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Haemonetics (HAE) Announces Agreement to Acquire OpSens
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Haemonetics (HAE - Free Report) entered a definitive agreement to acquire the medical device cardiology-focused company, OpSens, Inc. Per the terms of the agreement, Haemonetics will acquire all of OpSens’ issued and outstanding common shares in the capital.
Financial Terms
Haemonetics will acquire all outstanding shares of OpSens for CAD $2.90 per share in cash. The transaction is valued at approximately $253 million at the current exchange rate on a fully diluted equity basis and is expected to be immediately accretive to Haemonetics' revenue growth.
The completion of the acquisition is subject to the approval of OpSens shareholders, the receipt of court and regulatory approval, as well as other necessary closing conditions.
Image Source: Zacks Investment Research
About OpSens
OpSens offers commercially and clinically validated optical technology, used primarily in interventional cardiology. The company’s core products include the SavvyWire — the world’s first and only sensor-guided 3-in-1 guidewire for transcatheter aortic valve replacement (“TAVR”) procedures and the OptoWire — a second-generation fiber optic pressure guidewire that aims to improve clinical outcomes by accurately and consistently measuring Fractional Flow Reserve and diastolic pressure ratio to aid clinicians in the diagnosis and treatment of patients with coronary artery disease.
In addition, the company manufactures a range of fiber optic sensor solutions used in medical devices and other critical industrial applications.
News in Detail
Under the collaboration, Haemonetics’ global commercial infrastructure and relationships with the top US hospitals performing TAVR and Percutaneous coronary intervention (PCI) procedures will leverage OpSens’ proprietary optical sensor technology. The transaction also creates a range of compelling financial and strategic benefits for the company.
Haemonetics' commercial success with its VASCADE Vascular Closure portfolio, combined with the extensive existing commercial and clinical infrastructure, will help accelerate customer access to OpSens' products, with the potential to make SavvyWire the leading guidewire for TAVR procedures in the United States.
Haemonetics' presence in high-growth international markets will enable further penetration of OpSens products in these regions.
Over the past several quarters, Haemonetics has made additional strategic investments, which will further complement OpSens' portfolio and strengthen Haemonetics' leadership in interventional cardiology. This includes VivaSure Medical, the company that developed PerQSeal — an innovative percutaneous large-bore vessel closure technology.
Industry Prospects
Per a research report, the interventional cardiology devices market was valued at $13.67 billion in 2021 and is expected to witness a CAGR of 7.1% by 2029.
Performance of the Hospital Business
Haemonetics’ Hospital business is gaining from the strong performance of its four product lines: Hemostasis Management, Vascular Closure, Cell Salvage and Transfusion Management. In first-quarter fiscal 2024, the business performed remarkably in North America, supported by improved procedure volume and staffing levels at hospitals across the United States.
In August 2023, the company announced that patients in Germany have been treated with the company’s VASCADE MVP Venous Vascular Closure system. Having been widely used in the United States, this marks the first use of the VASCADE system portfolio in a European country. Following the German launch, the VASCADE systems have now been released for use in Italy.
Price Performance
In the past six months, shares of HAE have rallied 23.5% against the industry’s decline of 1.7%.
Zacks Rank and Other Key Picks
Haemonetics currently carries a Zacks Rank #2 (Buy).
Cardinal Healthstock has risen 35% in the past year. Earnings estimates for the company have increased from $6.65 to $6.66 in 2023 and remained constant at $7.56 in 2024 in the past 30 days.
CAH’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.03%. In the last reported quarter, it posted an earnings surprise of 4.73%.
Estimates for Quanterix’s 2023 loss per share have remained constant at 97 cents in the past 30 days. Shares of the company have surged 187.8% in the past year against the industry’s decline of 1.7%.
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for Align Technology’s 2023 earnings have moved up from $8.77 to $8.78 per share in the past 30 days. Shares of the company have increased 37.7% in the past year compared with the industry’s growth of 25%.
ALGN’s earnings beat estimates in three of the trailing four quarters and missed in one. In the last reported quarter, it posted an earnings surprise of 9.90%.
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Haemonetics (HAE) Announces Agreement to Acquire OpSens
Haemonetics (HAE - Free Report) entered a definitive agreement to acquire the medical device cardiology-focused company, OpSens, Inc. Per the terms of the agreement, Haemonetics will acquire all of OpSens’ issued and outstanding common shares in the capital.
Financial Terms
Haemonetics will acquire all outstanding shares of OpSens for CAD $2.90 per share in cash. The transaction is valued at approximately $253 million at the current exchange rate on a fully diluted equity basis and is expected to be immediately accretive to Haemonetics' revenue growth.
The completion of the acquisition is subject to the approval of OpSens shareholders, the receipt of court and regulatory approval, as well as other necessary closing conditions.
Image Source: Zacks Investment Research
About OpSens
OpSens offers commercially and clinically validated optical technology, used primarily in interventional cardiology. The company’s core products include the SavvyWire — the world’s first and only sensor-guided 3-in-1 guidewire for transcatheter aortic valve replacement (“TAVR”) procedures and the OptoWire — a second-generation fiber optic pressure guidewire that aims to improve clinical outcomes by accurately and consistently measuring Fractional Flow Reserve and diastolic pressure ratio to aid clinicians in the diagnosis and treatment of patients with coronary artery disease.
In addition, the company manufactures a range of fiber optic sensor solutions used in medical devices and other critical industrial applications.
News in Detail
Under the collaboration, Haemonetics’ global commercial infrastructure and relationships with the top US hospitals performing TAVR and Percutaneous coronary intervention (PCI) procedures will leverage OpSens’ proprietary optical sensor technology. The transaction also creates a range of compelling financial and strategic benefits for the company.
Haemonetics' commercial success with its VASCADE Vascular Closure portfolio, combined with the extensive existing commercial and clinical infrastructure, will help accelerate customer access to OpSens' products, with the potential to make SavvyWire the leading guidewire for TAVR procedures in the United States.
Haemonetics' presence in high-growth international markets will enable further penetration of OpSens products in these regions.
Over the past several quarters, Haemonetics has made additional strategic investments, which will further complement OpSens' portfolio and strengthen Haemonetics' leadership in interventional cardiology. This includes VivaSure Medical, the company that developed PerQSeal — an innovative percutaneous large-bore vessel closure technology.
Industry Prospects
Per a research report, the interventional cardiology devices market was valued at $13.67 billion in 2021 and is expected to witness a CAGR of 7.1% by 2029.
Performance of the Hospital Business
Haemonetics’ Hospital business is gaining from the strong performance of its four product lines: Hemostasis Management, Vascular Closure, Cell Salvage and Transfusion Management. In first-quarter fiscal 2024, the business performed remarkably in North America, supported by improved procedure volume and staffing levels at hospitals across the United States.
In August 2023, the company announced that patients in Germany have been treated with the company’s VASCADE MVP Venous Vascular Closure system. Having been widely used in the United States, this marks the first use of the VASCADE system portfolio in a European country. Following the German launch, the VASCADE systems have now been released for use in Italy.
Price Performance
In the past six months, shares of HAE have rallied 23.5% against the industry’s decline of 1.7%.
Zacks Rank and Other Key Picks
Haemonetics currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are Cardinal Health (CAH - Free Report) , Quanterix (QTRX - Free Report) and Align Technology (ALGN - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cardinal Healthstock has risen 35% in the past year. Earnings estimates for the company have increased from $6.65 to $6.66 in 2023 and remained constant at $7.56 in 2024 in the past 30 days.
CAH’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.03%. In the last reported quarter, it posted an earnings surprise of 4.73%.
Estimates for Quanterix’s 2023 loss per share have remained constant at 97 cents in the past 30 days. Shares of the company have surged 187.8% in the past year against the industry’s decline of 1.7%.
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for Align Technology’s 2023 earnings have moved up from $8.77 to $8.78 per share in the past 30 days. Shares of the company have increased 37.7% in the past year compared with the industry’s growth of 25%.
ALGN’s earnings beat estimates in three of the trailing four quarters and missed in one. In the last reported quarter, it posted an earnings surprise of 9.90%.