AngioDynamics, a provider of minimally invasive medical devices used in image-guided procedures, has acquired endomechanical device developer Vortex Medical.
Vortex Medical's commercial products include the FDA-approved AngioVac venous drainage system, for the removal of blood clots from occluded blood vessels.
The AngioVac system features a cannula with a proprietary balloon-actuated, expandable, funnel-shaped distal tip, which enhances flow, prevents clogging and removes undesirable intravascular material.
The company also manufactures AngioVac Circuit, for use during procedures requiring extracorporeal circulatory support.
AngioDynamics president and CEO Joseph DeVivo said the acquisition of Vortex enables the company to use the differentiated technology, which has the potential to remove blood clots.
"The acquisition of Vortex affirms the strategy we laid out at the beginning of the year, which includes focusing our investments on innovative products that offer the potential for profitable, sustainable growth," DeVivo said.
"We anticipate the transaction will be accretive to GAAP EPS in the first half of fiscal 2014.
"Furthermore, the acquisition is expected to add approximately $10m in sales and $5m in adjusted EBITDA during fiscal 2014, and achieve $50m in annual sales within five years."
The AngioVac Cannula and Circuit are awaiting CE Mark approval.