Lemaitre Vascular (LMAT) Acquires Assets of Restore Flow Allografts for $14M
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LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of peripheral vascular devices and implants, announced today that it has acquired the assets of Restore Flow Allografts, LLC for $14.0 million, of which $12.0 million was paid at closing and $2.0 million is due on May 10, 2018, as well as potential earnout payments over the next two years based on the performance of the acquired business.
Restore Flow Allografts derives revenue from human tissue preservation services, in particular the processing and cryopreservation of peripheral vascular veins and arteries. Last twelve months’ revenue for the company was $3.7mm, all within the United States. Last twelve months’ operating income for the company was approximately break-even.
Dave Roberts, LeMaitre Vascular’s President, commented, “We are pleased to add cryopreserved allografts to our widening range of biologic products, following our acquisitions of XenoSure in 2012, OmniFlow II in 2014 and ProCol in 2016. We believe vascular surgeons associate biologic implants with reduced infection. This acquisition provides a biologic solution for peripheral bypass to our growing U.S. sales force while Canadian and European approvals of Restore Flow might be future expansion paths.”
The Company expects this acquisition to increase Q4 and full-year 2016 revenues by $550,000 and to reduce Q4 and full-year 2016 operating income by $200,000. The Company otherwise re-affirms guidance provided on October 26, 2016.
Combining re-affirmed guidance and the effects of the Restore Flow acquisition, the Company expects Q4 2016 revenue of $23.7mm, gross margin of 72.1% and operating income of $4.5mm. For the full-year, the Company expects revenue of $89.6mm, gross margin of 71.3% and operating income of $16.9mm.
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