Healthcare Industry News: Inverness Medical Innovations
News Release - May 8, 2007
Inverness Medical Innovations Acquires Benelux Distributor Orange MedicalWALTHAM, Mass., May 8 (HSMN NewsFeed) -- Inverness Medical Innovations, Inc. (AMEX: IMA ), a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, today announced that it has acquired Benelux distributor Orange Medical in an all cash deal for approximately Euro 4.2 million, or $5.7 million.
The acquisition of Orange Medical, which has companies in the Netherlands and Belgium, will increase Inverness' direct distribution network for its professional diagnostic products into Benelux. The acquisition is consistent with Inverness' efforts to continue to improve margins by bringing distribution in-house.
Commenting on the deal, Ron Zwanziger, Chairman and CEO of Inverness said, "We are very pleased to add Orange Medical to the Inverness family of companies, and see this acquisition as an exciting addition to our increasing direct sales presence in European markets."
Frank Raaijmakers, CEO of Orange Medical, said "We at Orange Medical are very excited about the acquisition, and believe that our inclusion in the Inverness group will present new opportunities to expand our reach in Benelux."
For more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com.
Inverness Medical Innovations is a leading global developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno- diagnostics with a focus on women's health, cardiology and infectious disease. The Company's new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. Inverness is headquartered in Waltham, Massachusetts.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding possible margin improvements. Actual results may differ materially due to numerous factors, including without limitation, the operational integration associated with the acquisition, including unanticipated losses of suppliers, customers, employees or other business partners; future demand for and costs of the Company's products which will impact the margins that the Company will realize on future product sales; and the risks and uncertainties described in the Company's periodic reports filed with the Securities and Exchange Commission under the federal securities laws, including the Company's Annual Report on Form 10-K for the year ended December 31, 2006, as amended. The Company undertakes no obligation to update any forward-looking statements.
Source: Inverness Medical Innovations
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.