CryoLife announces acquisition of aortic repair device developer
CryoLife (NYSE:CRY) acquires Florida-based Ascyrus Medical for up to $200M, including $60M cash and $20M shares of CryoLife’s common stock in upfront payment.
Ascyrus is a privately-held developer of the Ascyrus Medical Dissection Stent (AMDS), the world’s first aortic arch remodeling device used for the treatment of acute Type A aortic dissections.
The acquisition will result in CryoLife’s high single-digit revenue growth beginning in 2021 and non-GAAP earnings growth over the next five years.
“We believe the addition of the AMDS to our product offerings will make a meaningful contribution to our future growth as it gives us immediate access to the combined $100+ million EU and Canadian markets and has the potential to expand our worldwide addressable market by approximately $540 million,” says CEO Pat Mackin.
Stock up 1.33% AH.
Previously: CryoLife EPS beats by $0.07, beats on revenue(July 30)