Irish medical device giant Covidien ($COV) has purchased Florida-based New Wave Surgical for more than $100 million, according to a local report.
New Wave Surgical's founder and former president R. Alexander Gomez confirmed the sale to the Miami Herald but declined to give the specific price of the deal, saying only that it was north of $100 million and would be disclosed in public filings.
The company manufactures the D-HELP kit, a device that keeps laparoscopic and robotic lenses heated, defogged and clean during surgical procedures. The kit, according to New Wave Surgical, has been used in more than one million procedures and is stocked in an estimated 1,200 hospitals in the U.S. The product, according to a letter posted on New Wave Surgical's website, has been renamed by Covidien as the Clearify Visualization System.
Last week, Covidien reported it was recalling more than 650 units of its Pipeline Embolization Device and Alligator Retrieval Device because of concerns related to the coating on delivery wires, which could delaminate and detach.
Earlier this year, Covidien reported a slight boost in sales in its fiscal first quarter as the company moves away from pharmaceuticals and toward medical devices. Net revenues for the period rose 3% to $2.6 billion due to a 6% increase in its surgical solutions business and a 2% gain in vascular therapies. Respiratory and patient care lines, however, were flat.
- read the Miami Herald story