Imagyn Medical to Sell Line of Surgical Devices
- Share via
Imagyn Medical Technologies Inc. in Irvine said Tuesday that it has agreed to sell its remaining line of minimally invasive surgery devices to a New York maker of surgical tools for $30.5 million in stock.
Imagyn said in a press release it will sell the business to ConMed Corp. in Utica for 1.3 million shares of ConMed stock, which rose 68 cents Tuesday to close at $23.49 a share on Nasdaq. Imagyn stock has been delisted.
Late last year, ConMed bought a portion of Imagyn’s surgery devices for $6 million and agreed to pay an additional $2 million if sales goals are met within a year.
ConMed estimated the latest acquisition will add $18 million to $20 million in sales in the 12 months after closing, which is expected in four weeks, and add 5 cents to 2002 per-share earnings. ConMed should earn $1.71 a share in 2002, according to the average estimate of three analysts polled by First Call/Thomson Financial.