PEABODY, Mass., Sept. 20, 2013 (GLOBE NEWSWIRE) -- Analogic Corporation (Nasdaq: ALOG ), enabling the world's medical imaging and aviation security technology, today announced that it has acquired the remaining ownership stake in PocketSonics, Inc., a privately held ultrasound technology firm based in Charlottesville, Virginia. Analogic has held a minority equity position in PocketSonics since 2010. Since that time, Analogic has been working closely with PocketSonics under an Analogic-funded development and technology license arrangement to advance the PocketSonics technology. The acquisition brings this advanced technology, associated intellectual property, and a small focused team of engineers to Analogic.
Jim Green, president and CEO of Analogic, commented, "We have been working with PocketSonics for over three years developing unique patented ultrasound technology to enable leading-edge procedure guidance for point-of-care and other advanced guidance applications. We are pleased to welcome the PocketSonics team to the Analogic family to continue our strong collaboration and believe that this technology will play a critical role in enabling the acceleration of high acuity guided procedures to lower cost point-of-care settings."
Consideration for the transaction included an initial cash payment of approximately $11 million, with additional contingent payments of up to $3 million based upon the achievement of certain milestones relating to the technology. Other terms of the transaction were not disclosed. The transaction was completed on September 20, 2013.
Forward-Looking Statements
Any statements about future expectations, plans, and prospects for the Company, including statements containing the words "believes," "anticipates," "plans," "expects," and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to product development and commercialization, limited demand for the Company's products, risks associated with competition, uncertainties associated with regulatory agency approvals, competitive pricing pressures, downturns in the economy, the risk of potential intellectual property litigation, and other factors discussed in our most recent quarterly report filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this presentation represent the Company's views as of the date of this document. While the Company anticipates that subsequent events and developments will cause the Company's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any later date.
About Analogic
Analogic (Nasdaq: ALOG ) provides leading-edge healthcare and security technology solutions to advance the practice of medicine and save lives. We are recognized around the world for advanced imaging systems and technology that enable computed tomography, ultrasound, digital mammography, and magnetic resonance imaging (MRI), as well as automated threat detection for aviation security. Our CT, MRI, digital mammography, and ultrasound transducer products are sold to original equipment manufacturers (OEMs), providing state-of-the-art capability and enabling them to enter new markets and expand their existing market presence. Our market-leading BK Medical and Ultrasonix branded ultrasound systems, used in procedure-driven markets such as urology, surgery, and point-of-care, are sold to clinical end users through our direct sales force. For over 40 years we've enabled customers to thrive, improving the health and enhancing the safety of people around the world. Analogic is headquartered just north of Boston, Massachusetts. For more information, visit www.analogic.com .
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Investor Contact: Mark Namaroff Director of Investor Relations (978) 326-4058
