LeMaitre Vascular (NSDQ:LMAT) said yesterday that it agreed to deal its Reddick general surgery assets to Symmetry Surgical for more than $7 million.
The deal includes Burlington, Mass.-based LeMaitre’s Reddick cholangiogram catheter and Reddick-Saye screw for laparoscopic cholecystectomies and a two-year manufacturing transition pact. LeMaitre said the gen-surg product line it’s selling put up revenues of $3.3 million last year, delivering gross profits of $2.5 million.
“We are pleased to divest these general surgical product lines and to rationalize our portfolio. Following this transaction, all of LeMaitre’s remaining 14 product lines are now focused on the needs of our core customer, the vascular surgeon,” president Dave Roberts said in prepared remarks.
“Symmetry Surgical is excited to add the Reddick product lines to our comprehensive laparoscopic portfolio,” added Symmetry CFO Scott Kunkel. “We look forward to partnering with LeMaitre Vascular during this transition period to provide excellent service to our customers.”
LeMaitre said it plans to update its 2018 guidance when it releases its first-quarter numbers April 25.
