CooperCompanies Acquires Safe Obstetric Systems
CooperCompanies (NYSE: COO) has acquired Safe Obstetric Systems, a UK-based medical device manufacturer, for approximately £37.5 million in cash, plus a potential contingent payment of up to £10 million based on future revenue growth. The acquisition centers on the Fetal Pillow®, an FDA-approved device that aids in cesarean deliveries. Generating £3.5 million in revenue in 2020, the acquisition is expected to have a neutral impact on Cooper's non-GAAP earnings per share for fiscal 2021. This move aligns with CooperSurgical's mission to enhance women's healthcare.
- Strategic acquisition aligns with CooperSurgical's focus on women's healthcare.
- Fetal Pillow® offers innovative clinical benefits, addressing market needs.
- Potential for revenue growth with a £3.5 million revenue generation in 2020.
- Contingent payment of up to £10 million could strain future resources.
SAN RAMON, Calif., March 01, 2021 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO), today announced that CooperSurgical has acquired Safe Obstetric Systems, a privately held manufacturer of the medical device, Fetal Pillow®. This FDA approved product is used to elevate the fetal head during a fully dilated cesarean section making the delivery easier and less traumatic for the mother and baby.
Commenting on the transaction, Al White, Cooper’s President and CEO, said, “This acquisition is an excellent strategic fit for CooperSurgical as it aligns perfectly with our mission of advancing women’s healthcare. Fetal Pillow® will roll seamlessly into our medical device portfolio, providing our team a truly innovative product with strong clinical benefits that helps address the market need for safer childbirth.”
The acquisition price is approximately
About CooperCompanies
CooperCompanies ("Cooper") is a global medical device company publicly traded on the NYSE (NYSE:COO). Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of women, babies and families with its diversified portfolio of products and services focusing on medical devices and fertility & genomics. Headquartered in San Ramon, CA, Cooper has a workforce of more than 12,000 with products sold in over 100 countries. For more information, please visit www.coopercos.com.
About Safe Obstetric Systems
Safe Obstetric Systems, is a growing, privately held medical device company headquartered in the UK, that manufactures the Fetal Pillow® device. Fetal Pillow is a balloon device designed to elevate a deeply impacted fetal head and facilitate delivery of the fetus in women requiring a cesarean section after a failed instrumental vaginal delivery. It was released to the market in May 2011 and is sold to hospitals in more than 20 countries. For more information, visit www.safeob.com.
Forward Looking Statements
This press release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to guidance, plans, prospects, goals, strategies, future actions, events or performance and other statements of which are other than statements of historical fact, including statements regarding the acquisition of Safe Obstetrics Systems including financial position, market position, product development and business strategy, expected cost synergies, expected timing and benefits of the transaction, difficulties in integrating entities or operations, as well as estimates of our and Safe Obstetric Systems’ future expenses, sales and diluted earnings per share are forward looking. In addition, all statements regarding anticipated growth in our net sales and anticipated market conditions, planned product launches and expected results of operations are forward-looking. To identify these statements look for words like "believes," "outlook," "probable," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties.
Detailed descriptions of a number of important risk factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements can be found in our Securities and Exchange Commission filings, including under the “Business”, “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in our most recent Annual Report on Form 10-K, as such sections may be updated in our quarterly filings, copies of which are available on the Company’s website: www.coopercos.com. We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.
Contact:
Kim Duncan
Vice President, Investor Relations and Risk Management
925-460-3663
ir@cooperco.com
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