MINNEAPOLIS, July 26, 2017 /PRNewswire/ -- Cogentix
Medical, Inc. (NASDAQ: CGNT), a global medical device company
focused on providing the Urology, Uro/Gyn and Gynecology markets
with innovative and proprietary products, today announced that it
has acquired privately held Genesis Medical based in London, United Kingdom. The transaction is
expected to generate incremental revenue to Cogentix during the
second half of 2017 of approximately $0.8
million and over $2.0 million
of incremental revenue in 2018. Genesis sells and markets a
variety of products to urologists within the United Kingdom and has been the exclusive U.K.
distributor of Cogentix's PrimeSight™ endoscopy systems since
2013.
"The purchase of Genesis Medical is our second business
development transaction this month and follows our announcement
last week of an Endo-Urology product line launch in the U.S.," said
Darin Hammers, President & CEO
of Cogentix. "Genesis has been our highly productive
PrimeSight partner in the U.K. for the past four years, and they
have exceptionally strong customer relationships in the British
urology market. We believe that during the second half of
this year our urology products revenue growth rate will exceed the
first half's 11 percent and Genesis will contribute to this
acceleration."
Under the terms of the acquisition agreement, Cogentix has
purchased the tangible assets of Genesis and will pay up to
£515,000 for the ongoing business, dependent on Genesis achieving
certain revenue milestones through March of 2019. During 2016
Genesis Medical generated more than $3
million in total revenue and was profitable.
About Cogentix Medical
Cogentix Medical, Inc.,
headquartered in Minnetonka,
Minnesota, with additional operations in New York, Massachusetts, The
Netherlands and the United
Kingdom, is a global medical device company. We
design, develop, manufacture and market products for flexible
endoscopy with our unique PrimeSight™ product lines featuring a
streamlined visualization system and proprietary sterile disposable
microbial barrier providing users with efficient and cost effective
endoscope turnover while enhancing patient safety. We also
commercialize the Urgent® PC Neuromodulation System, an FDA-cleared
device that delivers percutaneous tibial nerve stimulation (PTNS)
for the office-based treatment of overactive bladder (OAB). OAB is
a chronic condition that affects approximately 42 million U.S.
adults. The symptoms include urinary urgency, frequency and urge
incontinence. We also offer Macroplastique®, an injectable
urethral bulking agent for the treatment of adult female stress
urinary incontinence primarily due to intrinsic sphincter
deficiency. For more information on Cogentix Medical and our
products, please visit us at www.cogentixmedical.com. 'CGNT-G'
For Further Information:
Cogentix Medical, Inc.
Brett Reynolds, SVP and CFO
952-426-6152
EVC Group
Brian Moore/Doug Sherk
310-579-6199/415-652-9100
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SOURCE Cogentix Medical, Inc.