Healthcare Industry News: CORPAK
News Release - November 14, 2006
VIASYS Healthcare Inc. Acquires Assets of Hoffman Laboratories, LLC Acquisition Adds to VIASYS' Presence in Sleep TherapyCONSHOHOCKEN, Pa.--(HSMN NewsFeed)--VIASYS Healthcare Inc. (NYSE:VAS ; "VIASYS") and Hoffman Laboratories, LLC, announced today that VIASYS has acquired the assets of Hoffman Laboratories, LLC - a company that develops products targeted to the sleep therapeutic market.
Randy Thurman, Chairman, President and Chief Executive Officer, VIASYS Healthcare Inc., commented, "With this acquisition, VIASYS is increasing its presence in the global sleep therapy market. We believe sleep therapy is the fastest growing market segment in the global respiratory market. VIASYS is already a market leader in the sleep diagnostics business, with well established brands such as Jaeger(TM) and SENSORMEDICS®. We expect that Hoffman Laboratories' expertise in CPAP and noninvasive ventilation design will enhance the VIASYS global product offering. We believe this acquisition is a key step following the establishment earlier this year of the VIASYS Sleep Diagnostics and Therapy business as a separate operating entity focused on this opportunity."
Based in Chatsworth, California, Hoffman Laboratories designed, manufactured, marketed, and sold Continuous Positive Airway Pressure (CPAP) devices and patient interfaces. Hoffman Laboratories offered home health care providers and sleep diagnostics laboratories the BreatheX®, the first self-contained, battery-powered, "wearable CPAP." BreatheX® represents a truly innovative, portable solution to meet the needs of patients receiving treatment for Obstructive Sleep Apnea.
Ed Pulwer, Group President, VIASYS Respiratory Care, commented, "We believe that the acquisition of Hoffman Laboratories and the strength of its CPAP device technology is an outstanding compliment to our acquisition earlier this year of Tiara Medical Systems. We believe that we have brought together companies with VIASYS that have extensive expertise in the development of core technologies essential to CPAP devices, noninvasive ventilators, portable ventilators and patient interfaces. The Hoffman acquisition demonstrates VIASYS Respiratory Care's commitment to expand its presence in the sleep therapy market and maintain its leadership position in the mechanical ventilation market. Rebecca Mabry, General Manager, Sleep Diagnostics and Therapy, will be responsible for managing the acquired business."
Under the terms of the acquisition agreement, VIASYS acquired the assets of Hoffman Laboratories, LLC, through its subsidiary, VIASYS Sleep Solutions LLC. VIASYS financed the acquisition with cash and borrowings under its revolving credit facility. Additional terms of the transaction are not being disclosed at this time.
ABOUT VIASYS HEALTHCARE INC.
VIASYS Healthcare Inc. is a global, research-based medical technology company focused on respiratory, neurology, medical disposable and orthopedic products. VIASYS products are marketed under well-recognized trademarks including, among others, AVEA®, BEAR®, BIRD®, CORFLO®, CORPAK®, CORTRAK®, EME®, GRASON-STADLER®, JAEGER®, LYRA®, MEDELEC®, MICROGAS®, NAVIGATOR®, NICOLET®, NicoletOne(TM), PULMONETIC(TM), SENSORMEDICS®, TECA®, TECOMET(TM), VELA® and VMAX®. VIASYS is headquartered in Conshohocken, PA, and its businesses are conducted through its Respiratory Care, NeuroCare, MedSystems and Orthopedics business units. More information can be found at http://www.viasyshealthcare.com.
This news release includes forward-looking statements within the meaning of the "Safe Harbor" provisions of Private Securities Litigation Reform Act of 1995 regarding VIASYS' product offering, VIASYS' ability to compete in the sleep market, VIASYS' presence in and commitment to the sleep therapy market, the strategic impact of acquiring Hoffman Laboratories, and the growth of (and market opportunity in) the sleep therapy market. These forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert, or change the expectations for VIASYS' products and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, internal research and development initiatives, partnered research and development initiatives, competitive and new product development, marketing initiatives, sales and distribution risks, the continued growth of the sleep therapy market, the successful integration of the Hoffman Laboratories business into VIASYS' existing sleep business, governmental regulations and legislation, patent positions, litigation and the inability to achieve the anticipated benefits of this transaction. For further details and a discussion of other risks and uncertainties that may change VIASYS' expectations, please see VIASYS' annual report on Form 10-K for the year ended January 1, 2006, which is on file with the Securities and Exchange Commission. VIASYS undertakes no obligation to publicly update this forward-looking statement, whether as a result of new information, future events, or otherwise.
Source: VIASYS Healthcare
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