Genesis Medical produces, sells and markets urology products in the U.K. and operated as the exclusive regional distributor for Cogentix’s PrimeSight endoscopy systems.
Cogentix said it purchased all tangible assets of Genesis, and will pay up to an additional $671,560 (GBP £515,000) based on revenue milestones through March 2019.
“The purchase of Genesis Medical is our second business development transaction this month and follows our announcement last week of an Endo-Urology product line launch in the U.S. Genesis has been our highly productive PrimeSight partner in the U.K. for the past 4 years, and they have exceptionally strong customer relationships in the British urology market. We believe that during the 2nd half of this year our urology products revenue growth rate will exceed the 1st half’s 11% and Genesis will contribute to this acceleration,” prez & CEO Darin Hammers said in a press release.
Minneapolis, Minn.-based Cogentix said the transaction is expected to generate incremental revenue during the 2nd half of 2017 by approximately $800,000, and over $2 million in 2018.
Last week, Cogentix Medical said it inked a deal with Monaco-based medical device maker Promepla to launch an endo-urology product line within the US.
The company said the slated-to-launch product line includes a full suite of endourological devices including ureteral access sheaths, gravity irrigation lines and nitinol guide wires.