Natus Medical to Acquire NeuroCom International.
Natus Medical Incorporated today announced that it has agreed to acquire privately held NeuroCom International, Inc. NeuroCom, based in Clackamas, Oregon, develops and markets computerized systems for the assessment and rehabilitation of balance and mobility disorders. The acquisition adds to Natus’ growth opportunities by broadening its product offerings in the Company’s neurology business.
Natus agreed to acquire NeuroCom for a cash price of $18 million. NeuroCom reported revenue of $11.3 million in the twelve months ended June 30, 2008, and is expected to have cash of at least $3.4 million as of the closing. The Company expects to complete the acquisition in early October 2008.
Natus believes the acquisition will be immediately accretive to earnings, excluding associated one-time charges.
“This acquisition expands our neurology footprint into the growing balance and mobility assessment market. We are very excited about the growth opportunities in this developing field and we believe NeuroCom products will become the standard of care in this emerging field,” said Jim Hawkins, President and Chief Executive Officer of Natus. “We believe we can leverage their broad patent portfolio and market leading position through our worldwide sales and marketing channels.”
“NeuroCom has a history of strong product innovation, being the first company to develop and sell a turn-key system into the balance and mobility market, while at the same time generating consistent profitability. We believe this acquisition affirms our position as the market leader in neurology and brings Natus one-step closer to achieving our stated goal of growing revenue to a $250 million annual run-rate by the end of 2008,” Hawkins added.
Dr. Lewis Nashner, President and Chief Executive Officer of NeuroCom said, “We are pleased to become a part of the growing Natus team and believe the expanded opportunities provided through this acquisition will accelerate sales of our technologies into the growing global marketplace. We are also pleased that Natus plans to retain our operations as well as our established brands and products.”