Haemonetics Corporation has completed its acquisition of Attune Medical, a Chicago-based company known for its ensoETM proactive esophageal cooling device. The acquisition involved an upfront cash payment of $160 million plus additional contingent consideration based on sales growth over the next three years and the achievement of certain other milestones.
In fiscal year 2025, Haemonetics expects Attune Medical to contribute approximately $30 to $35 million in revenue. Furthermore, it is anticipated to contribute approximately $0.05 to $0.10 to earnings per diluted share on a GAAP basis and approximately $0.10 to $0.15 to adjusted earnings per diluted share, excluding one-time acquisition and integration-related costs.
The acquisition was financed through a combination of cash on hand and a $150 million draw under Haemonetics' revolving credit facility. As a result of the transaction, Haemonetics estimates that its net debt to EBITDA ratio, as defined in its existing credit agreement, will be approximately 2.4x.
The acquisition is expected to bolster Haemonetics' position in the medical technology market, leveraging Attune Medical's innovative ensoETM technology, which is designed for use across a range of medical conditions involving patient cooling or warming. The ensoETM device has already seen significant usage, with over 68,000 devices shipped for hospital use and more than 50,000 electrophysiology procedures since its availability in 2015.
Following these announcements, the company's shares moved 0.7%, and are now trading at a price of $85.99. Check out the company's full 8-K submission here.
