For Immediate Release
Chicago, IL – December 2, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Stryker Corporation (SYK), Zimmer Holdings Inc. (ZMH), CONMED Corporation (CNMD), Smith & Nephew (SNN) and Johnson & Johnson (JNJ).
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Here are highlights from Tuesday’s Analyst Blog:
Stryker Set for Acquisition
Stryker Corporation (SYK) is set to acquire privately-held Ascent Healthcare Solutions Inc., the market leader in the reprocessing and remanufacturing of medical devices in the U.S. The all-cash transaction is valued at $525 million.
The acquisition is expected to close by the end of 2009. It will be neutral to Stryker’s earnings per share in 2010 and accretive thereafter. Post-acquisition, Ascent Healthcare Solutions will become a division of Stryker under the company’s MedSurg group of businesses and will retain its name.
Ascent Healthcare Solutions Inc. was formed in 2005 by the merger of Alliance Medical Corporation and Vanguard Medical Concepts. These two were the leading players in the reprocessing and remanufacturing of medical devices. Ascent Healthcare Solutions Inc. presently provides its services to 1,800 leading hospitals and numerous Group Purchasing Organizations (GPOs) throughout North America. The company has two state-of-the-art reprocessing facilities in Phoenix, Arizona and Lakeland, Florida.
Ascent Healthcare Solutions Inc. offers a broad portfolio of products in various fields like cardiovascular, orthopedics, gastroenterology and general surgery. The company reported revenues in excess of $100 million in 2008.
Reprocessing and remanufacturing of medical devices in compliance with the U.S. Food and Drug Administration (FDA) allows for significant cost savings by hospitals. Therefore, the acquisition enables Stryker to add value to services it provides to different hospitals and healthcare providers. This will in turn boost the company’s top-line.
Stryker is one of the world’s largest medical devices companies operating in the global orthopedic market. In the orthopedic space, Stryker faces competition from major players like Zimmer Holdings Inc. (ZMH), CONMED Corporation (CNMD), Smith & Nephew (SNN) and Johnson & Johnson/DePuy (JNJ).
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