COO - CooperCompanies Expands CooperSurgical's Medical Device Portfolio with Acquisition of Select Cook Medical® Assets | Benzinga
SAN RAMON, Calif., Nov. 01, 2023 (GLOBE NEWSWIRE) -- CooperCompanies (NASDAQ:COO), today announced it has closed the acquisition of select Cook Medical assets focused primarily on the obstetrics, doppler monitoring, and gynecology surgery markets. The purchase price was $300 million with $200 million paid at closing and the remaining $100 million to be paid in two $50 million annual installments.
"This acquisition is a fantastic strategic fit for CooperSurgical," said Al White, President and CEO of CooperCompanies. "The acquired products are highly synergistic with CooperSurgical's existing portfolio of medical devices and strengthen CooperSurgical's position as a leading global fertility and women's health company."
The assets being acquired are primarily minimally invasive medical devices including the Bakri® Postpartum Balloon, Cook's Cervical Ripening Balloon, the Doppler Blood Flow Monitor portfolio, and select surgical products. The acquired assets generated approximately $56 million in trailing twelve-months revenue as of September 30, 2023.
As part of Cooper's fiscal year 2024, revenues from this transaction are expected to grow 5-7% year-over-year in constant currency. Excluding one-time charges and deal-related amortization, the transaction is expected to be accretive to non-GAAP gross and operating margins and accretive to non-GAAP earnings per share by approximately $0.20.
Cooper will report these assets as part of its Office and Surgical category within the CooperSurgical business beginning in its fiscal first quarter of 2024. This transaction does not include any of the fertility products contemplated in the original deal announced on February 7, 2022.
Citigroup Global Markets Inc. served as financial advisor to Cooper.
About CooperCompanies
CooperCompanies (NASDAQ:COO) is a leading global medical device company focused on improving lives one person at a time. The Company operates through two business units, CooperVision and CooperSurgical. CooperVision is a trusted leader in the contact lens industry, improving the vision of millions of people every day. CooperSurgical is a leading fertility and women's health company dedicated to assisting women, babies and families at the healthcare ...