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LeMaitre Vascular Divests General Surgery Product Lines
Apr. 06, 2018 08:47AM PST
Medical Device InvestingLeMaitre Vascular (Nasdaq:LMAT), announced today that it has divested its general surgery product lines to Symmetry Surgical, Inc. for $7.4 million. Included in the divestiture were the Reddick Cholangiogram Catheter and Reddick Saye-Screw, both used during laparoscopic cholecystectomy procedures. As part of the transaction, the parties entered into a two-year manufacturing transition services agreement. As …
LeMaitre Vascular (Nasdaq:LMAT), announced today that it has divested its general surgery product lines to Symmetry Surgical, Inc. for $7.4 million. Included in the divestiture were the Reddick Cholangiogram Catheter and Reddick Saye-Screw, both used during laparoscopic cholecystectomy procedures. As part of the transaction, the parties entered into a two-year manufacturing transition services agreement.
As quoted in the press release:
Dave Roberts, LeMaitre Vascular’s President, commented, “We are pleased to divest these general surgical product lines and to rationalize our portfolio. Following this transaction, all of LeMaitre’s remaining 14 product lines are now focused on the needs of our core customer, the vascular surgeon.”
“Symmetry Surgical is excited to add the Reddick® product lines to our comprehensive laparoscopic portfolio,” says Scott Kunkel, Chief Financial Officer, Symmetry Surgical. “We look forward to partnering with LeMaitre Vascular during this transition period to provide excellent service to our customers.” In 2017, LeMaitre’s general surgery product lines accounted for $3.3 million in revenue and $2.5 million in gross profit.
