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Halyard Health agrees to acquire CoolSystems

Published 06 June 2018

Halyard Health has agreed to acquire CoolSystems, marketed as Game Ready and a provider of cold therapy and compression therapy systems, for $65m in cash.

Game Ready develops, manufactures and markets the Game Ready product line, used in the pain management and rehabilitation of patients recovering from orthopedic surgery or sports-related injuries.

Its product line includes GRPro® 2.1 cold and compression therapy system; Med4 Elite™ multi-modality therapy unit; ATX® Wraps; and a variety of product accessories, all of which complement Halyard's existing Pain Management portfolio.

Game Ready's innovative brands have helped build a strong reputation within the medical community. The Company's customer base includes some of the world's leading orthopedic hospitals and athletic organizations, providing Halyard greater access to the orthopedic and sports medicine markets. 

GRPro, the flagship Game Ready® product, includes a portable control unit and portfolio of anatomical wraps and sleeves, which deliver controlled cold and compression therapy to all major body parts. Game Ready's® new rehabilitation product, Med4Elite, performs rapid contrast therapy with compression.

Halyard CEO Joe Woody said: "The acquisition of Game Ready represents another step forward in Halyard's transformation as a pure-play medical device company and is consistent with our strategy to continually generate value for our patients, customers, and shareholders.

"The combination of Game Ready's market leading cold therapy products with our ON-Q* Pain Relief System portfolio will significantly enhance our postoperative non-opioid product offerings and broaden our orthopedic footprint.”

Game Ready's revenues in 2017 were approximately $35 million. The transaction is expected to be immaterial to Halyard's fiscal year 2018 adjusted dilutive net earnings per share, and slightly accretive to earnings in 2019. 

Halyard is reaffirming its 2018 adjusted dilutive net earnings per share guidance of $1.65 to $1.85, which includes earnings from both continuing and discontinued operations.

Halyard Health is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients' quality of life. 

Headquartered in Alpharetta, Georgia, Halyard is committed to addressing some of today's most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery.

Source: Company Press Release