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AngioDynamics takes over Vortex Medical

AngioDynamics has purchased all the assets of Vortex Medical, a developer of endomechanical devices.

Vortex Medical’s products including AngioVac venous drainage system features a Cannula having a proprietary balloon-actuated, expandable, funnel-shaped distal tip, which enhances flow, prevents clogging of the cannula and removes undesirable intravascular material.

The system also includes a Circuit, which is used in procedures requiring extracorporeal circulatory support.

AngioDynamics president and CEO Joseph DeVivo said the acquisition of Vortex enables the company to use the differentiated technology, which has the potential to remove blood clots.

"The acquisition of Vortex affirms the strategy we laid out at the beginning of the year, which includes focusing our investments on innovative products that offer the potential for profitable, sustainable growth," DeVivo added.

"We anticipate the transaction will be accretive to GAAP EPS in the first half of fiscal 2014.

"Furthermore, the acquisition is expected to add approximately $10 million in sales and $5 million in adjusted EBITDA during fiscal 2014, and achieve $50 million in annual sales within five years."