MILAN, Jul 02, 2012 (BUSINESS WIRE) -- Sorin Group (mil:SRN)(reuters code:SORN.MI), a global medical device company and a leader in the treatment of cardiovascular diseases, announced today the acquisition of California Medical Laboratories, Inc. ("CalMed"), a manufacturer of high quality cardiovascular cannulae, for $14 million.
CalMed develops, manufactures and distributes a complete range of cannulae, catheters and accessories for cardiac surgery. Available in more than 45 countries worldwide, CalMed products are approved by the US Food and Drug Administration (FDA) and are CE marked for commercialization in the European Union. In 2011 Fiscal Year (ended September 30th, 2011) CalMed reported revenues of almost $8 million.
This acquisition represents an ideal complement to Sorin existing cannulae offering and to the recent acquisition of the Estech minimally invasive cannulae product line.
"This deal confirms Sorin Group's commitment to further strengthen our presence in the cannulae segment and consolidate our relationship with cardiac surgeons and clinical perfusionists worldwide," said Michel Darnaud, President, Cardiopulmonary Business Unit and Intercontinental, Sorin Group.
"We believe that building on CalMed's rich product offering and pipeline and leveraging on Sorin's global sales network will drive to a significant adoption of these products by cardiac surgeons worldwide," said Mehmet Bicakci, President and CEO of CalMed.
Sorin will continue to develop innovative new products and make selective, strategic acquisitions to enhance its worldwide leadership position in the cardiopulmonary business. Today, more than half of worldwide cardiac surgery procedures are performed using Sorin cardiopulmonary products.
About Sorin Group
Sorin Group ( www.sorin.com ), is a global medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, Sorin Group focuses on three major therapeutic areas that include: cardiopulmonary bypass (extracorporeal circulation and autotransfusion systems), cardiac rhythm management, and heart valve repair and replacement. Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
About CalMed California Medical Laboratories, Inc., ( www.calmedlab.com ), based in Costa Mesa, California, develops, manufactures and distributes a complete range of cannulae, catheters and accessories for cardiac surgery. CalMed products are FDA cleared and CE marked and sold in more than 45 countries worldwide. For more information, please visit: www.sorin.com
SOURCE: SORIN GROUP
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