Laserscope Sells Hospital Equipment Business to Heraeus Medical Inc.;
Divestiture Returns Laserscope to Pure Laser Company
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-- Dick Martin
SAN JOSE, Calif. (BW HealthWire) - Laserscope
(NASDAQ:LSCP) announced today that it has sold its
hospital equipment business unit to Heraeus Medical Inc., a
newly established division of Heraeus Holding, GmbH.
Laserscope acquired the hospital equipment business, later renamed Ascent Medical
Systems(TM)(AMS), as part of its acquisition in 1996 of Heraeus Surgical Inc. from Heraeus
MED GmbH, a subsidiary of Heraeus Holding.
"The sale of AMS is the planned outcome of the corporate restructuring goals announced in July
when we established AMS as a stand-alone business unit," said Robert V. McCormick, Laserscope
president and CEO. "The divestiture of AMS returns Laserscope to a pure laser company. It allows
management to concentrate its full attention on Laserscope's core business of leading-edge laser
systems and energy delivery devices for the office, outpatient center and hospital markets.
"Strategically, AMS did not fit with Laserscope's long-term plans," said McCormick. "We believe
the divestiture now will allow us to focus our energies on Laserscope's principal businesses and
future opportunities."
Laserscope will receive approximately $1 million in cash, subject to the release of $200,000 from
a related escrow account, and a settlement of $1.5 million in associated liabilities. Laserscope also
said it expects to take a non-operating charge in the range of up to $1,000,000 in the current
quarter directly related to the divestiture.
Laserscope designs, manufactures, sells and services on a worldwide basis an advanced line of
medical laser systems and related energy delivery devices. The Company is a pioneer in the
development and commercialization of lasers and advanced fiberoptic devices for a wide variety of
applications, including photodynamic therapy to treat cancer and other diseases. More information
on Laserscope and its products can be found on the Company's Web site at www.laserscope.com or
www.photodynamictherapy.com.>>>> |
