UTICA, N.Y., March 10 /PRNewswire-FirstCall/ --
CONMED Corporation (Nasdaq: CNMD) today completed its previously announced
acquisition of Bionx Implants, Inc. (Nasdaq: BINX) immediately following
approval of the transaction by the Bionx shareholders at a meeting earlier
today. As previously announced, CONMED paid $4.35 for each share of Bionx
stock outstanding for a total purchase price of approximately $48 million.
CONMED used funds from its revolving credit facility to pay the purchase
price.
Bionx develops, manufactures and sells bio-absorbable implants for sports
medicine surgical procedures. Bionx had sales in 2002 of approximately
$18 million. The Bionx products will be distributed by CONMED's orthopedic
unit, Linvatec, as an addition to CONMED's own arthroscopy sports medicine
line.
Joseph J. Corasanti, President and Chief Operating Officer of CONMED,
stated, "We are excited to have completed this acquisition. Bionx expands our
sports medicine product offerings, adds to our portfolio of respected and
well-known brands available to our customers and brings important research and
development capability in self-reinforced polymers. While we expect the
transaction to be neutral to earnings during the rest of 2003, with the
exception of certain one-time acquisition and transition charges, we look
forward to accretive earnings in 2004 as a result of synergies in selling and
administration."
CONMED 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, 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
2,600 employees distribute its products worldwide from eleven 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, or Media - Sean Leous, all of FD Morgen-Walke,
+1-212-850-5600, for CONMED
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