HAYWARD, Calif., Feb. 26, 2013 /PRNewswire/ -- Solta Medical,
Inc. (Solta) (NASDAQ: SLTM) today announced the completion of its
acquisition of privately-held Sound Surgical Technologies. The
transaction is expected to be accretive within 12 months.
"With this acquisition, we have added another strong,
complementary product to our broad portfolio of leading aesthetic
brands and we have expanded our market opportunity," said
Stephen J. Fanning, Chairman,
President and Chief Executive Officer of Solta Medical. "Sound
Surgical's VASER product lines and other technologies utilizing low
frequency ultrasound are innovative additions to our
Liposonix® and Thermage® treatments, creating
significant cross-selling opportunities with Sound Surgical's
plastic surgeon base and our core customer base of plastic surgeons
and dermatologists. Sound Surgical generated strong revenue and
EBITDA in 2012 and we anticipate the acquisition will contribute to
our bottom-line within 12 months."
Under the terms of the agreement, Solta acquired Louisville, Colorado-based Sound Surgical for
$25.5 million in Solta common stock
and $5.0 million in cash. In
addition, Sound Surgical unit holders are entitled to receive up to
$9.5 million of contingent payments
that would be paid in Solta common stock based on revenue from
Sound Surgical products in 2013. The proposed transaction becomes
increasingly accretive to Solta Medical as Sound Surgical achieves
the higher end of the revenue range. Approximately three-quarters
of Sound Surgical unit holders have entered into staggered lock-up
agreements ranging up to 270 days. Additionally, David Holthe, current Chairman of the Management
Committee of Sound Surgical, will join the Solta Board of
Directors.
About Solta
Solta Medical, Inc. is a global leader in the medical aesthetics
market providing innovative, safe, and effective solutions for
patients that enhance and expand the practice of medical aesthetics
for physicians. The company offers six aesthetic energy devices to
address a range of issues, including skin resurfacing and
rejuvenation with Fraxel® and Clear +
Brilliant® body contouring and skin tightening with
Liposonix® and Thermage® and acne reduction
with Isolaz® and CLARO™. As the innovator and
leader in fractional laser technology, Fraxel delivers minimally
invasive clinical solutions to resurface aging and sun damaged
skin. Using similar fractional laser technology, Clear + Brilliant
is a unique, cost-effective treatment to prevent and improve the
early signs of photoaging. For body contouring, Liposonix is a
non-surgical treatment to reduce waist circumference with advanced
high-intensity focused ultrasound (HIFU) technology to permanently
destroy targeted fat beneath the skin. Thermage is an innovative,
non-invasive radiofrequency procedure for tightening and contouring
skin. Isolaz was the first laser or light based system indicated
for the treatment of inflammatory acne, comedonal acne, pustular
acne, and mild-to-moderate inflammatory acne. CLARO is a personal
care acne system that is the first FDA cleared over-the-counter IPL
device that uses a powerful combination of both heat and light to
clear skin quickly and naturally. More than two million procedures
have been performed with Solta Medical's portfolio of products
around the world.
For more information about Solta, call 1-877-782-2286 or log on
to www.Solta.com.
Solta Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, including those regarding the accretive aspects of the Sound
Surgical acquisition. Forward-looking statements are based on
management's current expectations and are subject to risks and
uncertainties, which may cause actual results to differ materially
from the statements contained herein. Further information on
potential risk factors that could affect Solta Medical's business
is detailed in the Company's Form 10Q filed November 1, 2012 and other filings with the SEC.
Undue reliance should not be placed on forward-looking statements,
which speak only as of the date they are made. Solta Medical
undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date they were made, or to reflect the occurrence of
unanticipated events.
SOURCE Solta Medical, Inc.