Edwards Lifesciences (EW) Announces Sale of TMR Heart Laser Distribution Rights to Novadaq
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Edwards Lifesciences Corporation (NYSE: EW) has sold the exclusive U.S. distribution rights and the inventory associated with Edwards' transmyocardial revascularization (TMR) laser product line to Novadaq Technologies Inc. The TMR system is manufactured by PLC Medical Systems (Amex: PLC).
Total consideration for this sale is estimated to be between $8-9 million, which includes the purchase of inventory valued at approximately $1.4 million and an earn-out based on 2007 sales. This transaction will result in a slight gain in the first quarter and Edwards will record income from the earn-out during the remainder of 2007. The company does not expect this transaction to have a material impact on its 2007 earnings guidance.
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