LeMaitre Vascular Inc. (NSDQ:LMAT) says it will close a Laguna Hills, Calif. manufacturing facility the company picked up in last year’s $2.8 million buyout of Angiotech Pharmaceuticals Inc.’s (NSDQ:ANPI) Lifespan vascular graft business.
The Burlington, Mass.-based cardiac device maker is expected to complete the closure by the end of the third quarter and move production to its Massachusetts facility.
LeMaitre bought the vascular business from Angiotech in November 2010. The nearly $3 million deal also saw LeMaitre spike a distribution deal Angiotech had with former Lifespan owner Edwards Lifesciences Corp. (NYSE:EW).
LeMaitre has consolidated more than seven factories since 2002, according to regulatory filings.
The company said it would no longer manufacture or sell its TAArget/UniFit aortic stent grafts, effective June 30, 2011. The company has been looking to divest itself of the business, which brought in $2.6 million in sales in 2010. LeMaitre discontinued research & development and clinical studies on the grafts in the fall.
Officials said discontinuing the aortic stent graft business would cost $1.1 million in non-cash charges during the second quarter and have reduced sales guidance to $15.3 million for the second quarter.
The company has also revised its 2011 sales guidance to $61 million, and its 2011 reported operating income guidance to $5 million.