LeMaitre hopes that Xenotis Omniflow II biological graft will make a good complement to its vascular portfolio, which includes the XenoSure bovine vascular patch. The company said the buy is part of a larger strategy to acquire "under-marketed" devices.
"The Omniflow II vascular graft is a natural companion to XenoSure, our bovine vascular patch. It has a proven track record with approximately 20,000 implants since 1990," according to a LeMaitre press release. "This product should benefit from our vascular-only sales channel, particularly in Europe where Xenotis has used independent distributors."
The $2.3 million Xenotis reported in sales in the fiscal year ended June 2014 would have been worth $3.4 million through LeMaitre’s sales channel, the company added.
The deal includes a $5.1 million up-front payout as well as another $1.4 million due August 13, 2015, and a bank debt of $1.2 million.
The news sent LMAT shares up 4.3% today to close at $7.57 apiece. The stock has lost 5.5% since the start of the year.