AngioDynamics Announces Sale of Dialysis Product Portfolio and BioSentry Product to Merit Medical Systems
Benzinga Announces preliminary Fiscal Year 2023 net sales in the range of $338 million to $339 million
AngioDynamics, Inc. ANGO, a leading and transformative medical technology company focused on restoring healthy blood flow in the body's vascular system, expanding cancer treatment options and improving quality of life for patients, today announced that it has completed the sale of its Dialysis product portfolio and BioSentry Tract Sealant System Biopsy product to Merit Medical Systems, Inc. for $100 million in cash.
The transaction consists of AngioDynamics' DuraFlow, DuraMax, Evenmore, Schon XL, Trio-CT and Vaxel Plus Hemodialysis Catheter brands, and BioSentry Tract Sealant System Biopsy brand. This combined portfolio of products contributed approximately $32 million in sales in AngioDynamics' Fiscal Year 2023.
AngioDynamics intends to use net proceeds to eliminate its existing debt and support further strategic investments in growth and profitability. The divested assets are included in the Company's Med Device Business and do not have a significant amount of direct costs. As a result, the transaction will be dilutive to adjusted earnings per share and is expected to be slightly dilutive to corporate gross margins.
