BOSTON, April 1,
2024 /PRNewswire/ -- Haemonetics Corporation
(NYSE: HAE), a global medical technology company focused
on delivering innovative medical solutions to drive better patient
outcomes, has completed its previously announced acquisition of
privately-held Chicago-based
Attune Medical, the manufacturer of the
ensoETM® proactive esophageal cooling device.
EnsoETM is the only FDA-cleared temperature regulation device
indicated for esophageal protection during radiofrequency (RF)
cardiac ablation procedures.
The acquisition includes an upfront cash payment of $160 million plus additional contingent
consideration based on sales growth over the next three years and
the achievement of certain other milestones. In fiscal year 2025,
Haemonetics expects Attune Medical to contribute approximately
$30 to $35
million in revenue and to contribute approximately
$0.05 to $0.10 to earnings per diluted share on a GAAP
basis and approximately $0.10 to
$0.15 to adjusted earnings per
diluted share, excluding one-time acquisition and
integration-related costs. Haemonetics financed this transaction
through a combination of cash on hand and a $150 million draw under its revolving credit
facility. Following this acquisition, Haemonetics estimates that
its net debt to EBITDA ratio, as defined in Haemonetics' existing
credit agreement, will be approximately 2.4x.
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 anticipated financial impact of the
transaction on Haemonetics' operating results, (iii) the
anticipated benefits to Haemonetics arising from the completion of
the acquisition, (iv) the impact of the acquisition on Haemonetics'
business strategy and future business and operational performance,
(v) the company's estimated net debt to EBITDA ratio, as defined in
Haemonetics' existing credit agreement, (vi) the timeline to repay
the revolving credit facility draw used to finance the acquisition
and (vii) 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, 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 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.
Non-GAAP Financial Measures
This press release contains financial measures that are
considered "non-GAAP" financial measures under applicable SEC rules
and regulations. Management uses non-GAAP measures to monitor the
financial performance of the business, make informed business
decisions, establish budgets and forecast future results.
Performance targets for management are also based on certain
non-GAAP financial measures. These non-GAAP financial measures
should be considered supplemental to, and not a substitute for,
Haemonetics' reported financial results prepared in accordance with
U.S. GAAP. In this release, supplemental non-GAAP measures have
been provided to assist investors in evaluating the expected impact
of Haemonetics' acquisition of Attune Medical and provide a
baseline for analyzing trends in the company's underlying
businesses. We strongly encourage investors to review the company's
financial statements and publicly-filed reports in their entirety
and not rely on any single financial measure.
When used in this release, adjusted earnings per diluted share
excludes restructuring costs, restructuring related costs, digital
transformation costs, amortization of acquired intangible assets,
asset impairments, accelerated device depreciation and related
costs, costs related to compliance with the European Union Medical
Device Regulation ("MDR") and In Vitro Diagnostic Regulation
("IVDR"), integration and transaction costs, certain tax
settlements and unusual or infrequent and material
litigation-related charges, and the tax impact of these items.
Because non-GAAP financial measures are not standardized, it may
not be possible to compare these financial measures to similarly
titled measures used by other companies.
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Investor Contacts:
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Olga Guyette, Sr.
Director-Investor Relations & Treasury
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David Trenk,
Manager-Investor Relations
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(781)
356-9763
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(203)
733-4987
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olga.guyette@haemonetics.com
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david.trenk@haemonetics.com
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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