Teleflex is making a move to expand its presence in the structural heart and endovascular aneurysm repair markets. To do this, the Wayne, PA-based company is acquiring Essential Medical for an undisclosed sum.
Essential Medical has developed and received a CE mark for the MANTA Vascular Closure Device. The Exton, PA-based company’s device is designed for closure of large bore arteriotomies following procedures utilizing devices or sheaths ranging in size from 10F to 18F.
Teleflex said MANTA is expected to receive FDA approval in 2019.
“We are very excited to announce this acquisition, which expands our presence in the structural heart and endovascular aneurysm repair markets,” Liam Kelly, president and CEO of Teleflex, said in a release. “The MANTA Vascular Closure Device represents a truly innovative solution to address closure-related complications and high costs associated with many large and rapidly growing interventional procedure categories, such as transcatheter aortic valve replacement, endovascular aneurysm repair and ventricular assist device implantation. Physician adoption of the MANTA Device in international markets has been impressive, with over 8,100 procedures completed to date across a number of countries in the EU. We believe we can leverage our strong presence in the interventional cardiology market to accelerate adoption and growth of this breakthrough technology worldwide.”
The Essential acquisition comes on the heels of two high-profile deals from Teleflex. Last year, Teleflex acquired NeoTract for $1.1 billion. That acquisition came just seven months after Teleflex completed its acquisition of Vascular Solutions for $1 billion. In a recent earnings call, Kelly spoke of the two acquisitions impact on Teleflex.
“During the second quarter, Teleflex revenue grew 15.4% on an as-reported basis and 12.4% on a constant currency basis,” Kelly said according to a transcript from Seeking Alpha. “The constant currency revenue growth rate we achieved in the quarter continued to be fueled by our two most recent completed scale acquisitions, NeoTract and Vascular Solutions.”
Kelly added, “We continue to invest behind businesses such as these that bring higher growth potential, are going to benefit most from demographics and augment our margin profile long term. To that end, I am pleased to report that NeoTract continued its strong momentum, delivering $47.7 million in revenue, which is an increase of approximately 58% as compared to the prior year period.”