Haemonetics to acquire Attune Medical for $160M upfront, sees accretion

Haemonetics announced that it has entered into a definitive agreement to acquire privately-held Chicago-based Attune Medical, the manufacturer of the ensoETM proactive esophageal cooling device, the only FDA-cleared temperature regulation device indicated for esophageal protection during radiofrequency, or RF, cardiac ablation procedures. Under the terms of the agreement, Haemonetics will acquire Attune Medical for an upfront cash payment of $160M 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. 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 generated approximately $22M in revenue during its most recently completed fiscal year ended December 31, 2023, more than doubling its revenue from the prior fiscal year. Haemonetics expects this transaction to be immediately accretive to revenue and earnings growth following the completion of the transaction. Haemonetics plans to finance this acquisition through a combination of cash-on-hand and a draw under its revolving credit facility.