A Medical Device Daily
Natus Medical (San Carlos, California) reported that it acquired privately-held Hawaii Medical (Pembroke, Massachusetts). Hawaii Medical develops single-use disposable products sold into the NICU and nursery in hospitals.
Natus acquired Hawaii Medical for a cash price of $2.9 million, with the potential for additional consideration depending upon the achievement of certain revenue targets. Hawaii Medical reported revenue of nearly $3.2 million in the twelve months ended June 30, 2009, selling substantially all of their products through a single national distributor in North America. Natus expects to transition those sales to its existing newborn-care direct sales force during 3Q09 and launch these products internationally in 4Q09.
Jim Hawkins, president/CEO of Natus commented, "Hawaii Medical has created a successful market leading brand in the newborn care market through the development of innovative products that meet the demanding needs of clinicians in the NICU and nursery. We plan to integrate and transition production of Hawaii Medical products into our Olympic Medical facility in Seattle during our third quarter, and expect the acquisition to be accretive to earnings per share in the first full quarter of ownership."
Natus is a provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments such as hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and newborn care.