CAS Medical Systems (NSDQ:CASM) said yesterday that it sold its 740 Select line of vital sign monitoring products to Zoe Medical for an unspecified amount.
Branford, Conn.-based CasMed said it made the move so that it can focus solely on its Fore-Sight cerebral oximetry business. The 740 Select operation put up $3.7 million in sales last year and $1.3 million during the 1st 6 months of 2015, the company said.
“Divesting these non-strategic assets allows for added focus on our core business of Fore-Sight cerebral oximeters and sensors,” president & CEO Thomas Patton said in prepared remarks. “We have made substantial progress in our transition to a single-use disposables business model as Fore-Sight sensors sales have represented an increasingly large percentage of total sales. We have recorded 21 consecutive quarters of double-digit sensor sales growth in the U.S. and recently launched our Fore-Sight Elite products for use with pediatric and neonatal patients. Our Fore-Sight business continues to track well against our expectations that the second half of 2015 will be stronger than the 1st half.”
“The addition of the 740 Select product line to our organization represents a great opportunity to bring the technology to new markets,” added Zoe Medical CEO Bengt Hermanrud. “As both a developer and supplier of the Select, our familiarity with the product will allow us to quickly create exciting new clinical solutions for our customers.”