LeMaitre Vascular said it has acquired the vascular clot management business of Applied Medical Resources Corp. for $14.2 million, of which $11.0 million was paid at closing and $3.2 million will be paid in two post-closing installments.
As part of the transaction, the parties also signed a transition services agreement under which Applied Medical will continue to manufacture the product line for LeMaitre Vascular for one year.
Applied Medical’s clot management product line, including Syntel embolectomy and thrombectomy catheters, Python over-the-wire embolectomy catheters, Latis graft cleaning catheters and irrigation catheters, is now available through LeMaitre Vascular. Sales of the business during the latest 12-month period were $3.4mm.
In 4Q18, LeMaitre Vascular expects the acquired business to add $0.5 million to $0.6 million in sales, and have no impact on operating income due to short-term business transition related costs.
The company has been successful with its recent acquisitions. In 2016, the company acquired Restore Flow Allografts for about $14 million. During an earnings call this year, the company touted the success of the acquisition.
The highlight of Q1 was the increasing acceptance by the North American sales force of the Restore Flow acquisition,” George LeMaitre, chairman and CEO of LeMaitre said according to a transcript from Seeking Alpha. “Sales hit a record in Q1, up 48% over the prior year, and we see more growth ahead. These saphenous veins are a close substitute to the in-situ saphenous veins prepared by the LeMaitre Valvulotomes. These two products really are two peas in a pod."