Haemonetics
(NYSE: HAE)
announced today that it entered into an agreement to acquire Attune Medical.
Boston-based Haemonetics agreed to buy Attune for an upfront cash payment of $160 million. The deal also includes additional contingent consideration based on sales growth in the three years following the consummation of the acquisition. These additional payments also hinge on other certain milestones.
The companies expect to complete the deal in the first quarter of Haemonetics’ fiscal 2025, which ends July 1, 2024.
Chicago-based Attune medical develops the ensoETM proactive esophageal cooling device. The company designed ensoETM to reduce the likelihood of ablation-related esophageal injury. These injuries occur as a result of radiofrequency (RF) cardiac ablation procedures. ensoETM received FDA authorization for RF ablation in September 2023.
Stewart Strong, Haemonetics’ president, global hospital, said in a news release: “Attune Medical’s ensoETM will bolster Haemonetics’ presence in the electrophysiology market and complement our leadership in vascular closure. EnsoETM effectively reduces esophageal injuries without requiring hospitals to purchase complex and costly new ablation systems. With this groundbreaking solution we look forward to empowering more physicians to improve patient outcomes, and expanding our EP portfolio with yet another industry-leading technology to accelerate the growth and impact of our interventional technologies business.”
According to Haemonetics, Attune Medical generated approximately $22 million in revenue during its last fiscal year. The company expects an immediately accretive impact to revenue and earnings growth once it completes the transaction. Haemonetics plans to fund the acquisition through a combination of cash on hand and a revolving credit facility draw.
“We are thrilled to become part of Haemonetics,” said Attune CEO Jay Istvan. “Their hospital business has strong positions in both EP and critical care, and their international channels are robust and expanding. We believe Haemonetics is the best company to bring ensoETM’s substantial benefits to more caregivers worldwide to enable new standards of care.”
This acquisition marks Haemonetics’ second major buy in recent months. The company acquired cardiology-focused medical device company OpSens in December 2023.