NxStage Announces New Agreements with DaVita Agreements Cover Supply of NxStage's Innovative Product Technology across Home, Critical Care and In-Center Markets Through 2015
LAWRENCE, Mass., May 21, 2013 /PRNewswire/ -- NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced that it has entered into new agreements covering its supply of home, critical care and in-center products to DaVita, the kidney care division of DaVita Healthcare Partners Inc.
For the use of products for home hemodialysis in the United States, NxStage has executed a second amended and restated National Service Provider Agreement with DaVita (the "Home Agreement"). The Home Agreement continues, in all material respects, the terms of the first amended and restated National Service Provider Agreement between NxStage and DaVita dated July 22, 2010, with pricing for NxStage's products subject to System One™ home patient growth targets.
The term of the Home Agreement extends through December 31, 2015, and thereafter automatically extends on a monthly basis unless terminated by either party.
"We are delighted to continue working with DaVita to expand patient access to our life-changing therapy," stated Jeffrey H. Burbank, Founder and Chief Executive Officer of NxStage Medical, Inc. "These agreements underscore the value and strength of NxStage's innovative technology and our commitment to delivering high quality products to our customers and their patients."
NxStage and DaVita also entered into an agreement covering the purchase of NxStage's System One and other products for acute inpatient therapy within the critical care market through December 31, 2015.
Lastly, NxStage's subsidiary, Medisystems, and DaVita extended the term of their Needle Purchase Agreement dated January 6, 2008 through at least December 31, 2014, although DaVita may by October 31, 2013 elect to extend this to December 31, 2015.
About NxStage Medical Inc.
NxStage is a medical device company, headquartered in Lawrence, MA, USA, which develops, manufactures, and markets innovative systems for the treatment of end-stage renal disease (ESRD), and acute kidney failure. The System One home hemodialysis device developed by NxStage is the only FDA approved portable hemodialysis machine cleared for home use. For more information on NxStage, or NxStage® products, visit http://www.nxstage.com.
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including those that are discussed in NxStage's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. NxStage is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Kristen K. Sheppard, Esq.
SOURCE NxStage Medical, Inc.