SurModics (NSDQ:SRDX) said today that it acquired NorMedix for $14 million, including $7 million in up-front cash and another $7 million in revenue milestones.
Plymouth, Minn.-based NorMedix makes thin-walled catheters, according to SurModics, which inked a $32 million deal for Creagh Medical late last year.
“With NorMedix we will have a differentiated catheter-technology platform and additional design and development expertise that will enhance the value we offer our medical device customers,” president & CEO Gary Maharaj said in prepared remarks. “We remain focused on being a strategic partner to industry-leading medical device companies by offering early access to innovative whole-product solutions.”
“We are pleased to be joining the SurModics team, recognizing the strategic fit of our design and development expertise with SurModics’ innovative coating technologies,”added NorMedix president & CEO Gregg Sutton, who’s slated to join SurModics as R&D vice president. “NorMedix has been focused on addressing challenging healthcare problems with pioneering design and development capabilities and is a strong fit with SurModics’ culture, capabilities and commitment to providing innovative healthcare solutions to help patients.”
Eden Prairie, Minn.-based SurModics, which saw its share price take a hit after it lowered its guidance due to the Creagh buyout, lowered its as-reported earnings outlook from 38¢ to 43¢ per share to between 30¢ and 35¢ per share (adjusted EPS are still pegged at 66¢ to 75¢). The company raised its revenue outlook from between $60 and $64 million to between $62 million to $66 million.
SRDX shares slipped -1.4% to $18.48 apiece in mid-afternoon trading.
