Boston Scientific Closes Acquisition Of Interventional Business Of Bayer AG
MARLBOROUGH, Mass., Sept. 2, 2014 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) closed on its previously announced agreement to purchase the Interventional business of Bayer AG. The acquisition enhances the ability of Boston Scientific to offer physicians and healthcare systems a more complete portfolio of solutions to treat challenging vascular conditions.
The addition of the Bayer Interventional strong commercial organization and innovative technologies supports the Boston Scientific strategy to provide a comprehensive portfolio of leading solutions to treat peripheral vascular disease. The transaction includes the leading AngioJet® Thrombectomy System and the Fetch® 2 Aspiration Catheter, which are used in endovascular procedures to remove blood clots from blocked arteries and veins, and the JetStream® Atherectomy System, used in an innovative and fast-growing therapy to remove plaque and thrombi from diseased arteries.
"We look forward to welcoming the Bayer Interventional team to Boston Scientific, and we are confident that the addition of its innovative technologies will help us bring unique value to healthcare systems worldwide," said Jeff Mirviss, president, Peripheral Interventions, Boston Scientific. "Physicians who perform endovascular procedures encounter a variety of challenging conditions and require a broad-range of tools to treat these difficult disease states. The inclusion of the leading thrombectomy device and a differentiated atherectomy technology adds meaningful breadth to our product portfolio and will allow us to help physicians save the lives and limbs of more patients worldwide."
The company expects the transaction to be immaterial to adjusted earnings per share in 2014, accretive by approximately $.01 in 2015 and increasingly accretive thereafter. On a GAAP earnings per share basis, the company expects the transaction to be slightly dilutive in 2014, immaterial in 2015, and less accretive than on an adjusted earnings per share basis thereafter as a result of acquisition-related net charges and amortization, which will be determined following the closing.
The Boston Scientific Peripheral Interventions division develops and commercializes products to treat the 27 million people worldwide who suffer from peripheral vascular disease. The portfolio of technologies features products used for a variety of therapies, including restoring and preserving blood flow to the peripheral vasculature. Other devices are used in the treatment of liver cancer, to help maintain dialysis access or to occlude blood vessels selectively.
About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.
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Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures including adjusted earnings per share. Adjusted earnings per share excludes goodwill and intangible asset impairment charges; acquisition-, divestiture-, litigation- and restructuring-related charges and credits; certain discrete tax items and amortization expense. Non-GAAP measures such as adjusted earnings per share are not in accordance with generally accepted accounting principles in the United States. The GAAP financial measure most directly comparable to adjusted earnings per share is GAAP earnings per share. The difference between our estimated impact of the acquisition on our GAAP and adjusted earnings per share relates to amortization expense on acquired intangible assets and acquisition-related net charges, which primarily include exit costs and other fees. These amounts are excluded by the Company for purposes of measuring adjusted earnings per share.
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Media: Ryan Davenport
Global Media Relations
Boston Scientific Corporation
Investors: Susie Lisa, CFA
Boston Scientific Corporation
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