CryoLife agrees deal to purchase medical technology company JotecMedical Company Restructures
CryoLife has announced the acquisition of Jotec, a German medical technology company offering devices for aortic repair.
The company develops a range of technologically differentiated endovascular stent grafts and cardiac and vascular surgical grafts, with the addition of these products to CryoLife's portfolio complementing its existing offerings in the aortic surgery space.
“CryoLife has agreed a deal to purchase Jotec, a developer of endovascular stent grafts and cardiac and vascular surgical grafts.“
Jotec's advanced product portfolio has generated a 17 percent compound annual growth rate in terms of revenue over the past five years, significantly outpacing the growth in the overall European market.
It is expected that the acquired portfolio will continue to post double-digit growth outside the US for at least the next five years, with CryoLife's capabilities in the US laying the foundation for the future expansion of these products into the American market.
Pat Mackin, chairman, president and chief executive officer of CryoLife, said: "We believe this acquisition will enable CryoLife to deliver sustained, high single-digit revenue growth, while also diversifying our revenues into a significantly larger addressable market."
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