, visit
www.haemonetics.com.
About Attune Medical
Advanced Cooling Therapy, Inc., doing business as Attune
Medical, pioneered the practice of using the esophageal space to
proactively manage patient temperature and to reduce the likelihood
of esophageal injury during cardiac ablation
procedures. Attune Medical's novel ensoETM technology is
designed for use across a range of medical conditions involving
patient cooling or warming, including during treatment in critical
care, neurocritical care, trauma, burn surgery, spine surgery, and
cancer surgery, among others.
Designed for ease-of-use, the single-tube ensoETM is placed in
the esophagus and connected to an external heat exchange unit to
create a closed-loop system for proactive controlled temperature
management. Attune Medical has shipped more than 68,000 ensoETM
devices for hospital use, and it has been utilized in more than
50,000 electrophysiology procedures since first becoming
available in 2015.
To learn more about Attune Medical, visit
www.attune-medical.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements do not relate strictly to historical or current facts
and may be identified by the use of words such as "may," "will,"
"should," "could," "would," "expects," "plans," "anticipates,"
"believes," "estimates," "projects," "predicts," "forecasts,"
"foresees," "potential" and other words of similar meaning in
conjunction with statements regarding, among other things, (i)
plans and objectives of management for the operation of
Haemonetics, (ii) the timing of completion of the acquisition and
the consummation of the acquisition, (iii) the anticipated
financing of the transaction, (iv) the anticipated benefits to
Haemonetics arising from the completion of the acquisition, (v) the
impact of the acquisition on Haemonetics' business strategy and
future business and operational performance, and (vi) the
assumptions underlying or relating to any such statement. Such
forward-looking statements are not meant to predict or guarantee
actual results, performance, events or circumstances and may not be
realized because they are based upon Haemonetics' current
projections, plans, objectives, beliefs, expectations, estimates
and assumptions and are subject to a number of risks and
uncertainties and other influences. Actual results and the timing
of certain events and circumstances may differ materially from
those described by the forward-looking statements as a result of
these risks and uncertainties.
Factors that may influence or contribute to the inaccuracy of
the forward-looking statements or cause actual results to differ
materially from expected or desired results may include, without
limitation, the failure to realize the anticipated benefits of the
acquisition or the acquisition, its announcement or pendency having
an unanticipated impact, Haemonetics' ability to predict accurately
the demand for products and products under development by it or
Attune Medical and to develop strategies to successfully address
relevant markets, actual and anticipated achievement of the
milestones and future sales growth on which contingent
consideration is based, the impact of competitive products and
pricing, technical innovations that could render products marketed
or under development by Haemonetics or Attune Medical obsolete,
risks related to the use and protection of intellectual property,
the risk that the transaction may not be completed in a timely
manner or at all, and the risk that using debt to finance, in part,
the acquisition will increase Haemonetics' indebtedness. These and
other factors are identified and described in more detail in
Haemonetics' filings with the U.S. Securities and Exchange
Commission. Haemonetics does not undertake to update these
forward-looking statements.
Investor
Contacts:
|
|
Olga Guyette, Sr.
Director-Investor Relations & Treasury
|
David Trenk,
Manager-Investor Relations
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(781) 356-9763
|
(203)
733-4987
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olga.guyette@haemonetics.com
|
david.trenk@haemonetics.com
|
Media Contact:
|
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Josh Gitelson,
Director-Global Communications
|
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(781)
356-9776
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josh.gitelson@haemonetics.com
|
|
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SOURCE Haemonetics Corporation