TUCSON, Ariz.--(BUSINESS WIRE)--Ventana Medical Systems, Inc. (NASDAQ: VMSI - News) said today that it does not intend to pursue an acquisition of Vision Systems Limited (ASX: VSL - News) following Danaher Corporation’s (NYSE: DHR - News) recommended tender offer to acquire Vision Systems for A$3.75 (US$2.79) per share. The Company further advised that it has terminated previously disclosed discussions regarding a potential cooperative effort with Danaher to purchase Vision.
Christopher Gleeson, Ventana President and CEO, said, “We indicated from the outset that the acquisition of Vision would have accelerated the realization of our strategy in certain areas. As such we are disappointed to miss this particular opportunity, however we will continue to focus on executing against our existing growth plans of providing our customers with leading edge workflow solutions.”
The Company reaffirmed its guidance for 2006 of revenue growth of approximately 20% and non-GAAP diluted earnings per share of approximately $0.95, or $0.86 inclusive of share-based compensation expense and before any impact of the Vision transaction. Ventana holds approximately 22 million shares, or 10.2% of the total outstanding shares on a fully diluted basis, of Vision Systems, purchased at an average price of A$2.85 per share. The Company will provide an update on the impact of the expected gain on its guidance in due course as the Vision transaction progresses.
About Ventana Medical Systems, Inc.
Ventana Medical Systems develops, manufactures, and markets instrument/reagent systems that automate slide preparation and staining in anatomical pathology and drug discovery laboratories worldwide. Ventana’s clinical systems are important tools used in the diagnosis and treatment of cancer and infectious diseases. Ventana’s drug discovery systems are used to accelerate the discovery of new drug targets and evaluate the safety of new drug compounds. Visit the Ventana Medical Systems, Inc., website at http://www.ventanamed.com.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding our business that are not historical facts may be “forward-looking statements” that involve risks and uncertainties. Forward-looking statements are based on management’s current, preliminary expectations and are subject to numerous risks and uncertainties which may cause our actual results to differ materially from the statements contained herein. We may not realize anticipated future results, and new products may not be as successful as we expect in terms of customer rates of adoption. Other risks and uncertainties include risks associated with the development, manufacturing, marketing, and sale of medical products, competitive factors, general economic conditions, legal disputes, and government actions, and those other risks and uncertainties contained under the caption, “Factors Affecting Future Results,” in our most recent quarterly report on Form 10-Q for the quarter ending June 30, 2006, filed with the SEC on July 28, 2006, and available in the investor relations section of our website located at http://www.ventanamed.com and on the SEC’s website at http://www.sec.gov. We undertake no obligation following the date of this release to update or revise our forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements. We caution you not place undue reliance upon any such forward-looking statements, which speak only as of the date such statements are made. Past performance is not indicative of future results. We cannot guarantee any future operating results, activity, performance, or achievement.
Contact: Ventana Medical Systems Christopher M. Gleeson, +1-520-229-3787 President and CEO or Nick Malden, +1-520-229-3857 Chief Financial Officer or For U.S. Andy Brimmer / James Golden, +1-212-355-4449, Ext. 111 Joele Frank, Wilkinson Brimmer Katcher or For Australia Tim Duncan, +61 3 9600 1979 Hintons
Source: Ventana Medical Systems, Inc.
