Ambu — M&A Activity 2016

Jun 22, 2016

Ambu
Ideas that work for life

Ambu acquires patented single-use airway tubes with integrated camera

New acquisition strengthens Ambu’s visualisation portfolio.

Today, Ambu has signed a conditional agreement to acquire Israeli-based ETView Medical Ltd. ETView owns and manufactures single-use airway tubes with a camera integrated into the tube. ETView has full patent coverage and the acquisition price is USD 16.0m on a debt and cash free basis.

ETView was founded in 2004 and has been listed on the stock exchange in Tel Aviv since 2010. ETView is based in Misgav in Israel, employs 16 people and posted a revenue of USD 2.1m in 2015.

Ambu President & CEO, Lars Marcher says: “ETView has done a fantastic job in developing a unique product line that improves patient care and helps doctors and nurses reduce complexity and save time during surgery through continuous monitoring of the patients’ airway. Today’s signing marks a strategic acquisition for Ambu that will increase our relevance to hospitals.”

Accelerate conversion to single-use

Hospitals in US, Europe and Asia are currently converting from re-usable bronchoscopes to the single-use Ambu® aScope™. The products of ETView address the same call points as the Ambu aScope and will enable Ambu to accelerate conversion of the hospital market from re-usable to single-use within the area of pulmonary endoscopy.

“The airway tubes from ETView are “plug and play” products for Ambu because they supplement the aScope, add procedure benefits and touch the same call-points in the hospitals that our sales force addresses today,” says Lars Marcher.

Completion is subject to final shareholder approval in Israel and is expected to take place during Q4 of Ambu’s current financial year. The acquisition price will be financed out of Ambu’s existing credit lines, and it is planned to have ETView de-listed from the Tel Aviv stock exchange subsequent to completion.

The transaction will have minimal impact on Ambu’s current financial guidance, and financing of the acquisition price can be contained within the current guidance of a gearing by end of Ambu’s financial year 2015/16 at 2.0 x EBITDA.

Contact

Lars Marcher, President & CEO, tel. +45 5136 2490, e-mail: lm@ambu.com

Ambu A/S
Baltorpbakken 13
2750 Ballerup
Denmark
Tel. +45 7225 2000
CVR-nr.: 63 64 49 19
www.ambu.com

Ambu
Company announcement no. 34 2015/16
22 June 2016

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Ambu
Ideas that work for life

About Ambu

Since 1937, breakthrough ideas have fuelled our work on bringing efficient healthcare solutions to life. This is what we create within our fields of excellence – Anaesthesia, Patient Monitoring & Diagnostics, and Emergency Care. Millions of patients and healthcare professionals worldwide depend on the functionality and performance of our products. We are dedicated to improve patient safety and determined to advance single-use devices. The manifestations of our efforts range from early inventions like the Ambu Bag™ resuscitator and the legendary BlueSensor™ electrodes to our newest landmark solutions like the aScope™ endoscope – the world's first single-use flexible video scope. Our commitment to bringing new ideas and superior service to our customers has made Ambu one of the most recognized medical companies in the world. Headquartered near Copenhagen in Denmark, Ambu employs approximately 2,350 people in Europe, North America and the Asia Pacific. For more information, please visit www.ambu.com.

About ETView Medical Ltd.

ETView Medical Ltd. has successfully combined airway management with continuous direct airway visualization for medical professionals. ETView's patented single-use single- and double-lumen tubes consist of a ventilation tube with an integrated continuous high-resolution video imaging system. The company has direct sales in the US as well as distribution agreements in North America, South America, Europe and Asia. The VivaSight platform products are extensively protected by both US and international patents, both issued and pending, and have received US (FDA), European (CE), and Asian (CFDA and others) regulatory clearances. For more information, please visit www.etview.com.

Ambu
Company announcement no. 34 2015/16
22 June 2016
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