ICU Medical to acquire Pursuit Vascular for $75M
ICU Medical announced that it has entered into a definitive agreement to acquire Pursuit Vascular for $75M with an additional earnout payment potentially due in 2021. Pursuit Vascular is a privately-held medical device company with a primary focus on innovative catheter disinfecting products and technologies to reduce costly bloodstream infections and lower healthcare costs. Pursuit Vascular's primary product is the ClearGuard HD cap, which is used for the maintenance of hemodialysis catheters. Patients receiving dialysis treatments are at high risk of getting an infection because of the need to access their blood frequently. ClearGuard HD kills infection-causing bacteria and fungi inside of a hemodialysis catheter to help reduce infections. It is a safe, effective, and easy-to-use solution that has been shown in two large scale clinical studies to reduce bloodstream infections by approximately 70% when compared to current products. Pursuit Vascular's full-year 2019 annual revenues are estimated to be between $10M-$12M with margins comparable to the existing ICU Medical IV consumables business. The transaction will be funded with cash on hand and is not expected to have a material impact on the company's current adjusted EBITDA and adjusted EPS guidance for 2019.