UTICA, N.Y., Jan. 8 /PRNewswire-FirstCall/ --
CONMED Corporation (Nasdaq: CNMD) announced today that it has acquired the
business of CORE Dynamics, Inc. a Jacksonville Florida developer and
manufacturer of minimally invasive laparoscopic surgical devices. The
purchase price was $9 million in cash.
CORE Dynamics' products include trocars, cannulae and laparoscopic
suction/irrigation devices that complement CONMED's current offering of
laparoscopic surgical products. Trocars are instruments used by surgeons to
gain access to the abdomen in minimally-invasive surgery. The acquired
devices included single-use, reusable and reposable (single-use component with
a reusable component) models. Product innovations such as the audible trocar,
which gives an audible indication that the trocar tip has penetrated the
peritoneal cavity, have assisted CORE Dynamics in distinguishing itself from
competing products.
CONMED will continue selling the CORE products through CORE's in-place
network of distributors. With sales of approximately $7.5 million annually,
CONMED believes that the acquisition will be slightly accretive in 2003 after
an initial four-month transition period. During this time, the Company will
move manufacturing from Jacksonville to CONMED's Utica manufacturing facility.
One-time transitioning expenses of approximately $1 million will be incurred
during this period.
Mr. Joseph J. Corasanti, President and COO of CONMED, stated, "I am
pleased that we will be able to add the CORE surgical devices to our endoscopy
line of laparoscopic products. These instruments add depth to our endoscopy
product offering and also allow us to gain synergies in the manufacturing
process. The products also increase the size of our endoscopy product
offering giving us an even stronger hold on the number three market position
for surgical endo-mechanicals."
CONMED Corporation is a medical technology company specializing in
instruments, implants, and video equipment for arthroscopic sports medicine,
and powered surgical instruments, such as drills and saws, for orthopedic,
ENT, neuro-surgery, and other surgical specialties. The Company is also a
leading developer, manufacturer and supplier of RF electrosurgery systems used
routinely to cut and cauterize tissue in nearly all types of surgical
procedures worldwide, and endoscopy products such as trocars, clip appliers,
scissors, and surgical staplers. The Company offers integrated operating room
design and intensive care unit service managers. The Company also
manufactures and sells a full line of ECG electrodes for heart monitoring and
other patient care products. Headquartered in Utica, New York, the Company's
2,500 employees distribute its products worldwide from ten manufacturing
locations.
This press release contains forward-looking statements based on certain
assumptions and contingencies that involve risks and uncertainties. The
forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and relate to the
Company's performance on a going-forward basis. The forward-looking
statements in this press release involve risks and uncertainties which could
cause actual results, performance or trends, including the above mentioned
anticipated revenues and earnings, to differ materially from those expressed
in the forward-looking statements herein or in previous disclosures. The
Company believes that all forward-looking statements made by it have a
reasonable basis, but there can be no assurance that management's
expectations, beliefs or projections as expressed in the forward-looking
statements will actually occur or prove to be correct. In addition to general
industry and economic conditions, factors that could cause actual results to
differ materially from those discussed in the forward-looking statements in
this press release include, but are not limited to: (i) the failure of any one
or more of the assumptions stated above, to prove to be correct; (ii) the
risks relating to forward-looking statements discussed in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2001 and the
Prospectus dated May 22, 2002; (iii) cyclical purchasing patterns from
customers, end-users and dealers; (iv) timely release of new products, and
acceptance of such new products by the market; (v) the introduction of new
products by competitors and other competitive responses; (vi) the possibility
that any new acquisition or other transaction may require the Company to
reconsider its financial assumptions and goals/targets; and/or (vii) the
Company's ability to devise and execute strategies to respond to market
conditions.
SOURCE CONMED Corporation
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Related links:
http://www.conmed.com
Company News On-Call:
http://www.prnewswire.com/comp/201850.html
CONTACT:
Robert Shallish, Chief Financial Officer of
CONMED Corporation, +1-315-624-3206; Investors - Lauren Levine or
Lanie Fladell, Media - Sean Leous, all of FD Morgen-Walke,
+1-212-850-5600, for CONMED Corporation
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