Natus Acquires the Grass Technologies Product Group From Astro-Med
SAN CARLOS, Calif. & WEST WARWICK, R.I. -- February 1, 2013
Natus Medical Incorporated (Nasdaq:BABY) and Astro-Med, Inc. (Nasdaq:ALOT)
today announced that the companies have consummated the sale of the Grass
Technologies Product Group from Astro-Med to Natus. On January 7, 2013, the
companies announced that they had entered into an asset purchase agreement for
the transaction. The Grass Technologies Product Group includes clinically
differentiated neurodiagnostic and monitoring products, including a portfolio
of polysomnography (PSG) and electroencephalography (EEG) systems for both
clinical and research use and related accessories and proprietary electrodes.
Natus expects the acquisition to be accretive to non-GAAP earnings in its
second quarter and full year 2013.
Natus funded the $18.6 million cash purchase price with existing cash and
borrowings under its credit facility. Astro-Med reported revenue from the
Grass segment of $18.5 million for the fiscal year ended January 31, 2012.
About Natus Medical
Natus is a leading provider of healthcare products used for the screening,
detection, treatment, monitoring and tracking of common medical ailments in
newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep
disorders, and balance and mobility disorders. Product offerings include
computerized neurodiagnostic systems for audiology, neurology,
polysomnography, and neonatology, as well as newborn care products such as
hearing screening systems, phototherapy devices for the treatment of newborn
jaundice, head-cooling products for the treatment of brain injury in newborns,
incubators to control the newborn's environment, and software systems for
managing and tracking disorders and diseases for public health laboratories.
Additional information about Natus Medical can be found at www.natus.com.
Astro-Med, Inc. is a leading manufacturer of specialty high tech printing
systems, electronic medical instrumentation, and test and measurement data
acquisition systems. Astro-Med, Inc. products are sold under the brand names
Astro-Med, Grass Technologies and QuickLabel Systems, and are employed around
the world in a wide range of aerospace, medical, military, industrial,
labeling and packaging applications. Astro-Med, Inc. is a member of the
Russell Microcap Index. Additional information is available by visiting
Additional information about Astro-Med can be found at www.Astro-MedInc.com.
Cautions concerning forward-looking statements of Natus
This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995, particularly statements
regarding the expectations, beliefs, plans, intentions and strategies of
Natus. These forward-looking statements include, but are not limited to,
statements regarding the accretive nature of the acquisition on the Company’s
non-GAAP earnings for its second quarter and full year 2013 that had been
previously incorporated into the Company’s financial guidance communicated in
a press release issued on January 7, 2013. These statements relate to current
estimates and assumptions of Natus management as of the date of this press
release. Future events or Natus' future financial performance or results
involve known and unknown risks, uncertainties, and other factors that may
cause actual results, levels of activity, performance, or achievements to
differ materially from those expressed or implied by the forward-looking
statements. Natus disclaims any obligation to update information contained in
any forward looking statement.
More information about potential risk factors that could affect the business
and financial results of Natus is included in Natus' annual report on Form
10-K for the year ended December 31, 2011, and its quarterly reports on Form
10-Q, and in other reports filed from time to time by Natus with the U.S.
Securities and Exchange Commission.
Natus Medical Incorporated
Steven J. Murphy, 650-802-0400
Vice President Finance and Chief Financial Officer
Everett V. Pizzuti
Chief Executive Officer
Joseph P. O'Connell, 800-343-4039
Chief Financial Officer
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