A Medical Device Daily
IntriCon (St. Paul, Minnesota) reported that it has acquired Datrix (Escondido, California) for nearly $2.5 million. Datrix is a supplier of cardiac diagnostic monitoring (CDM) devices, sold to leading medical OEMs. The total purchase price consists of: $1.225 million cash paid at closing; a $1.05 million subordinated note payable over three years; and, 75,000 shares of IntriCon common stock (valued at $3.27 as of Aug. 11, 2009). Privately held Datrix is a profitable, cash flow positive entity with annual revenue of a nearly $1.6 million.
In addition to manufacturing Holter monitors – portable devices for continuously monitoring the electrical activity of the heart – Datrix also designs and manufactures equipment for electrocardiograph (ECG) management systems, including a 12 channel, handheld ECG with Wi-Fi capability. The handheld ECG stores information from as many as 15 patients and wirelessly transmits their information to a patient management system.
IntriCon will operate Datrix as a wholly owned subsidiary, with Datrix's management team continuing to run the business.
IntriCon also reported it has closed $11.5 million in credit facilities with The PrivateBank (Minneapolis).