ALBANY, N.Y., Oct. 16, 2012 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq:ANGO), a leading provider of innovative minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, announced that it has completed the acquisition of Vortex Medical Inc., a privately-held company focused on the development of innovative medical devices for venous drainage and the removal of thrombus, or blood clots, from occluded blood vessels.
"Blood clots affect more than a million patients every year, and today we acquired a highly differentiated technology that has the potential to revolutionize how treatment is provided," said Joseph M. DeVivo, President and CEO of AngioDynamics. "The acquisition of Vortex affirms the strategy we laid out at the beginning of the year, which includes focusing our investments on innovative products that offer the potential for profitable, sustainable growth. We anticipate the transaction will be accretive to GAAP EPS in the first half of fiscal 2014. Furthermore, the acquisition is expected to add approximately $10 million in sales and $5 million in adjusted EBITDA during fiscal 2014, and achieve $50 million in annual sales within five years."
Vortex is currently commercializing the AngioVac venous drainage system, which includes the AngioVac Cannula and Circuit. The AngioVac Cannula has a proprietary balloon-actuated, expandable, funnel-shaped distal tip that enhances flow, prevents clogging of the cannula and facilitates en bloc, or whole removal of undesirable intravascular material. Both the AngioVac Cannula and Circuit are FDA-cleared for use during extracorporeal bypass for up to 6 hours, and an application has been filed for CE Mark approval.Use of Non-GAAP Measures Management uses non-GAAP measures to establish operational goals, and believes that non-GAAP measures may assist investors in analyzing the underlying trends in AngioDynamics' business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. In this news release, AngioDynamics has discussed adjusted EBITDA (income before interest, taxes, depreciation, amortization and non-cash acquisition related charges). Management uses this measure in its internal analysis and review of operational performance. Management believes that this measure provide investors with useful information in comparing AngioDynamics' performance over different periods. By using this non-GAAP measure, management believes that investors get a better picture of the performance of AngioDynamics' underlying business. Management encourages investors to review AngioDynamics' financial results prepared in accordance with GAAP to understand AngioDynamics' performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact on AngioDynamics' financial results.