LAWRENCE, Mass., Oct. 1 /PRNewswire-FirstCall/ -- NxStage Medical, Inc. (Nasdaq: NXTM), the manufacturer of the NxStage System One(TM) portable kidney dialysis machine, today announced that the Company has completed its acquisition of Medisystems Corporation and certain affiliated entities ("Medisystems") for 6.5 million shares of NxStage common stock.
"I believe that we now have the components in place to realize the significant opportunities that we see in each segment of the dialysis market - hospital, in-center and home-based therapies. Our acquisition of Medisystems establishes us as a vertically integrated manufacturer and distributor of innovative dialysis products, with greatly expanded scale and capabilities," said Jeffrey H. Burbank, President & CEO of NxStage Medical. "I am more confident than ever in our ability to continue to lead and grow the home hemodialysis market, as we begin a new era for NxStage."
In addition to assembling the NxStage System One cartridge, Medisystems develops, manufactures and distributes disposables for in-center dialysis therapy. Medisystems is a U.S. market leader in hemodialysis blood tubing sets and A.V. fistula needles. For the first six months of 2007, Medisystems recorded $32.0 million in revenues, including $3.7 million in sales to NxStage.
"NxStage has demonstrated the ability to create significant value in the dialysis marketplace. I am very excited about the combination of our businesses and believe it is a great opportunity for Medisystems' customers and employees," commented David S. Utterberg, President and CEO of Medisystems.
About NxStage Medical
NxStage Medical, Inc. (Nasdaq: NXTM) is a medical device company, headquartered in Lawrence, Massachusetts, USA, that develops, manufactures and markets innovative systems for the treatment of end-stage renal disease, or ESRD, and acute kidney failure. For more information on NxStage and its products, please visit the Company's website at http://www.nxstage.com.
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. Examples of these forward-looking statements include statements as to the anticipated benefits of the Medisystems transaction and expected growth in the home hemodialysis market. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond NxStage's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements, including factors that may affect future operating results and which are detailed in NxStage's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2006, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 and the Definitive Proxy Statement filed on September 12, 2007.
In addition, the statements in this press release represent NxStage's expectations and beliefs as of the date of this press release. NxStage anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while NxStage may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing NxStage's expectations or beliefs as of any date subsequent to the date of this press release.
Investor Relations Contact
Stephanie Marks for NxStage
|SOURCE NxStage Medical, Inc.|
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