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.
About Astro-Med
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 www.Astro-MedInc.com.
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.
