Merit Medical Systems acquires interventional cardiology products for $48 million
Merit Medical Systems announced on Feb. 6 that it had acquired interventional cardiology products from Argon Medical Devices and Catheter Connections.
Merit did not disclose which devices it had bought, but the company said the products generated approximately $46 million last year. Merit paid $48 million for the products via cash and its existing credit facilities.
Merit said it would discuss further details of the deal during a conference call on Feb. 21. That day, Merit also plans on releasing its fourth quarter and full year 2016 results as well as its guidance for 2017 and its profit goals.
The acquisition did not affect Merit's stock price. As of 12:30 p.m. (EST), Feb. 7, the company's stock price was $26.75 per share.
“These product acquisitions broaden Merit’s product offering, expand Merit’s geographic presence, and support our goal of expanding our value proposition to our hospital customers globally,” Merit chairman and CEO Fred P. Lampropoulos said in a news release. “We intend to sell these products through our existing interventional cardiology sales force.”
In November, Merit received 510(k) clearance from the FDA for the SwiftNINJA steerable microcatheter, which is used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology and endoscopy.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.