Haemonetics Completes Acquisition of Attune Medical

02 April 2024 | Tuesday | News


Acquisition Expands Haemonetics' Medical Solutions Arm, Forecasts Significant Revenue Contribution and Earnings Growth
Image Source : Public Domain

Image Source : Public Domain

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.

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