Haemonetics Inks Agreement to Buy Chicago-based Attune Medical for $160 Mn

With this acquisition, Haemonetics can leverage Attune’s ensoETM's offering substantial benefits to more caregivers worldwide, enabling new standards of care.

Global medtech company, Haemonetics Corporation has agreed to acquire privately-held Chicago-based Attune Medical for $160 million.

Per the agreement, Haemonetics will make an upfront cash payment of $160 million at closing plus additional contingent consideration based on sales growth in the three years following the consummation of the transaction and the achievement of certain other milestones.

However, the acquisition is subject to customary closing conditions and is expected to be completed in the first quarter of Haemonetics' fiscal year 2025.

Attune Medical’s ensoETM

Attune Medical is the manufacturer of the ensoETM proactive esophageal cooling device, the only US FDA-cleared temperature regulation device indicated for esophageal protection during radiofrequency (RF) cardiac ablation procedures.

ensoETM technology is designed for use across a range of medical conditions involving patient cooling or warming, including during treatment in critical care, neurocritical care, trauma, burn surgery, spine surgery, and cancer surgery, among others.

Further, in the treatment of atrial fibrillation, a condition that affects 3 to 6 million people in the US, ensoETM significantly reduces the likelihood of esophageal injury during RF cardiac ablations.

Additionally, studies have reported reduced procedure times and patient readmissions, and increased rates of same-day discharge and long-term procedure success with the use of ensoETM.

On the collaboration, Stewart Strong, president, Global Hospital, Haemonetic, said, "Attune Medical's ensoETM will bolster Haemonetics' presence in the electrophysiology market and complement our leadership in Vascular Closure.

Talking about EnsoETM, he noted that this device effectively reduces esophageal injuries without requiring hospitals to purchase complex and costly new ablation systems.

‘’With this groundbreaking solution we look forward to empowering more physicians to improve patient outcomes, and expanding our EP portfolio with yet another industry-leading technology to accelerate the growth and impact of our Interventional Technologies business," President Strong added.

Attune Medical generated approximately $22 million in revenue during its most recently completed fiscal year ended December 31, 2023, more than doubling its revenue from the prior fiscal year.

While Haemonetics expects this transaction to be immediately accretive to revenue and earnings growth following the completion of the transaction. The medtech company also plans to finance this acquisition through a combination of cash-on-hand and a draw under its revolving credit facility.

Sharing thoughts, Jay Istvan, CEO, Attune Medical, said, "We are thrilled to become part of Haemonetics. Their Hospital business has strong positions in both EP and critical care, and their international channels are robust and expanding.’’

He noted that with this acquisition, Haemonetics can leverage Attune’s ensoETM's offering substantial benefits to more caregivers worldwide, enabling new standards of care.

Founded in 1971 by Jack Latham and Allen Bradley, Haemonetics is a global medical technology company that seeks to deliver innovative medical products and solutions to drive better patient outcomes.

Haemonetics specializes in blood management solutions, including blood collection, processing, and transfusion technologies. They also provide devices for blood component separation, plasma collection, and cell salvage during surgeries.

Attune Medical, on the other hand, was founded in 2014 by Jay Istvan and his team. The privately-held medical device company is known for developing the ensoETM proactive esophageal cooling device.

Attune Medical generated approximately $22 million in revenue during its most recently completed fiscal year that ended December 31, 2023, more than doubling its revenue from the prior fiscal year.