OSI Systems (NASDAQ:OSIS)
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OSI Systems, Inc. (NASDAQ:OSIS) announced today that its
healthcare subsidiary, Spacelabs Healthcare, Inc., has completed its
acquisition of Del Mar Reynolds Limited and Del Mar Reynolds Medical,
Inc. (collectively, "DMR") representing the Cardiac Division of
Ferraris Group plc ("Ferraris").
Under the terms of the agreement, Spacelabs paid Ferraris
approximately GBP 14 million ($25.5 million) in cash, subject to an
adjustment of plus or minus GBP 1 million ($1.8 million) based upon
revenue and EBITDA results for DMR for the 13 month period ended
September 30, 2006. In addition, Spacelabs has agreed to a further
earn-out provision whereby Spacelabs would potentially pay Ferraris up
to GBP 5 million ($9.1 million) if DMR achieves certain revenue
targets in fiscal 2007. Spacelabs has financed the acquisition through
a senior credit facility.
OSI Systems' CEO, Mr. Deepak Chopra, stated, "We welcome the
customers, vendors and employees of DMR to Spacelabs Healthcare. We
look forward to DMR being a positive contributor to our growth plans.
The acquisition allows us to expand our product portfolio to the
hospital market, strengthen our geographic presence in both the UK and
German markets while also allowing us to essentially double the
geographic presence and revenue of our Core Lab business for clinical
trials."
Spacelabs Healthcare is comprised of several healthcare
businesses, including patient monitoring, anesthesia, pulse oximetry,
osteoporosis diagnostics, clinical trials and now cardiology. The
cardiology business will be headed by Gary Grenter, the current
President of DMR.
About OSI Systems, Inc.
OSI Systems Inc. is a Hawthorne, California based diversified
global developer, manufacturer and seller of security and inspection
systems, medical monitoring and anesthesia delivery products, and
optoelectronic-based components, as well as a provider of engineering
and manufacturing services. The company has more than 30 years of
experience in electronics engineering and manufacturing and maintains
offices and production facilities located in more than a dozen
countries. OSI Systems implements a strategy of expansion by
leveraging its electronics and contract manufacturing capabilities
into selective end product markets through organic growth and
acquisitions. For more information on OSI Systems Inc. or any of its
subsidiary companies, visit www.osi-systems.com.
About Spacelabs Healthcare, Inc.
Spacelabs Healthcare (www.spacelabshealthcare.com) is an
international developer, manufacturer and distributor of medical
equipment and services including patient monitoring solutions,
anesthesia delivery and ventilation systems, pulse oximeters and
sensors and bone densitometers selling to hospitals, clinics and
physicians offices. Additionally, the company provides ECG laboratory
services to pharmaceutical companies undertaking clinical trials,
whereby patient ECG data are recorded, analyzed, tabulated and
interpreted.
The company has established brand names in both medical devices
and medical services such as "Spacelabs," "Blease" and "Dolphin." The
company employs approximately 1,050 personnel in its 14 offices in the
UK, Canada, France, Germany, Finland, Singapore and the United States.
The company conducts its manufacturing and R&D in India, the UK and
the United States.
About Del Mar Reynolds
Del Mar Reynolds is a leading designer, manufacturer and seller of
non-invasive diagnostic cardiology monitoring solutions for hospitals
and clinics worldwide. Additionally, the company provides ECG
laboratory services to pharmaceutical companies undertaking clinical
trials, whereby patient ECG data are recorded, analyzed, tabulated and
interpreted.
The company specializes in Holter monitoring products including
Holter recorders, stress systems, ECG machines, trans-telephonic ECG
monitoring, ambulatory blood pressure monitoring, event recording,
apnea monitoring and information management systems. The business
employs approximately 233 personnel in its five offices located in the
UK, Germany and the United States.
Del Mar Reynolds is currently a wholly-owned subsidiary of
Ferraris, a UK public company listed in the Official List of the
London Stock Exchange.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements include information regarding our expectations, goals or
intentions about the future, including, but not limited to, statements
regarding the acquisition of Del Mar Reynolds and the benefits
expected to arise following the closing. The actual results may differ
materially from those described in or implied by any forward-looking
statement. In particular, there can be no assurance that the combined
operations will in fact achieve any of the currently expected
benefits, such as expanded product offerings, increased sales or
improvements in the Core Lab business, among other improvements. Other
important factors are set forth in the Securities and Exchange
Commission filings of OSI Systems, Inc. All forward-looking statements
speak only as of the date made, and we undertake no obligation to
update these forward-looking statements.