Corindus Vascular Robotics (NYSE:CVRS) reported its second-quarter financials today, revealing that it inked a deal to be acquired by Siemens Healthineers (NYSE:SI) in an all-cash deal valued at roughly $1.1 billion.
Siemens Medical Solution, a subsidiary of Siemens Healthineers, is slated to acquire all issued and outstanding common stock in Corindus for $4.28 apiece in cash.
The deal has been approved by Corindus’ board, according to the Waltham, Mass.-based company, and is set to close in the fourth quarter.
“As the clinical community embraces our technology with an eye toward remote capabilities and the ability to expand access to care, we see increasing momentum in our business,” president & CEO Mark Toland said in prepared remarks.
“The transaction we announced today with Siemens Healthineers reflects the culmination of our efforts to find a strategic partner with the right synergies to accelerate the development of our precision robotics platform. By integrating our pioneering technology with Siemens Healthineers’ advanced high-quality imaging, digital and artificial intelligence tools, we will be ever closer to transforming the way healthcare is delivered to those suffering from cardiovascular or peripheral disease,” Toland added.
“Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures,” Michel Therin, president of Siemens Healthineers’ advanced therapies division, said in a statement.
“The acquisition of Corindus, combined with Siemens’ strong advanced therapies portfolio will help further advance the growth of vascular robotics. The integration of our technologies could lead to reduced variability, improved efficiency, expanded access to care, and ultimately improved patient outcomes. We look forward to welcoming the Corindus team to Siemens Healthineers,” Therin said.
For the three months ended June 30, Corindus posted a net loss of -$10.7 million, on sales of $4.6 million – up from $1.7 million in quarterly revenue last year.
Adjusted earnings per share were -6¢, just behind consensus on The Street. The company beat sales estimates, however – analysts were looking for revenues of $3.9 million.
CVRS shares were trading at $4.26 apiece today in mid-morning activity, up 76%.