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HEALTHCARE | Medical Equipment & Supplies
coramedtech.com

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Founded Year

2008

Stage

Grant | Alive

Total Raised

$2.9M

Last Raised

$2.9M | 10 yrs ago

About Coramed Technologies

Coramed Technologies produces plasma and platelet measuring equipment.

Coramed Technologies Headquarter Location

6225 Howard St

Niles, Illinois, 60714,

United States

847-647-8800

Latest Coramed Technologies News

Haemonetics snaps up Cardiva Medical for $510M

Jan 21, 2021

Last updated: Jan. 20, 2021 Haemonetics Corp. said Wednesday that it will acquire Cardiva Medical Inc. , a privately held manufacturer of blood closure systems, for up to $510 million. The all-cash deal expands Haemonetics’ hospital portfolio with two catheter-based devices used to shut off access sites following minimally invasive cardiology and electrophysiology (EP) procedures. Cardiva’s portfolio includes the Vascade vascular closure system for small-bore arterial and venous closure, primarily in interventional cardiology and peripheral vascular procedures, and the Vascade Mvp for mid-bore, multiaccess femoral vascular closure, typically used in EP procedures. The Vascade Mvp device is the only closure device approved by the U.S. FDA for cardiac ablation procedures requiring two or more access sites in the same blood vessel. Both devices utilize the Santa Clara, Calif.-based company’s collapsible disc technology and resorbable collagen patch to stem bleeding. In a 2018 trial, the Vascade Mvp got patients up and moving and eligible for discharge nearly four hours faster than standard manual compression. It also reduced the use of opioid pain medication. More than 5.5 million catheter-based coronary, peripheral and EP procedures requiring access site closure are performed in the U.S. each year. “We are excited to add Cardiva’s vascular closure technology to our portfolio and look forward to welcoming their talented team,” said Chris Simon, Haemonetics’ president and CEO. “This acquisition immediately expands and diversifies our hospital offerings in the large and growing interventional cardiology and electrophysiology markets and aligns with our innovation agenda.” John Russell, Cardiva’s president and CEO, added that “Haemonetics’ history of leadership in hemostasis management makes the company an ideal partner to realize the full potential of our Vascade platform technology.” Terms of transaction Under the terms of the definitive agreement, Haemonetics will pay Cardiva $475 million at closing and up to an additional $35 million in contingent consideration based on sales growth. The acquisition, anticipated to close by the end of March, is expected to generate about $65 million-$75 million in revenue in the first fiscal year. The deal is expected to be dilutive to adjusted net earnings per diluted share by $0.15-$0.20 in fiscal year 2022 and to have a neutral effect in fiscal 2023. By year five, Haemonetics expects to see a 10% rate of return on capital investment. Haemonetics’ year-over-year hospital revenue climbed 2.6% to $51 million in the second quarter of fiscal 2021, as the business’ products – used primarily in nonelective cardiovascular and trauma procedures – made gains against headwinds from the COVID-19 pandemic. Hemostasis management revenue grew 4%, compared with Q2 2019, fueled by strong sales of disposables in the U.S. First half sales increased 3%, aided by strong capital equipment sales in the first quarter, followed by sales of its Teg hemostasis cartridges in the second quarter. Positioned for growth During a conference call, Simon said the acquisition will increase Haemonetics’ total addressable market opportunity for hospital from $1 billion to $2.4 billion, powered by complementary sales forces. He cited “cross-pollination opportunities” in clinical and pipeline as well. “We intend to build on Cardiva’s momentum to realize the full potential of this product portfolio by driving penetration and utilization of Vascade Mvp in electrophysiology, especially ablation procedures here in the U.S. In parallel, we will continue to grow market share of Vascade in interventional cardiology procedures, which usually require an arteriotomy,” he said. From a strategy standpoint, Haemonetics envisions an increasing presence in the cardiology and EP markets. “[W]e continue to look for opportunities in this space,” Simon replied when asked if the company plans more hemostasis management tuck-ins. Braintree, Mass.-based Haemonetics sees Cardiva as a further sign that it has progressed from turnaround mode to transformational growth. Last year, the company purchased the technology underlying its Teg 6S hemostasis analyzer system from Coramed Technologies LLC, of Niles, Ill., giving it ownership of intellectual property previously licensed from Coramed on an exclusive basis in the area of hospitals and hospital laboratories. The company also acquired Enicor GmbH, of Munich, Germany, a company focused on whole blood coagulation testing. In October, Haemonetics notched 510(k) clearance for its Nexsys plasma collection system with Persona technology. The device customizes plasma collection based on an individual donor’s body composition. Simon said the decision to buy Cardiva now was strategic, as much as it was synergistic. “This is an attractive asset. We’re excited about revenue growth and product-based profitability over time,” he said. “They were pursuing an IPO. The opportunity cost avoidance is not trivial. We do think this is a better outcome in terms of making good on the full potential of the product and the pipeline.” Shares of Haemonetics (NYSE:HAE) hit a high of $127.72 on Wednesday before closing at $124.57.

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Expert Collections containing Coramed Technologies

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Coramed Technologies is included in 1 Expert Collection, including Medical Devices.

M

Medical Devices

3,030 items

Companies that have been granted at least 1 510(k) by the FDA since 2014. Companies tagged as #FDA510(K)

Coramed Technologies Patents

Coramed Technologies has filed 8 patents.

The 3 most popular patent topics include:

  • Blood
  • Blood tests
  • Coagulation system
patents chart

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3/21/2017

7/23/2019

Coagulation system, Blood tests, Coagulopathies, Hematology, Blood

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3/21/2017

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7/23/2019

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Coagulation system, Blood tests, Coagulopathies, Hematology, Blood

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Status

Grant

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