Thoratec's ITC Division Acquires A-VOX Systems
October 03 2006 - 4:05PM
PR Newswire (US)
Transaction Enhances Company's Presence In Hospital Point-of-Care
Sector PLEASANTON, Calif., Oct. 3 /PRNewswire-FirstCall/ --
Thoratec Corporation (NASDAQ:THOR), a world leader in products to
treat cardiovascular disease, said today that its International
Technidyne Corporation (ITC) division acquired A-VOX Systems, Inc.,
a leading manufacturer of point-of-care (POC) instruments and
disposables to perform CO-Oximetry testing. Under the terms of the
purchase agreement, ITC has acquired all of the outstanding shares
of Avox for approximately $9 million in cash. Privately held Avox
is based in San Antonio, Texas, and has become a subsidiary of ITC.
Thoratec said this transaction is not expected to have a material
impact on its 2006 financial results, but that it expects the
acquisition to be accretive to earnings beginning in 2007. "This
transaction is an important event for ITC as it broadens our
offerings for hospital POC testing, particularly in the cardiac
catheterization lab where Avox has an industry-leading presence,"
said Gary F. Burbach, president and chief executive officer of
Thoratec. "This acquisition is indicative of both our commitment to
the POC market and strategy to increase ITC's presence in it," he
continued. Avox manufactures two devices that utilize patented
light-scattering technology to make direct measurements in whole
blood. The AVOXimeter(R) 1000E is specifically designed for the
cardiac catheterization lab, and is the leading stand-alone POC
oximeter in U.S. hospitals today. The portable AVOXimeter 4000
provides a fast, accurate assessment of a patient's oxygenation at
the bedside. The AVOXimeter 4000 is used in routine testing in
combination with a blood gas analyzer to provide a more
comprehensive and complete assessment of a patient's oxygenation
status in the intensive care unit (ICU), operating room (OR) and
other critical care situations. It is also used in the neonatal
intensive care unit (NICU) to confirm nitric oxide treatment side
effects in newborns and in the emergency department to diagnose
smoke inhalation. "Acquiring the Avox product line strengthens the
position ITC has built in the hospital POC sector through our
HEMOCHRON(R) Signature offering. In addition, we will be able to
utilize idms, our proprietary data management software, to offer
our IRMA TRUpoint(R) blood gas analyzer, HEMOCHRON Signature and
the AVOXimeter 4000 as a unique and cost effective modular system
that provides a comprehensive and complete solution for our
customers," noted Larry Cohen, president of ITC. Cohen added that
this transaction will leverage ITC's sales efforts among current
customer call points, including the catheterization lab, OR, ICU
and NICU. Under the agreement, Avox's three founders will remain as
consultants or employees during the transition period. ITC plans to
continue manufacturing the Avox devices at the existing facility in
San Antonio, with a consolidation of those activities into ITC's
Edison, New Jersey manufacturing facility occurring during 2007.
"We are delighted to have ITC acquire Avox," said Dr. Pete
Shepherd, founder and president of Avox. "We know that ITC's POC
focus, combined with their product development and distribution
strengths, will allow Avox products and technology to build on
their established market leadership positions. I look forward to
working with the ITC team to ensure a smooth transition," he added.
International Technidyne Corporation (ITC) is a world leader in the
fields of hemostasis management and point-of-care testing with over
35 years of knowledge and experience. ITC develops, manufactures
and markets products in five distinct categories: HEMOCHRON
point-of-care coagulation instruments and reagents; IRMA TRUpoint
Blood Analysis System for blood gas and electrolyte testing; skin
incision products including tenderfoot(R), Tenderlett(R) and
Surgicutt(R); Hgb Pro Professional Hemoglobin Testing System(R);
and the ProTime(R) Microcoagulation System for prothrombin time
testing at home and for professional use. ITC is a subsidiary of
Thoratec Corporation, a world leader in therapies to address
advanced stage heart failure. The company's product line includes
the Thoratec(R) VAD (Ventricular Assist Device) and HeartMate(R)
LVAS (Left Ventricular Assist System) with more than 10,000 devices
implanted in patients suffering from heart failure. Thoratec is
headquartered in Pleasanton, California. For more information,
visit the company's web sites at http://www.thoratec.com/ or
http://www.itcmed.com/ . Many of the preceding paragraphs,
particularly but not exclusively those addressing the performance
of the Avox devices and their potential contributions to ITC,
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21 E of the
Securities Exchange Act of 1934. These statements can be identified
by the words, "expects," "intends," "projects," "hopes,"
"believes," "could" and other similar words. Actual results, events
or performance could differ materially from these forward-looking
statements based on a variety of factors, many of which are beyond
Thoratec's and ITC's control. Therefore, readers are cautioned not
to put undue reliance on these statements. Investors are cautioned
that all such statements involve risks and uncertainties, including
risks related to the development of new markets, the growth of
existing markets for our products, customer and physician
acceptance of our products, regulatory approval processes, the
effects of healthcare reimbursement and coverage policies, the
effects of price competition from any Thoratec or ITC competitors
and the effects of any merger and acquisition related activities.
Forward-looking statements contained in this press release should
be considered in light of these factors, and those factors
discussed from time to time in Thoratec's public reports filed with
the Securities and Exchange Commission, such as those discussed
under the heading, "Risk Factors," in Thoratec's most recent annual
report on Form 10-K. These forward-looking statements speak only as
of the date hereof. Thoratec undertakes no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date hereof, or to reflect the occurrence of
unanticipated events. DATASOURCE: Thoratec Corporation CONTACT:
Cynthia Lucchese, Senior Vice President, Chief Financial Officer of
Thoratec Corporation, +1-925-847-8600; or Neal Rosen of Kalt Rosen
& Co., +1-415-397-2686, for Thoratec Corporation Web site:
http://www.thoratec.com/ http://www.itcmed.com/
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