SonoSite Completes Acquisition of CardioDynamics - a Cardiovascular Disease Management Company
August 17 2009 - 3:05AM
Business Wire
SonoSite, Inc. (NASDAQ:SONO), the world leader and
specialist in hand-carried ultrasound for the point-of-care, today
announced that on August 14, 2009, it completed the acquisition of
CardioDynamics International Corporation (NASDAQ:CDIC), a leader in
impedance cardiography (ICG) for noninvasive hemodynamic
assessment.
Under the terms of the agreement, CardioDynamics will become a
wholly-owned subsidiary of SonoSite, Inc. and CardioDynamics
shareholders will receive $1.35 per share in cash. The aggregate
transaction is valued at approximately $10.0 million, or $12.3
million net of cash and debt. Shareholders of CardioDynamics
approved the acquisition on August 11, 2009.
“This acquisition brings us an established sales channel and a
franchise in cardiovascular disease management with outstanding
long term growth and healthcare cost reduction potential,” said
Kevin M. Goodwin, SonoSite President and CEO. “The need to detect
and treat cardiovascular disease has never been greater, and
CardioDynamics’ products and technology will be the platform we
will build upon to grow in the physician office segment, as well as
expand our presence in the large market for cardiovascular disease
management.”
“Both SonoSite and CardioDynamics have a rich history of
innovation and market development,” said Marcus Smith, SonoSite
Vice President, General Manager, Cardiovascular Disease Management.
“We look forward to combining the products and sales force of
CardioDynamics with our own ultrasound products to make a positive
impact on cardiovascular disease, with particular emphasis on
improving patient outcomes and reducing healthcare system
costs.”
CardioDynamics’ ICG product line provides non-invasive
assessment of cardiac output and other hemodynamic parameters in
the physician’s office, outpatient clinic or hospital. The
company’s latest generation product, the BioZ® Dx system,
integrates ICG with electrocardiography (ECG), providing the
ability to assess both mechanical and electrical cardiovascular
function.
About SonoSite
SonoSite, Inc. (www.sonosite.com) is the innovator and world
leader in hand-carried ultrasound. Headquartered near Seattle, the
company is represented by ten subsidiaries and a global
distribution network in over 100 countries. SonoSite’s small,
lightweight systems are expanding the use of ultrasound across the
clinical spectrum by cost-effectively bringing high performance
ultrasound to the point of patient care. The company employs
approximately 700 people worldwide.
Forward-looking Information
and the Private Litigation Reform Act of 1995
Certain statements in this press release relating to the
potential benefits of the CardioDynamics acquisition, including
future products and growth in the physician office and
cardiovascular disease management markets, are “forward-looking
statements” for the purposes of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on the opinions and estimates
of our management at the time the statements are made and are
subject to risks and uncertainties that could cause actual results
to differ materially from those expected or implied by the
forward-looking statements. These statements are not guaranties of
future performance, are based on potentially inaccurate assumptions
and are subject to known and unknown risks and uncertainties,
including, without limitation, the risk that the acquisition of
CardioDynamics will not yield the expected potential benefits,
including growth in the physician office and cardiovascular disease
management markets, and the other factors contained in Item 1A.
“Risk Factors” section of our most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission. We caution
readers not to place undue reliance upon these forward-looking
statements that speak only as to the date of this release. We
undertake no obligation to publicly revise any forward-looking
statements to reflect new information, events or circumstances
after the date of this release or to reflect the occurrence of
unanticipated events.
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