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The NASDAQ Stock Market is proud to welcome Intermagnetics [IMGC] and its CEO Glenn H. Epstein to the opening bell.
Intermagnetics is commemorating the completion of two accretive medical devices acquisitions within a 12-month period -- Invivo Corporation and MRI Devices Corporation. Those businesses have repositioned the company within the medical device market.
We have formalized a re-branding of the Medical Devices segment under the Invivo(tm) name. The new identity will provide our applications specialists and salespeople the ability to more effectively represent our growing range of solution-based products to both current and future customers.
Building on its long-standing technical leadership in designing and producing the industry's most advanced superconducting magnets for magnetic resonance imaging systems (MRI), Intermagnetics is now a leader in designing and producing the radio frequency coils that are critical to diagnostic MRI as well as designing and producing sophisticated patient monitoring systems compatible with MRI systems and other applications.
In addition, the acquisitions have provided a highly skilled and respected global sales force that has broadened Intermagnetics' market reach, diversified its customer base and helped the company transition from being focused primarily on sales to OEMs to also serving the end-user market of hospitals, clinics and physicians' groups. The acquisitions were funded through Intermagnetics' strong cash flow and a substantial line of credit underwritten by major financial institutions.
Intermagnetics (www.intermagnetics.com) draws on the financial strength, operational excellence and technical leadership in its expanding businesses within Medical Devices that encompass Magnetic Resonance Imaging Magnet Systems, Invivo Diagnostic Imaging (focusing on MRI components and imaging sub-systems) and Invivo Patient Care (focusing on monitoring and other patient care devices). Intermagnetics is also a key supplier to the markets within Instrumentation and has become a prominent participant in superconducting applications for Energy Technology. The company has a more than 30-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices.
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