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HAEMONETICS® Haemonetics To Acquire Cardiva Medical , Inc. To Expand Hospital Portfolio January 20 , 2021 - Enhances penetration into the large and growing interventional cardiology and electrophysiology markets - Offers products with demonstrated and differentiated clinical benefits - Expected to be accretive to revenue growth , gross margins and adjusted gross margins while providing attractive financial returns - Purchase price of up to $ 510 million cash BOSTON , Jan. 20 , 2021 / PRNewswire / -- Haemonetics Corporation ( NYSE : HAE ) ( " Haemonetics " ) , a global medical technology company focused on delivering innovative medical solutions to drive better patient outcomes , today announced that it has entered into a definitive agreement to acquire privately - held Cardiva Medical , Inc. , ( " Cardiva " ) an industry - leading manufacturer of vascular closure systems based in Santa Clara , California . Under the terms of the agreement , Haemonetics will acquire Cardiva for an upfront cash payment of $ 475 million at closing and up to an additional $ 35 million in contingent consideration based on sales growth . The acquisition is subject to customary closing conditions and is expected to be completed in the first quarter of calendar 2021 . HAEMONETICS® Cardiva's portfolio includes two catheter - based vascular access site closure devices . The VASCADE® vascular closure system is designed for " small - bore " femoral arterial and venous closure , generally used in interventional cardiology and peripheral vascular procedures , and is the only marketed closure device to significantly reduce access site complications versus manual compression . The VASCADE MVPⓇ vascular closure system is designed for " mid - bore " multi - access femoral venous closure , generally used in electrophysiology procedures , and is the only FDA approved closure device for use following cardiac ablation procedures requiring two or more access sites within the same vessel . Both devices include Cardiva's proprietary collapsible disc technology and a resorbable collagen patch to achieve hemostasis . Chris Simon , Haemonetics ' President and CEO , said , " We are excited to add Cardiva's vascular closure technology to our portfolio and look forward to welcoming their talented team . This acquisition immediately expands and diversifies our hospital offerings in the large and growing interventional cardiology and electrophysiology markets and aligns with our innovation agenda . " John Russell , Cardiva's President and CEO , added , " We are delighted to become part of a company that shares our commitment to technology leadership and meaningfully advancing patient care in some of the most critical areas of medicine . We believe that Haemonetics ' history of leadership in hemostasis management makes the Company an ideal partner to realize the full potential of our VASCADE platform technology . " The acquisition is expected to deliver about $ 65- $ 75 million of revenue in the first fiscal year . The transaction is expected to be dilutive to adjusted net earnings per diluted share by ( $ 0.15 - $ 0.20 ) in fiscal year 2022 and about neutral to adjusted net earnings per diluted share in fiscal year 2023. The acquisition is expected to deliver a rate of return on invested capital of 10 % by year five . Haemonetics plans to finance this acquisition through a combination of cash , existing revolving credit facility and an additional $ 150 million term loan . Following this acquisition , the Company debt to EBITDA ratio , as calculated in accordance with the terms set forth in the Company's existing Credit Agreement , is expected to be approximately 3.2 . In connection with this transaction , Moelis & Company LLC is serving as financial advisor to Haemonetics and DLA Piper is serving as legal advisor . Additionally , J.P. Morgan Securities LLC is acting as financial advisor to Cardiva and Cooley LLP is serving as legal advisor . Conference Call and Webcast Information Haemonetics will host a conference call and webcast to discuss additional details regarding the proposed transaction on January 20 at 8:00 AM ET . The dial - in numbers for the conference call are ( 877 ) 848-8880 ( domestic ) or ( 716 ) 335-9512 ( international ) . Conference ID number is 5838449 . The conference call and webcast can also be accessed via the following link : https://edge.media-server.com/mmc/p/gumu3nq4 A replay of the conference will be available from January 20 , 2021 11:00 AM ET for one year using the link above . About Haemonetics Haemonetics ( NYSE : HAE ) is a global healthcare company dedicated to providing a suite of innovative medical products and solutions for customers , to help them improve patient care and reduce the cost of healthcare . Our technology addresses important medical markets : blood and plasma component collection , the surgical suite and hospital transfusion services . To learn more about Haemonetics , visit www.haemonetics.com . About Cardiva Medical , Inc. Cardiva Medical , Inc. is a privately held medical device company focused on transforming vascular closure for the benefit of patients , hospitals and physicians in the over 5.5 million catheter - based coronary , peripheral and electrophysiology procedures in the United States that require access site closure each year .