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AngioDynamics Announces Sale of Dialysis Product Portfolio and BioSentry Product to Merit Medical Systems for $100 Million
Announces preliminary Fiscal Year 2023 net sales in the range of $338 million to $339 million LATHAM, N.Y.--(BUSINESS WIRE)-- AngioDynamics, Inc. (NASDAQ:
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nAnnounces preliminary Fiscal Year 2023 net sales in the range of $338 million to $339 million\n\n\n LATHAM, N.Y.--(BUSINESS WIRE)--\nAngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients, today announced that it has completed the sale of its Dialysis product portfolio and BioSentry Tract Sealant System Biopsy product to Merit Medical Systems, Inc. for $100 million in cash.\n\n\nThe transaction consists of AngioDynamics’ DuraFlow™, DuraMax®, Evenmore®, Schon XL®, Trio-CT® and Vaxel Plus Hemodialysis Catheter brands, and BioSentry™ Tract Sealant System Biopsy brand. This combined portfolio of products contributed approximately $32 million in sales in AngioDynamics’ Fiscal Year 2023.\n\n\nAngioDynamics intends to use net proceeds to eliminate its existing debt and support further strategic investments in growth and profitability. The divested assets are included in the Company’s Med Device Business and do not have a significant amount of direct costs. As a result, the transaction will be dilutive to adjusted earnings per share and is expected to be slightly dilutive to corporate gross margins.\n\n\n“I am excited to announce this divestiture, which supports our focus on our high-growth Med Tech platforms. While this deal divests strong product lines, we’re pleased with the value we’ve received for these assets, as the transaction strengthens our balance sheet and better positions us to focus on driving growth in our NanoKnife, Mechanical Thrombectomy and Auryon businesses,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics. “This is another significant step in our transformation, and finding an excellent partner to take on these leading dialysis and biopsy assets allows our team to more tightly align around the Company’s core strategic platforms.”\n\n\nMr. Clemmer added, “Through this acquisition, Merit gains well-recognized and dependable products from our Med Device portfolio that clinicians trust to provide the best patient care. We are pleased that Merit, a leading global manufacturer and marketer of healthcare technology, is acquiring our Dialysis brands and BioSentry biopsy product.”\n\n\nManagement expects the Co...