LITTLE FALLS, N.J., Feb. 14, 2011 /PRNewswire/ -- CANTEL MEDICAL CORP. (NYSE: CMN), through its Crosstex International subsidiary, has further expanded its infection prevention and control business by purchasing the sterilization monitoring business of ConFirm Monitoring Systems, Inc. Based in Denver, Colorado, ConFirm is one of the leading providers of biological monitoring services in North America.
ConFirm offers both a mail-in service and in-office spore test kits for healthcare professionals to verify the performance of their sterilizers in accordance with industry guidelines for daily or weekly testing. With approximately $4.0 million in GAAP sales, the privately-held enterprise was founded 10 years ago and conducts over two million tests per year. The purchase price is comprised of $7.5 million in cash at closing and contingent consideration of up to an additional $1.0 million based on achievement of specified sales levels through January 31, 2012. The transaction is expected to be slightly accretive to Cantel's earnings per share in the first full fiscal year.
According to Gary Steinberg, CEO of Crosstex, "ConFirm is an ideal addition to our sterilization product portfolio. Given that the sterilizer is a critical component of infection control in every dental office and most healthcare facilities, we want to provide the most effective tools to ensure it is functioning properly. When used in conjunction with our patent-pending Sure-Check® sterilization pouch, ConFirm's biological monitoring systems enable us to provide the highest form of sterility assurance."
Andrew Krakauer, CEO of Cantel Medical added, "I am very impressed with the employees, operations, and high service-orientation of ConFirm. We are delighted that Mark Frampton will continue as the general manager for at least the first year. Crosstex will be retaining the Denver operation and all of the aligned employees to ensure a smooth transition for all distributors and end-users. I see this as a great opportunity to leverage the strong sales and marketing capabilities of our Crosstex platform."
About Crosstex International
A subsidiary of Cantel Medical Corp., Crosstex, founded in 1953, has its headquarters and major manufacturing operations in Hauppauge, New York. Sold throughout the world, Crosstex branded and private label products include sterilization pouches and accessories, face masks, patient towels and bibs, disinfectants, germicidal wipes, hand care products, gloves, eyewear, sponges, cotton products, scalpels and blades, sharps containers, saliva ejectors and evacuation tips. For further information, visit the Crosstex website at http://www.crosstex.com.
About Cantel Medical Corp.
Cantel Medical Corp. (NYSE: CMN) is a leading provider of infection prevention and control products in the healthcare market. Our products include water purification equipment, sterilants, disinfectants and cleaners, specialized medical device reprocessing systems for endoscopy and renal dialysis, disposable infection control products primarily for the dental industry, dialysate concentrates and other dialysis supplies, hollow fiber membrane filtration and separation products for medical and non-medical applications, and specialty packaging for infectious and biological specimens. We also provide technical maintenance for our products and offer compliance training services for the transport of infectious and biological specimens. For further information, visit the Cantel website at http://www.cantelmedical.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including, without limitation, the risks detailed in Cantel's filings and reports with the Securities and Exchange Commission. Such forward-looking statements are only predictions, and actual events or results may differ materially from those projected or anticipated.
|SOURCE Cantel Medical Corp.|
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