PEABODY, Mass., Jan. 8, 2013 (GLOBE NEWSWIRE) -- Analogic Corporation (Nasdaq:ALOG), enabling the world's medical imaging and aviation security technology, announced today that it has signed an agreement to acquire privately held Ultrasonix Medical Corporation based in Vancouver, Canada for $83 million in cash. Ultrasonix is a supplier of advanced ultrasound systems for point-of-care and general imaging applications with over 5,000 systems installed worldwide. The purchase price paid to Ultrasonix shareholders will be funded out of Analogic's available cash balance. The transaction is expected to close in late February. Analogic expects that this business combination will be neutral to EPS in Analogic's fiscal year 2013, excluding purchase accounting adjustments and transaction related costs, but will become accretive in fiscal year 2014. Further information on this transaction can be found on supplemental presentation slides by clicking here or at http://investor.analogic.com .
Jim Green, Analogic president and CEO, commented, "Ultrasonix brings key ultrasound technology and a direct distribution channel, complementary to our own. This acquisition is an important step in executing our overall growth strategy as we expand our direct ultrasound business into the fast growing adjacent point-of-care ultrasound market. Ultrasonix also enables expanded distribution into general imaging in emerging markets with advanced technology to address diagnostic procedures and applications. This acquisition provides significant revenue and operational synergies as well as provides scale to our existing ultrasound business accelerating our growth in the future."
Green added, "In addition to all that Ultrasonix brings to us, Analogic brings advanced technical prowess and expanded sales channel access to the Ultrasonix portfolio."The transaction brings together BK Medical and Ultrasonix, two of the world's leading producers of mobile, procedure-driven, guided ultrasound technology. Founded in 2000, Ultrasonix has a broad portfolio of mobile ultrasound products with an established brand used primarily for point-of-care applications such as emergency medicine and anesthesia in developed markets and general imaging in emerging markets. Ultrasonix's audited revenue for the calendar year ended December 31, 2011 was 34.5 million Canadian dollars, with positive operating income.