Avanos Medical Closes Acquisition of CoolSystems, Inc., Marketed as Game Ready®
ALPHARETTA, Ga., July 2, 2018 /PRNewswire/ -- Avanos Medical Inc. (NYSE: AVNS) ("Avanos" or "The Company") announced today the completion of its acquisition of CoolSystems Inc., marketed as Game Ready ("Game Ready"), a market-leading provider of cold therapy and compression therapy systems, for a total consideration of $65 million in cash.
"The closing of this acquisition is an important milestone as we move forward as a pure-play medical devices company," said Joe Woody, Avanos chief executive officer. "Game Ready expands Avanos' non-opioid pain management portfolio and increases our connection to the orthopedics market, which we expect to drive growth in our leading ON-Q* pain relief therapy."
Game Ready develops, manufactures and markets the Game Ready® product line, used in the pain management and rehabilitation of patients recovering from orthopedic surgery or sports-related injuries. Its product line includes GRPro® 2.1 cold and compression therapy system; Med4 Elite™ multi-modality therapy unit; ATX® Wraps; and a variety of product accessories, all of which complement Avanos' existing Pain Management portfolio.
About Avanos Medical
Avanos Medical (NYSE: AVNS) is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients' quality of life. Headquartered in Alpharetta, Georgia, Avanos is committed to addressing some of today's most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. Avanos develops, manufactures and markets its recognized brands in more than 90 countries. For more information, visit www.avanos.com.
This press release contains information that includes or is based on "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current plans and expectations of management and are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "may", "believe", "will", "expect", "project", " estimate", "anticipate", "plan", or "continue" and similar expressions, among others. Such statements include expected accretion and other financial and operational impacts of the acquisition of CoolSystems. Factors that may cause actual results to differ materially from the anticipated results expressed in such forward looking statements include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the impact of investigative and legal proceedings and compliance risks; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; and changes in the competitive environment. Additional information concerning these and other factors that may impact future results is contained in our filings with the U.S. Securities and Exchange Commission, including our most recent Form 10-K and Quarterly Reports on Form 10-Q.
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SOURCE Avanos Medical Inc.