AngioDynamics Continues Move Away from Manufacturing with Divestitures

AngioDynamics shed more weight this week.

The Latham, NY-based company said it completed the sale of its Picc and Midline product portfolios to Spectrum Vascular for up to $45 million in cash. Grand Rapids, MI-based Spectrum Vascular is focused on vascular access and medication management.

In addition to the divestiture, AngioDynamics also discontinued the sale of its Uniblate and Starburst Radio Frequency products, as well as its Syntrax support catheter products to further streamline its product portfolio. These products contributed about $5.5 million in annual sales during AngioDynamics’ fiscal year 2023.

“Today’s divestiture is another significant milestone in our transformation and supports our focus on driving increased penetration of our medtech platforms in high-growth markets. It builds upon the divestiture of our Dialysis and Biosentry businesses that we announced in June as well as the plan we announced in January to streamline our manufacturing operations,” said Jim Clemmer, president and CEO of AngioDynamics. “This transaction, combined with the discontinuation of our radiofrequency ablation and Syntrax products, further strengthens our balance sheet, optimizes our product portfolio and deepens our strategic focus on driving growth and profitability within our NanoKnife, Mechanical Thrombectomy, and Auryon businesses.”

Related:AngioDynamics to Divest its Fluid Management Portfolio

The divestitures are part of a restructuring plan that would have the company focus more on research and development of specialty products instead of manufacturing.

Clemmer said the move was so that it could more effectively compete in the medical device market, according to a report from the Post Star.