Medical Imaging Holdings acquires Sonora Medical Systems business from Misonix

Oct 6 2009

Medical Imaging Holdings, Inc., a holding company formed by Galen Partners, today announced it has acquired the Sonora Medical Systems business from Misonix, Inc. (Nasdaq: MSON). The Sonora Medical Systems business will be combined with the businesses of Barrington Medical Imaging and Echoserve, which were acquired by Medical Imaging Holdings, Inc. on September 18, 2009. Galen Partners, a leading healthcare private equity firm, led the transactions and made a significant investment of growth capital into Medical Imaging Holdings, Inc. concurrent with its initial acquisitions.

Sonora Medical Systems is a technology leader and innovator in the development and marketing of proprietary test equipment and biomedical tools for the ultrasound diagnostic imaging field and other specialty markets. Sonora has also developed advanced repair capabilities for ultrasound probes and certain MRI component parts, and is a leading provider of ultrasound probe repair services to the medical imaging market. In addition, Sonora is the world's leading acoustic power testing laboratory, and the only one that is accredited to ISO 17025.

The Sonora acquisition is expected to expand and further differentiate the combined company’s service offerings and technical capabilities, as well as provide an advanced research and development capability for continued innovation. Wayne Moore, President and founder of Sonora Medical Systems, has been named President – Advanced Development Group and Chief Strategy Officer of the combined company and will remain an integral part of the combined company’s leadership team.

“We are pleased that we were able to close this important strategic transaction for Medical Imaging Holdings,” commented David Jahns, Managing Director of Galen Partners. “We believe the Sonora acquisition will provide important capabilities for the combined company to further differentiate its offerings and expand its share of the medical imaging services market. We look forward to continuing to partner with this management team to explore additional strategic opportunities to provide competitive differentiation and drive growth.”

“Under Wayne Moore’s leadership, Sonora has been a long-time leader and innovator in the development of proprietary test equipment, biomedical tools and advanced parts repair capabilities for the ultrasound industry and other diagnostic imaging markets,” commented Jeff Soinski, Chief Executive Officer of Medical Imaging Holdings, Inc. “By combining Sonora’s intellectual property and advanced technical capabilities with the expanded field service organization and technical operations of our recent Barrington and Echoserve acquisitions, we are well-positioned to provide an enhanced level of service and expand our value proposition for our diagnostic imaging customers.”

“Declining reimbursement rates coupled with technical advances in the medical imaging market have created the need now more than ever to use our current proprietary technologies, as well as new and innovative solutions developed by us, to broaden our definition of service and drive greater efficiency for our customers, with a continued focus on patient safety and clinical efficacy,” added Wayne Moore, President - Advanced Development Group and Chief Strategy Officer. “I am excited to be part of a larger organization, focused exclusively on bringing the highest level of service, quality and continued innovation to the diagnostic imaging market.”

Sonora Medical Systems, Barrington Medical Imaging, and Echoserve will continue to conduct business under their existing names and maintain operations at their current facilities during the integration process. It is anticipated that a new name for the combined company will be introduced later this year.