- AngioDynamics to host conference call
today at 5:00 p.m. ET
AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of
innovative, minimally invasive medical devices for oncology,
vascular access, and peripheral vascular disease, today announced
that it has entered into a definitive agreement to sell its NAMIC®
fluid management portfolio to Medline Industries, Inc. for $167.5
million, subject to customary closing conditions including
antitrust review under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976.
The transaction consists of AngioDynamics’ NAMIC brand and its
extensive offering of manifolds, contrast management systems,
closed fluid systems, guidewires, disposable transducers, and
interventional accessories. Additionally, AngioDynamics’ primary
Glens Falls, New York manufacturing facility, including all related
manufacturing jobs and the sales & marketing teams that support
the NAMIC business, will be acquired by Medline as part of the
transaction.
Upon completion of the transaction, AngioDynamics intends to use
the net cash proceeds of approximately $160.0 million to pay down
all outstanding debt. The cash balance of approximately $74.0
million will be used to support strategic investments in the
Company’s existing portfolio to drive enhanced growth and future
profitability.
“Today marks another important chapter in the transformation of
AngioDynamics. Over the past three years, we have streamlined our
manufacturing operations and made significant improvements to our
research and development process, enabling us to develop
high-quality, innovative medical devices for our customers,” said
Jim Clemmer, President and Chief Executive Officer of
AngioDynamics. “These actions, combined with our ongoing portfolio
optimization efforts, including today’s announced transaction with
Medline, provide us with the foundation to drive sustainable and
increased top-line growth and deliver high-quality new therapies
that address unmet patient needs. We are excited that this
strategic transaction will enable us to accelerate highly-focused
investments in our key therapeutic areas including Oncology and
Thrombus Management.”
Mr. Clemmer added, “Through this acquisition, Medline gains a
deeply experienced and dedicated workforce with a strong commitment
to delivering high-quality, dependable devices that clinicians
trust to provide the best patient care. We are pleased that
Medline, an industry-leading manufacturer and distributor, is
acquiring the NAMIC portfolio, and we welcome the Medline team to
the vibrant business community of ‘Catheter Valley’.”
“The NAMIC Fluid Management business is a natural fit with our
world-class portfolio of medical devices and supplies. Medline’s
scale and extensive kitting operations are sure to drive more
momentum for NAMIC products and deliver opportunities for
efficiency for customers,” said Charlie Mills, Chief Executive
Officer of Medline. “We have been very impressed with the quality
of the products and the team behind them, and Medline intends to
maintain manufacturing in Glens Falls. We look forward to joining
the local business community and growing the business in the coming
years.”
Barclays is serving as financial advisor, and Cadwalader,
Wickersham & Taft is serving as legal advisor to
AngioDynamics.
Conference Call
AngioDynamics’ management will host a conference call today
at 5:00 p.m. ET to provide additional details about the
transaction and the Company’s strategy. To participate in the
conference call, dial 1-877-407-0784 (domestic) or 1-201-689-8560
(international) and refer to the passcode 13689968.
This conference call and the accompanying presentation will also
be webcast and can be accessed from the “Investors” section of
the AngioDynamics website at www.angiodynamics.com.
The webcast replay of the call will be available at the same site
approximately one hour after the end of the call.
A recording of the call will also be available from 8:00
p.m. ET on Wednesday, April 17, 2019, until 11:59
p.m. ET on Wednesday, April 24, 2019. To hear this
recording, dial 1-844-512-2921 (domestic) or 1-412-317-6671
(international) and enter the passcode 13689968.
About AngioDynamics, Inc.
AngioDynamics, Inc. is a leading provider of innovative,
minimally invasive medical devices used by professional healthcare
providers for vascular access, peripheral vascular
disease, and oncology. AngioDynamics’ diverse product
lines include market-leading ablation systems, fluid management
systems, vascular access products, angiographic products and
accessories, drainage products, thrombolytic products and venous
products. For more information,
visit www.angiodynamics.com.
About Medline Industries, Inc.
Medline is a healthcare company: a manufacturer, distributor and
solutions provider focused on improving the overall operating
performance of healthcare. Medline works with both the country’s
largest healthcare systems and independent facilities across the
continuum of care to provide the clinical and supply chain
resources required for long-term financial viability in
delivering high quality care. With the size of one of the
country’s largest companies and the agility of a family-owned
business, Medline is able to invest in its customers for the
long-term and rapidly respond with customized solutions.
Headquartered in Northfield, Ill., Medline has 20,000+ employees
worldwide and does business in more than 90 countries. Learn more
about Medline at www.medline.com.
Safe Harbor
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding AngioDynamics' expected future
financial position, results of operations, cash flows, business
strategy, budgets, projected costs, capital expenditures, products,
competitive positions, growth opportunities, plans and objectives
of management for future operations, as well as statements that
include the words such as "expects," "reaffirms," "intends,"
"anticipates," "plans," "believes," "seeks," "estimates,"
"optimistic," or variations of such words and similar expressions,
are forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties. Investors are cautioned that actual events or
results may differ from AngioDynamics' expectations.
Factors that may affect the actual results achieved
by AngioDynamics include, without limitation, the ability
of AngioDynamics to develop its existing and new
products, technological advances and patents attained by
competitors, infringement of AngioDynamics' technology or
assertions that AngioDynamics' technology infringes the
technology of fourth parties, the ability
of AngioDynamics to effectively compete against
competitors that have substantially greater resources, future
actions by the FDA or other regulatory agencies, domestic
and foreign health care reforms and government regulations, results
of pending or future clinical trials, overall economic conditions,
the results of on-going litigation, challenges with respect to
fourth-party distributors or joint venture partners or
collaborators, the results of sales efforts, the effects of product
recalls and product liability claims, changes in key personnel, the
ability of AngioDynamics to execute on strategic
initiatives, the effects of economic, credit and capital market
conditions, general market conditions, market acceptance, foreign
currency exchange rate fluctuations, the effects on pricing from
group purchasing organizations and competition, the ability
of AngioDynamics to integrate acquired businesses, as
well as the risk factors listed from time to time
in AngioDynamics' SEC filings, including but not limited
to its Annual Report on Form 10-K for the year ended May 31,
2018. AngioDynamics does not assume any obligation to
publicly update or revise any forward-looking statements for any
reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20190417005878/en/
Investor Relations:AngioDynamics, Inc.Michael
Greiner518-795-1821mgreiner@angiodynamics.comMedia:AngioDynamics,
Inc.Saleem Cheeks518-795-1174scheeks@angiodynamics.comMedlineBlair
Klein847-643-3308bklein@medline.com
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