Cantel Medical (NYSE:CMN) said today it closed its buy of endoscopy business assets from Australian distributor CR Kennedy.
The assets picked up by Little Falls, N.J.-based Cantel include its Mediators-branded automated endoscope reprocessors, chemistries and procedure room products. The sale also includes a full sales and service organization from CR Kennedy, the company said.
“We’re excited to complete the acquisition with CR Kennedy. The successful completion of this transaction further strengthens our commitment to provide infection prevention products and solutions globally. We would like to thank CR Kennedy for their partnership and the role they played in helping us achieve this milestone. Also, we welcome our new colleagues to the Cantel family,” continental EMEA prez David Rosen said in a press release.
Cantel Medical said that incremental revenue of the assets it picked up is approximately $8 million on an annualized basis.
Last month, the company saw shares slump despite posting 2nd quarter earnings results which topped Wall Street expectations in earnings per share, but missed on sales.
The company posted profits of $18.1 million, or 43¢ per share, on sales of $184.8 million for the 3 months ended January 31, for bottom-line growth of 17.4% while sales grew 16.8% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 52¢ per share, ahead of consensus on The Street, where analysts were looking for sales of $188 million, which the company did not meet.
