SonoSite, a provider of bedside and point-of-care ultrasound devices, has signed an agreement to acquire privately held Visualsonics, a Toronto-based company focused on ultra high-frequency micro-ultrasound technology. SonoSite expects to benefit from Visualsonics’ presence in the pre-clinical market.
SonoSite, Visualsonics said that the acquisition is conditioned upon approval by Visualsonics’ shareholders as well as the satisfaction of other customary conditions. Approval by SonoSite’s shareholders is not required.
SonoSite expects the acquisition to close in the next 30 days and following closing, Visualsonics will become a wholly-owned subsidiary of SonoSite.
The aggregate transaction value will be approximately $71m net of cash and debt. The market is estimated to exceed $350m with a projected double-digit annualized growth rate.
SonoSite plans to update its 2010 revenue and EPS guidance at the time of announcing its second quarter financial results on July 26, 2010.
Kevin Goodwin, president and CEO of SonoSite, said: “Our intention is to integrate Visualsonics’ micro-ultrasound technology with SonoSite’s miniaturization competency and user design to deliver ultra high-frequency micro-ultrasound into clinical medicine.
“With the ability to image extremely superficial structures at 40 microns, we envision the technology being used in a wide array of clinical markets and applications. These include diagnostic radiology, neonatology, pediatric cardiology, orthopedic medicine, tissue regeneration, and dermatology for cosmetic and clinical disease management.”
Anil Amlani, president and CEO of Visualsonics, said: “In working together, we look forward to creating imaging products that will benefit researchers, patients and healthcare professionals worldwide.”
Visualsonics is the technology provider in real-time ultra high-frequency micro-ultrasound that presently serves the rapidly growing pre-clinical research market.