With an eye on expanding its ultrasound direct business into the point-of-care market, medical imaging firm Analogic has inked a deal to purchase ultrasound vendor Ultrasonix Medical for $83 million in cash.
The Canadian ultrasound supplier for point-of-care and general imaging applications has a global installed base of more than 5,000 systems. In a statement announcing the deal, Analogic President and CEO Jim Green highlighted Ultrasonix's ultrasound technology and its complementary direct distribution channel.
The deal enables Analogic to expand its direct ultrasound business into the point-of-care ultrasound market, as well as offer expanded distribution into general imaging in emerging markets, according to Green. The company also believes the acquisition will provide significant revenue and operational synergies, in addition to adding scale to its existing ultrasound business.
For its part, Analogic will offer Ultrasonix advanced technical prowess and access to expanded sales channels, he said.
Ultrasonix had audited 2011 revenue of 34.5 million Canadian ($35 million U.S.), with positive operating income, Analogic said. Analogic expects that the acquisition will be neutral to earnings per share in its 2013 fiscal year, excluding purchase accounting adjustments and transaction-related costs, but accretive in its 2014 fiscal year.
The deal is expected to close in late February.
