RNS Number : 4449B
03 October 2022
Halma plc ('Halma' or the 'Group')
Halma, the global group of life-saving technology companies
focused on growing a safer, cleaner and healthier future for
everyone every day, today announces that it has acquired IZI
Medical Products, LLC (IZI).
Headquartered in Maryland, USA, IZI is a designer, manufacturer
and distributor of medical consumable devices which are mainly used
by interventional radiologists and surgeons in a range of acute,
hospital-based diagnostic and therapeutic procedures. IZI's three
primary markets are products for Image Guided Surgery,
Interventional Oncology and Interventional Spine procedures (see
"Further Information on IZI" at the end of this announcement).
The initial consideration for IZI is US$153.5m (approximately
GBP138m), on a cash- and debt-free basis, and will be paid in cash
and funded from Halma's existing facilities. When adjusted for tax
benefits with a net present value of approximately US$11m
(approximately GBP10m), the net initial consideration is
approximately US$142.5m (approximately GBP128m). An additional
consideration of up to US$14.5m (approximately GBP13m) is payable
in cash, based on IZI's growth in the year to 31 March 2023.
IZI's unaudited revenue for the 12 months to 31 March 2022 was
US$32.9m (approximately GBP30m), with Return on Sales substantially
above Halma's target range of 18-22%. IZI will be a standalone
company within Halma's Healthcare sector, led by its current
Greg Groenke, Chief Executive Officer of IZI Medical Products,
commented: "Our purpose is to improve patients' lives with
physician-led innovation. This vision aligns to Halma's when it
comes to improving quality of care delivered by healthcare
providers. Many physicians started using our technologies in
medical school and have continued to do so throughout their
careers. Joining the Halma group will take IZI Medical Products to
the next level, adding R&D, commercial and international growth
opportunities that will help us in our journey to advance
healthcare for patients worldwide."
Andrew Williams, Group Chief Executive of Halma, commented: "IZI
further extends our Healthcare sector into products supporting
minimally invasive diagnosis and treatment of acute conditions,
principally cancer. IZI's growth is supported by the higher
incidence of health conditions in ageing populations, improved
screening and diagnostics enabling earlier treatment of disease,
and expansion into adjacent applications through innovation."
For further information, please contact:
Andrew Williams, Group Chief Executive
Marc Ronchetti, Group Chief Executive Designate and Chief
Charles King, Head of Investor Relations +44 (0) 7776 685948
Clayton Hirst, Director of Corporate Affairs +44 (0) 7384 796
Andrew Jaques / Rachel Farrington +44 (0)20 3128 8572
A copy of this announcement, together with other information
about Halma, is available at www.halma.com .
Halma is a global group of life-saving technology companies,
focused on growing a safer, cleaner, healthier future for everyone,
Its purpose defines the three broad market areas where it
-- Safety: protecting life as populations grow and enhancing worker safety.
-- Environment: improving food and water quality, and monitoring air pollution.
-- Healthcare: meeting rising healthcare demand as growing
populations age and lifestyles change.
It employs over 7,000 people in more than 20 countries, with
major operations in the UK, Mainland Europe, the USA and Asia
Pacific. Halma is listed on the London Stock Exchange (LON: HLMA)
and is a constituent of the FTSE 100 index.
For the past three years Halma has been named one of Britain's
Most Admired Companies by Management Today.
For more information see www.halma.com
Further information on IZI
Founded in 1994, IZI is headquartered in Baltimore, Maryland,
USA, and has a further manufacturing site in Memphis, Tennessee,
USA and a sales office in Munich, Germany. It has 86 employees.
IZI operates in three primary markets:
-- Image Guided Surgery: fiducial(1) and optical markers used in image guided surgery;
-- Interventional Oncology: comprising devices used to conduct
biopsies across a wide range of anatomy, products which support
surgical procedures, and radiation therapy markers; and
-- Interventional Spine procedures: products used to diagnose
and strengthen vertebrae which have been compromised due to
osteoporosis or bone cancer.
IZI have a portfolio of 44 medical consumable products and 107
active patents. Their products are typically used by Interventional
Radiologists and surgeons in hospital settings, and their
technologies are employed in approximately 2,500 hospitals in the
USA and in 35 countries internationally.
Note 1: a fiducial marker is a medical device or object placed
in or on a patient's body to mark an area for radiation treatment
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(END) Dow Jones Newswires
October 03, 2022 02:00 ET (06:00 GMT)
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