Industrials
Somanetics Extends Deal For Foreign Distribution
TROY, Mich. (AP) — Medical device maker Somanetics Corp. said Wednesday it signed a three-year extension of its exclusive foreign distribution agreement with health care company Covidien PLC.
Covidien will continue to distribute Somanetics' high-tech diagnostic equipment, called the INVOS Cerebral/Somatic Oximeter, in Europe, the Middle East and Africa. The machine measures changes in the blood oxygen levels of patients undergoing surgery and in critical care. The extension will take effect Feb. 16, 2010, when the current agreement expires. The company expects revenue between $2.5 million and $3 million in the first full year of the extension. Somanetics shares added 15 cents to $16.40 in afternoon trading.TheStreet Premium Services
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