Medical devices maker
Cutera Inc
(
CUTR
) recently cut an asset purchase deal with California-based laser
systems and delivery devices maker
IRIDEX Corporation
(
IRIX
). Under the deal, Cutera has agreed to acquire specific aesthetic
laser assets of IRIDEX for roughly $5.1 million.
The transaction, which has been cleared by the Boards of both
companies, is expected to complete in early 2012. Cutera expects to
finance the deal using its available cash resources.
Both Cutera and IRIDEX currently serves the roughly $1 billion
worldwide aesthetic market. The acquisition of IRIDEX's aesthetic
assets will bolster Cutera's foothold in the vascular aesthetic
market.
The acquisition adds IRIDEX's portable VariLite dual wavelength
system to Cutera's vascular laser product range (includes the Excel
V laser), enabling the company to offer physicians a comprehensive
suite of solutions for treating a broad spectrum of vascular
aesthetic indications.
Under the pact, IRIDEX has agreed to provide Cutera with
transitional product and service support. The divestiture of its
aesthetic laser assets to Cutera will allow the company to refocus
on the core ophthalmology opportunity, which is critical for its
future growth.
Cutera develops and markets laser aesthetics systems for
physicians and qualified practitioners globally and offers its
products under three platforms, such as, Solera, Xeo and CoolGlide.
The company markets its products through a direct sales force and
distributors. Cutera competes with
Cynosure Inc.
(
CYNO
),
Palomar Medical Technologies
(
PMTI
) and
Syneron Medical Ltd.
(
ELOS
) among others.
Cutera recently announced fourth-quarter 2011 preliminary
revenues of roughly $18 million. The company noted that it has
maintained double-digit sales growth for the third consecutive q
uarter. Cutera expects to unveil full results for the quarter on
February 13.
CUTERA INC (
CUTR
): Free Stock Analysis Report
CYNOSURE INC-A (
CYNO
): Free Stock Analysis Report
SYNERON MED LTD (
ELOS
): Free Stock Analysis Report
IRIDEX CORP (
IRIX
): Free Stock Analysis Report
PALOMAR MED TEC (
PMTI
): Free Stock Analysis Report
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