LITTLE FALLS, N.J., Feb. 3, 2016 /PRNewswire/ -- CANTEL MEDICAL CORP. (NYSE: CMN), has entered into a definitive agreement with North American Science Associates, Inc. (NAMSA) to acquire NAMSA's Sterility Assurance Monitoring Products division for $13.5 million in cash consideration. For the year ending December 31, 2015 this business had adjusted sales of $5.7 million. The Sterility Assurance Monitoring Products division manufactures a broad suite of high-quality biological and chemical indicators which are used to accurately monitor the effectiveness of sterilization processes. These indicators are designed primarily for the industrial segment serving medical device, life science and other manufacturers, representing a new end-market for Cantel's Healthcare Disposables segment.
This transaction is expected to be neutral to GAAP earnings per share and slightly accretive to Non-GAAP earnings per share in fiscal year ending July 31, 2016 and accretive to both GAAP and Non-GAAP earnings per share in fiscal year 2017 and beyond. NAMSA's sterility assurance products will be integrated into the Crosstex product portfolio and reported in the Healthcare Disposables segment.
Gary Steinberg, President and CEO of Crosstex said, "This acquisition not only allows us to expand our sterility assurance product offering, but also broadens our presence into the important industrial market segment. We look forward to delivering to these customers a high-quality sterility assurance product offering they have come to expect from the NAMSA product line, and are excited to provide additional product solutions to these customers with Crosstex's complete infection prevention and control product portfolio."
Subject to customary closing conditions, Cantel Medical expects the transaction to close in the third quarter of Fiscal Year 2016.
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, and 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.
Crosstex, a Cantel Medical company, manufactures a wide array of unique and innovative infection prevention and compliance products for the global healthcare industry. Founded in 1953 and headquartered in Hauppauge, New York, Crosstex is a recognized leader for its portfolio of waterline treatment, biological monitoring, sterility assurance packaging and personal protection equipment (PPE). Sold in more than 100 countries, the range of products distributed to medical, dental and veterinary practices and facilities include our award winning (5 consecutive years) Secure Fit® technology face masks, DentaPure waterline treatment cartridges, Sure-Check® sterilization pouches with internal/external multi-parameter indicators, Tyvek® pouches with 510K approval, SteamPlus™Type5 chemical integrators, ConFirm®and Passport®Plus in-office and mail-in biological indicators, Rapicide® OPA/28 high level disinfectant.
For information on the full line of Crosstex infection prevention and compliance products, please contact Crosstex at 631-582-6777 or visit www.crosstex.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.