Merit Medical acquires two product portfolios for $132.5M; updates 2023 guidance

MERIT MEDICAL SYSTEMS INC

Acquired dialysis catheter portfolio & BioSentry system from AngioDynamics for $100M cash.
Acquired Surfacer Inside-Out Access Catheter System from Bluegrass Vascular for $32.5M cash.
Projects combined acquisitions to add ~$30M annual revenue; accretive to non-GAAP net income and EPS in first full year.
Reaffirms stand-alone FY2023 guidance; updated to include partial-year impact from acquisitions.
Extended CEO Fred Lampropoulos employment through 12/31/2025; base salary increased to $1,890,000.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MERIT MEDICAL SYSTEMS INC updated its full-year 2023 guidance (reaffirmed).

Period: full-year 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Merit re-affirms full-year 2023 financial guidance on stand-alone basis and updates full-year 2023 financial guidance to include partial-year impact from acquisitions

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MERIT MEDICAL SYSTEMS INC entered into Purchase Agreement with AngioDynamics, Inc. valued at $100 million (effective 2023-06-08).

Action: entry
Agreement: asset purchase
Counterparty: AngioDynamics, Inc.
Value: $100 million
Effective: 2023-06-08

Exact text from the filing

On June 8, 2023, Merit entered into an Asset Purchase Agreement (the “Purchase Agreement”) with AngioDynamics, Inc., a Delaware corporation (“AngioDynamics”), pursuant to which Merit acquired a portfolio of dialysis catheter products, including various assets related thereto, and the BioSentry ® Biopsy Tract Sealant System from AngioDynamics (collectively, the “Acquisition”).

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Source: SEC EDGAR

accession 0000856982-23-000039

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