Natus Medical Incorporated (Nasdaq:BABY) and Astro-Med, Inc. (Nasdaq:ALOT) today announced that the companies have consummated the sale of the Grass Technologies Product Group from Astro-Med to Natus. On January 7, 2013, the companies announced that they had entered into an asset purchase agreement for the transaction. The Grass Technologies Product Group includes clinically differentiated neurodiagnostic and monitoring products, including a portfolio of polysomnography (PSG) and electroencephalography (EEG) systems for both clinical and research use and related accessories and proprietary electrodes.
Natus expects the acquisition to be accretive to non-GAAP earnings in its second quarter and full year 2013.
Natus funded the $18.6 million cash purchase price with existing cash and borrowings under its credit facility. Astro-Med reported revenue from the Grass segment of $18.5 million for the fiscal year ended January 31, 2012.
About Natus MedicalNatus is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. Product offerings include computerized neurodiagnostic systems for audiology, neurology, polysomnography, and neonatology, as well as newborn care products such as hearing screening systems, phototherapy devices for the treatment of newborn jaundice, head-cooling products for the treatment of brain injury in newborns, incubators to control the newborn's environment, and software systems for managing and tracking disorders and diseases for public health laboratories. Additional information about Natus Medical can be found at www.natus.com. About Astro-Med Astro-Med, Inc. is a leading manufacturer of specialty high tech printing systems, electronic medical instrumentation, and test and measurement data acquisition systems. Astro-Med, Inc. products are sold under the brand names Astro-Med, Grass Technologies and QuickLabel Systems, and are employed around the world in a wide range of aerospace, medical, military, industrial, labeling and packaging applications. Astro-Med, Inc. is a member of the Russell Microcap Index. Additional information is available by visiting www.Astro-MedInc.com. Additional information about Astro-Med can be found at www.Astro-MedInc.com. Cautions concerning forward-looking statements of Natus This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, particularly statements regarding the expectations, beliefs, plans, intentions and strategies of Natus. These forward-looking statements include, but are not limited to, statements regarding the accretive nature of the acquisition on the Company’s non-GAAP earnings for its second quarter and full year 2013 that had been previously incorporated into the Company’s financial guidance communicated in a press release issued on January 7, 2013. These statements relate to current estimates and assumptions of Natus management as of the date of this press release. Future events or Natus' future financial performance or results involve known and unknown risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Natus disclaims any obligation to update information contained in any forward looking statement.