A Medical Device Daily
AFP Imaging (Elmsford, New York) reported that it has agreed to acquire Quantitative Radiology (QR; Verona, Italy), a supplier of in-office 3D dental computed tomography (CT). Financial terms were not disclosed.
QR uses an imaging technology that features a cone shaped beam (a CBCT scanner) of X-rays. Currently, AFP through its Dent-X division is QR's exclusive scanner distributor in North and South America, excluding Brazil.
AFP said it will integrate the R&D and manufacturing activities of all QR products and software, as well as manage the worldwide distribution. The closing is set to take place in 30 to 45 days.
QR has internally developed and owns its image reconstruction algorithms and software. The scanner is known as the NewTom 3G, a third generation that captures and displays low-dose, 3D digital images. NewTom images are enhanced CT scans of the cranial anatomy, including the jaw and teeth.
QR says that over the past 10 years about 500 various QR cone beam units have been installed, roughly half of the total worldwide sites in use, including 91 units in North America.
AFP said it believes "the dental and ENT profession has embraced QR's technology. The dentist's incentive to purchase a NewTom 3G CT system is that it will allow for more control over a quicker in-office completion of the prescribed procedure and treatment." It said financial return on leasing or purchase is one to two years, "depending on the number of scans performed."
David Vozick, chairman of AFP, said that "25% of domestic general dental practices employ digital X-ray sensors and computer imaging. With the acquisition of QR, AFP has become one of only five major manufacturers, in the world, of specific dental or ENT office CBCT x-ray systems." He added that QR "is also an excellent resource for the Company to continue proprietary software development for a variety of digital products."
AFP and QR also collaborated to develop and introduced this week another new model CBCT scanner at the nationally attended Chicago Mid Winter dental trade show. The new vertical generation model, the VG, features patient positioning while standing, seated or in a wheelchair. The primary benefit from vertical patient positioning is a smaller footprint for the equipment where office space is a consideration.
AFP said it will be the only supplier in the world with two CBCT models featuring horizontal or vertical patient positioning to meet the exacting diagnostic needs suitable for the patient. Patient positioning in this modality maximizes image sharpness for those patients unable to comfortably stand still.
AFP's products are distributed under various trademarked brand names that include AFP, DENT-X, and EVA.
In other dealmaking activity:
• Universal Hospital Services (UHS; Edina, Minnesota) reported that it has agreed to acquire the biomedical assets of Intellamed (Bryan, Texas). With the deal, more than 300 biomedical services customers located in 25 states will become customers of UHS. Terms were not disclosed.
The companies said they will collaborate on future business opportunities, including Intellamed's Internet-based equipment exchange.
Gary Blackford, president/CEO of UHS, said of the acquisition, "This provides us with key additional technical capabilities. "
The acquisition is expected to close during in 2Q07, subject to customary conditions.
UHS is a provider of medical equipment outsourcing and services to healthcare industry.
Intellamed provides resources for the procurement, support and final disposition of capital equipment for the healthcare industry. It employs its online auction site, Auctionmart, for medical equipment disposition. Its MedRFP service is an online RFP system for the purchase of new and remanufactured equipment.
• Healthcare Realty Trust (Nashville, Tennessee) said that it will sell its portfolio of senior living assets, consisting of 62 properties and 16 mortgage investments. Its senior living portfolio is made up of assisted living, skilled nursing and independent living facilities operated by 15 different operators and including 5,817 licensed beds.
The company said that the sales are expected to close within the next 60 days, subject to the execution of definitive agreements. It said it expects to receive about $400 million and record a net gain of about $57 million from the sales.
Proceeds of the sales are expected to fund repayments of debt on the company's revolving credit facility and the payment of a one-time special dividend of $4.75 per share to its shareholders.
Following the sales, the company will have investments of about $1.6 billion in 177 real estate properties and mortgages. Its real estate investments will be comprised of six facility types in 24 states, totaling about 10.3 million square feet.
Its portfolio will consist mostly of medical office and outpatient facility types. The company also said that the transaction will enable it to increase its focus on expanding development opportunities.
• National Home Health Care (Scarsdale, New York), a provider of home healthcare and staffing services in the Northeast, reported that a special committee of its board recommended against an acquisition proposal by Premier Home Health Care Services.
NHHC said that its board unanimously accepted the recommendation of the Special Committee.