Mirion Technologies to Divest Biodex Physical Medicine
November 29 2022 - 4:15PM
Business Wire
Mirion Technologies, Inc. (NYSE: MIR) announced today that it
has entered into a definitive agreement to sell the physical
medicine assets of Biodex Medical Systems, Inc. (“Biodex”) to
Salona Global Medical Device Corporation for $5 million in cash at
closing and up to an additional $3 million in deferred cash
payments. The deferred cash payments are contingent on the
performance of the assets during the 12-month period following
closing. The assets generated approximately $18 million in revenue
with estimated gross margins of 30% during the most recent trailing
twelve-month period.
“Divesting the physical medicine assets of Biodex enables Mirion
Medical to focus on our strategic priorities and better aligns the
group with Mirion’s mission of harnessing our unrivaled knowledge
of ionizing radiation for the greater good of humanity,” said Mike
Rossi, President of Mirion Medical. “We are pleased to see the
physical medicine business in the hands of an owner whose core
mission and strategy is better aligned with investing in the future
of the product line and finding valued employees the right home for
their skills and contributions,” said Rossi.
The transaction is subject to customary closing conditions and
is expected to close on December 31st, 2022.
About Mirion Mirion Technologies is a leading provider of
detection, measurement, analysis and monitoring solutions to the
nuclear, defense, medical and research end markets. The
organization aims to harness its unrivaled knowledge of ionizing
radiation for the greater good of humanity. Many of the company's
end markets are characterized by the need to meet rigorous
regulatory standards, design qualifications and operating
requirements. Headquartered in Atlanta (GA – USA), Mirion employs
around 2,800 people and operates in 13 countries. For more
information, and for the latest news and content from Mirion, visit
Mirion.com.
About Biodex Medical Systems Biodex Medical Systems, Inc.
is part of Mirion Medical, Inc., a group of healthcare-focused
brands within Mirion Technologies (NYSE: MIR). Mirion Technologies,
Inc. uses science and technology to drive treatment innovation
across physical medicine, nuclear medicine and medical imaging
categories. With a history of manufacturing and engineering
excellence that spans more than 60 years, the Biodex™ mission is to
provide innovative solutions and customer-driven support to medical
facilities and wellness centers around the globe. Visit:
Biodex.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221129006076/en/
For investor inquiries: Jerry Estes ir@mirion.com
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