Haemonetics Corporation (NYSE: HAE) has finalized a deal to acquire Attune Medical, known for its ensoETM esophageal cooling device. The $160 million agreement, plus contingent payments, is set to enhance Haemonetics’ presence in cardiac ablation procedures. The acquisition, subject to closing conditions, is expected to boost revenue and earnings growth immediately. Financing will come from existing cash reserves and credit facilities.
Haemonetics Corporation (NYSE: HAE), a leading global medical technology company dedicated to advancing innovative medical solutions for enhanced patient outcomes, has announced the signing of a definitive agreement to acquire Attune Medical, a privately-held company based in Chicago. Attune Medical is renowned for its development of the ensoETM® proactive esophageal cooling device, the sole FDA-cleared temperature regulation device designed to protect the esophagus during radiofrequency (RF) cardiac ablation procedures.
Per the agreement terms, Haemonetics will acquire Attune Medical for an initial cash payment of $160 million upon closure, supplemented by additional contingent payments contingent upon sales growth over the three years post-transaction, as well as the attainment of specific milestones. The acquisition, subject to customary closing conditions, is slated for completion in the first quarter of Haemonetics’ fiscal year 2025.
The ensoETM device has proven instrumental in the treatment of atrial fibrillation, a prevalent condition affecting millions in the U.S., by notably mitigating the risk of esophageal injury during RF cardiac ablations. Moreover, studies have highlighted reductions in procedure durations, patient readmissions, and enhanced rates of same-day discharge and long-term procedural success associated with ensoETM usage.
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Stewart Strong, President of Global Hospital at Haemonetics, remarked, “The addition of Attune Medical’s ensoETM to our portfolio enhances our presence in the electrophysiology market, complementing our existing leadership in Vascular Closure. Offering effective esophageal injury reduction without necessitating the acquisition of complex and costly ablation systems, ensoETM represents a groundbreaking solution empowering physicians to elevate patient outcomes. This acquisition underscores our commitment to advancing Interventional Technologies and fostering growth and impact within our business.”
Jay Istvan, CEO of Attune Medical, expressed excitement about joining forces with Haemonetics, citing the company’s robust positions in EP and critical care, along with its expanding international channels. Istvan believes Haemonetics is ideally positioned to extend ensoETM’s considerable benefits to caregivers globally, setting new standards of care in the process.
Attune Medical achieved approximately $22 million in revenue during its latest fiscal year ending December 31, 2023, marking a significant revenue increase compared to the previous fiscal period. Haemonetics anticipates immediate accretive effects on revenue and earnings post-transaction completion.
The financing for this acquisition is slated to come from a blend of available cash and utilization of Haemonetics’ revolving credit facility.
DLA Piper acted as legal advisor for Haemonetics, while William Blair served as financial advisor and Perkins Coie as legal advisor for Attune Medical.
