Full Press Release Details
| NEWS RELEASE | ||||
| CONTACT : | ||||
| CONMED Corporation | ||||
| Luke A. Pomilio | ||||
| Chief Financial Officer | ||||
| 315-624-3202 |
CONMED Completes Acquisition of SurgiQuest, Inc.
Utica, New York, January 4, 2016 CONMED Corporation (NASDAQ: CNMD) today announced that it has completed its previously announced
acquisition of privately-held SurgiQuest, Inc. (SurgiQuest), which will become part of the CONMED Advanced Surgical business.
SurgiQuest develops,
manufactures, and markets the AirSeal System (AirSeal), the first integrated access management technology for use in laparoscopic and robotic procedures. AirSeal has been used in more than
250,000 procedures worldwide, with published clinical data demonstrating that AirSeal leads to shorter procedure times and reduced post-operative pain.
As indicated in its November 16, 2015 press release, CONMED expects that the acquisition will add $55 to $60 million to the Company s revenue in
fiscal year 2016, and net cost savings will approximate $15 million per year. As disclosed in the earlier press release, CONMED entered into a new credit facility as of January 4, 2016 to fund the acquisition, as described in the Form 8-K being
filed today. The Company will provide additional guidance regarding the financial impact of the transaction when it reports fourth quarter financial results in late January.
About CONMED Corporation
CONMED is a medical technology
company that provides surgical devices and equipment for minimally invasive procedures. The Company s products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery and
gastroenterology. The Company distributes its products worldwide from several manufacturing locations. CONMED has a direct selling presence in 16 countries outside the United States, and international sales constitute over 50% of the Company s
total sales. Headquartered in Utica, New York, the Company employs approximately 3,400 people. For more information, visit www.conmed.com.
About SurgiQuest, Inc.
SurgiQuest, Inc. is a
privately-held venture-backed company, founded in May 2006. The Company develops, manufactures and markets innovative access technologies for minimally invasive surgery. SurgiQuest s patented AirSeal System optimizes the laparoscopic
environment and provides unparalleled stability in the abdominal cavity during MIS. Unlike conventional insufflation and trocar systems, the Company s breakthrough integrated platform ensures stable pneumoperitoneum, continuously evacuates
Forward Looking Information
This press release contains certain forward-looking statements (including forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995) with respect to the financial condition, results of operations and business of CONMED and certain plans and objectives of CONMED. All statements other than statements of historical or current fact included
in this press release are statements that could be deemed forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, expected,
scheduled, estimates, intends, anticipates or believes, or variations of such words and phrases, or can state that certain actions, events, conditions, circumstances or results
may, could, would, might or will be taken, occur or be achieved. These forward-looking statements are based upon the current beliefs and expectations of CONMED, members of its senior
management team and its Board of Directors, and are subject to significant risks and uncertainties, including factors outside of CONMED s control. Such risks and uncertainties contained in forward-looking statements can include, without
limitation: prospective performance and opportunities and the outlook for CONMED s and SurgiQuest s businesses; the ability of CONMED to advance SurgiQuest s product lines following the transaction; transaction costs in connection
with the transaction; the potential effects of the transaction on relationships with employees, customers, other business partners or governmental entities; the state of the credit markets generally and the availability of financing; other business
effects, including the effects of industry, economic or political conditions outside of CONMED s control; any assumptions underlying any of the foregoing; and other risks and uncertainties which may be detailed from time to time in reports
filed by CONMED with the Securities and Exchange Commission. CONMED s shareholders and other investors are cautioned that any such forward-looking statements are not guarantees of future performance and to not place undue reliance on these
forward-looking statements, as actual results may differ materially from those currently anticipated. All forward-looking statements are based on information currently available to CONMED, and CONMED undertakes no obligation to update any such
forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law.