Covidien Acquires Reverse Medical Corporation
August 22 2014 - 7:00AM
Business Wire
Generates Opportunity to Leverage Existing
Vascular Technologies and Customer Relationships to Drive Increased
Market Penetration
Covidien plc (NYSE:COV) today announced it has acquired Reverse
Medical Corporation, a privately held
medical device company focused on expanding the management of
vascular disease. Financial terms of the transaction were not
disclosed.
“Covidien is focused on technologies that deliver improved
patient care through clinically relevant and economically valuable
solutions,” said Brett Wall, president, Neurovascular, Covidien.
“The acquisition of Reverse Medical is complementary to our
existing portfolio and will allow us to leverage existing vascular
technologies to compete in the worldwide vascular embolization
market, which is growing at a double digit rate.”
Covidien will report the Reverse Medical business as part of its
Neurovascular product line in the Medical Devices segment.
Annualized dilution is not expected to be material.
Reverse Medical is currently commercializing its vascular
embolization plugs, MVP® Micro Vascular Plug System and UNO™
Neurovascular Embolization System. MVP and UNO are self-expanding
vessel occlusion devices, which close blood vessels for vascular
embolization. A number of clinical applications require occlusion
of the vasculature to rapidly, effectively and safely provide blood
flow cessation.
Other Reverse Medical products include ReVerse® Microcatheter
for device delivery and Barrel™ Vascular Reconstruction Device
(VRD), a self-expandable bifurcation aneurysm bridging device. All
the devices have received CE Mark approval and are commercially
available in Europe. Additionally, MVP-3 and MVP-5 are 510(k)
cleared in the U.S.
About Covidien
Covidien is a global health care leader that understands the
challenges faced by providers and their patients and works to
address them with innovative medical technology solutions and
patient care products. Inspired by patients and caregivers,
Covidien’s team of dedicated professionals is privileged to help
save and improve lives around the world. With more than 38,000
employees, Covidien operates in 150-plus countries and had 2013
revenue of $10.2 billion. To learn more about our business
visit www.covidien.com or connect with us on Twitter.
COVIDIEN CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Statements contained in this communication that refer to
Covidien’s estimated or anticipated future results or other
non-historical facts are forward-looking statements that reflect
Covidien’s current perspective of existing trends and information
as of the date of this communication. Forward-looking statements
generally will be accompanied by words such as “anticipate,”
“believe,” “plan,” “could,” “should,” “estimate,” “expect,”
“forecast,” “outlook,” “guidance,” “intend,” “may,” “might,”
“will,” “possible,” “potential,” “predict,” “project,” or other
similar words, phrases or expressions. It is important to note that
Covidien’s goals and expectations are not predictions of actual
performance. Actual results may differ materially from
Covidien’s current expectations depending upon a number of factors
affecting Covidien’s business. These factors include, among others,
competitive factors and market conditions in the industry in which
Covidien operates; Covidien’s ability to obtain regulatory approval
and customer acceptance of new products, and continued customer
acceptance of its existing products; and the other risks identified
in Covidien’s periodic filings including its Annual Report on Form
10-K for the fiscal year ended September 27, 2013, and from
time to time in Covidien’s other investor communications. We
caution you that the foregoing list of important factors is not
exclusive. In addition, in light of these risks and uncertainties,
the matters referred to in Covidien’s forward-looking statements
may not occur. Covidien undertakes no obligation to publicly update
or revise any forward-looking statement as a result of new
information, future events or otherwise, except as may be required
by law.
CovidienLaura Driscoll, 508-452-4434Director, Communications,
Vascular Therapieslaura.driscoll@covidien.comorColeman Lannum, CFA,
508-452-4343Vice President, Investor
Relationscole.lannum@covidien.comorLisa Clemence,
508-452-4375Director, Communications, Corporate
Communicationslisa.clemence@covidien.comorTodd Carpenter,
508-452-4363Senior Director, Investor
Relationstodd.carpenter@covidien.com