Haemonetics
(NYSE: HAE)
announced today that it completed its previously announced acquisition of cardiology-focused medical device company OpSens.
Boston-based Haemonetics first announced plans to buy OpSens for more than $250 million in October. Upon completion of the deal, the company acquired all outstanding shares at a fully diluted equity value of about $255 million. As a result, OpSens common shares ceased trading in the public market and will be delisted from the Toronto Stock Exchange.
OpSens offers optical technology for use in interventional cardiology. Core products include the SavvyWire, a sensor-guided, 3-in-1 guidewire for transcatheter aortic valve replacement (TAVR) procedures. SavvyWire acts as a pacing and pressure monitoring wire, advancing procedure workflow and enabling shorter hospital stays.
The company’s OptoWire pressure guidewire aims to improve clinical outcomes by measuring Fractional Flow Reserve (FFR) and diastolic pressure ratio (dPR). It aids clinicians in the diagnosis and treatment of coronary artery disease.
OpSens also manufactures fiber optic sensor solutions used in medical devices and other industrial applications.
“Expanding our hospital portfolio with OpSens’ products creates exciting growth and diversification opportunities, while providing immediately accretive financial benefits,” said Chris Simon, Haemonetics president and CEO. “We are pleased to officially welcome OpSens to Haemonetics and look forward to driving greater access to OpSens’ essential solutions and benefits for physicians and patients throughout the world.”
Financial details related to the Haemonetics-OpSens deal
In conjunction with the completed acquisition, Haemonetics increased its 2024 revenue growth guidance from 7%-9% to 8%-10%. The company reaffirmed all other fiscal 2024 guidance metrics.
For fiscal 2025, Haemonetics expects $55 million to $65 million in revenue from OpSens. It projects a slightly accretive earnings per diluted share impact on a GAAP basis. The company projects about a 10¢ to 15¢ contribution to adjusted EPS.
Haemonetics said the deal expands its hospital business unit, which features the Vascade vascular closure portfolio. The company believes its own commercial success and existing infrastructure can accelerate customer access to OpSens products.
The deal was funded through a combination of cash-on-hand and a $110 million draw under Haemonetics’ revolving credit facility. Haemonetics expects net debt to EBITDA ratio to total approximately 2.3x. It plans to pay down the majority of the outstanding balance within the next few months.