LITTLE FALLS, N.J., Sept. 14, 2015 /PRNewswire/ -- CANTEL MEDICAL CORP. ("Cantel Medical") (NYSE: CMN), announced today that it has acquired Medical Innovations Group Holdings Limited ("Medical Innovations") for a purchase price of $79.5 million in cash consideration. Medical Innovations, a UK-based medical device company, is a leading provider of endoscope storage and transport systems in the UK and internationally. Through its market leading short-term scope transport system, CleanaScope®, as well as its recently launched novel SureStore® long-term endoscope storage system, Medical Innovations is the global leader in providing high-quality infection prevention solutions related to the safe transport and storage of endoscopes throughout the healthcare setting. In addition to its endoscope transport portfolio, Medical Innovations sells single-use endoscopy consumables, high-quality mobile cart systems and patient transport solutions.
For the latest twelve months ending June 30, 2015, Medical Innovations had reported revenues and adjusted earnings before interest, taxes, depreciation and amortization of $28.1 million and $7.6 million, respectively, at current exchange rates. Driven by continued strong sales growth, Cantel Medical anticipates the acquisition to be accretive to Non-GAAP earnings per share in the fiscal year ending July 31, 2016 and beyond, and accretive to GAAP earnings per share in the fiscal year ending July 31, 2017 and beyond.
With the acquisition of Medical Innovations' product portfolio, Cantel Medical further enhances its leadership position as the foremost provider of infection prevention and control (IP&C) solutions in the gastrointestinal (GI) endoscopy market. Medical Innovations' suite of endoscope storage and transport solutions is highly complementary to our existing portfolio of leading endoscopy infection prevention and control products, providing the company with the most comprehensive endoscope IP&C management system in the industry.
"Ensuring the safe transport, storage and separation of reprocessed and contaminated endoscopes throughout the healthcare setting is a key component of leading infection prevention and control protocols. The addition of Medical Innovations to the Medivators Endoscopy portfolio provides us with a market leading endoscope storage and transport system, and the ability to leverage existing sales channels, particularly in the US and other direct markets, to further accelerate growth," said David Hemink, President of Medivators Endoscopy.
Jorgen Hansen, President and COO of Cantel Medical said, "We are continuing our strategy of driving sustainable growth through the expansion of our global presence, the introduction of new products and the execution of strategic acquisitions. Medical Innovations' presence in over 80% of UK hospitals represents a significant opportunity for Cantel Medical to drive additional growth in the UK market. We are excited that the owners of Medical Innovations, David Mason and Paul Stoner, will remain in leadership roles in the combined business to continue driving the ongoing success of our expanded Endoscopy platform."
About Cantel Medical Corp. Cantel Medical Corp. (NYSE: CMN) Cantel Medical is a leading global company dedicated to delivering innovative infection prevention and control products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives. Our products include specialized medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, sterility assurance monitoring products for hospitals and dental clinics, disposable infection control products primarily for dental and GI endoscopy markets, dialysate concentrates, hollow fiber membrane filtration and separation products. Additionally, we provide technical service for our products. For further information, visit the Cantel website at www.cantelmedical.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including, without limitation, the risks detailed in Cantel's filings and reports with the Securities and Exchange Commission. Such forward-looking statements are only predictions, and actual events or results may differ materially from those projected or anticipated.
SOURCE Cantel Medical Corp.