Tactile Medical acquires AffloVest respiratory therapy business for $80M cash plus up to $20M earn-outs

TACTILE SYSTEMS TECHNOLOGY INC

Acquired AffloVest HFCWO vest business from International Biophysics Corp for $80M cash, with up to $20M in earn-outs based on 12-month revenue targets.
Financed with $55M in borrowings ($30M term loan + $25M revolver draw) under amended Wells Fargo credit facility; cash on hand also used.
AffloVest 2021 revenue expected ~$17M; deal to add $5-5.5M revenue from Sept 8 to Dec 31, 2021.
Transaction aligns with 20%+ revenue growth goal, gross margins above 70%, and expanding adjusted EBITDA margins.
Net leverage expected ~1.4x at year-end 2021 and <1.0x at year-end 2022.

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