SonoSite, Inc. (NASDAQ:SONO) today announced that on August 14, 2009, it completed the acquisition of CardioDynamics International Corporation (NASDAQ:CDIC), a leader in impedance cardiography (ICG) for noninvasive hemodynamic assessment.
Under the terms of the agreement, CardioDynamics will become a wholly-owned subsidiary of SonoSite, Inc. and CardioDynamics shareholders will receive $1.35 per share in cash. The aggregate transaction is valued at approximately $10.0 million, or $12.3 million net of cash and debt. Shareholders of CardioDynamics approved the acquisition on August 11, 2009.
“This acquisition brings us an established sales channel and a franchise in cardiovascular disease management with outstanding long term growth and healthcare cost reduction potential,” said Kevin M. Goodwin, SonoSite President and CEO. “The need to detect and treat cardiovascular disease has never been greater, and CardioDynamics’ products and technology will be the platform we will build upon to grow in the physician office segment, as well as expand our presence in the large market for cardiovascular disease management.”
“Both SonoSite and CardioDynamics have a rich history of innovation and market development,” said Marcus Smith, SonoSite Vice President, General Manager, Cardiovascular Disease Management. “We look forward to combining the products and sales force of CardioDynamics with our own ultrasound products to make a positive impact on cardiovascular disease, with particular emphasis on improving patient outcomes and reducing healthcare system costs.”
CardioDynamics’ ICG product line provides non-invasive assessment of cardiac output and other hemodynamic parameters in the physician’s office, outpatient clinic or hospital. The company’s latest generation product, the BioZ® Dx system, integrates ICG with electrocardiography (ECG), providing the ability to assess both mechanical and electrical cardiovascular function.
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