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News

29-05-2018

Halyard Health Announces Agreement to Acquire CoolSystems, Inc., Marketed as Game Ready®

Game Ready’s pain management and rehabilitation therapies enhance and diversify Halyard’s non-opioid Pain Management portfolio

Transaction expands Halyard’s call point footprint, increasing access within the orthopedic and sports medicine markets and creating significant cross-selling opportunities

ALPHARETTA, Ga.June 5, 2018 /PRNewswire/ -- Halyard Health, Inc. (NYSE: HYH) announced today it has entered into a definitive agreement to acquire CoolSystems, Inc., marketed as Game Ready, a market-leading provider of cold therapy and compression therapy systems for a total consideration of $65 million 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.

“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,” said Joe Woody, Halyard chief executive officer. “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. Combined, we will be better positioned to play a critical role in providing innovative non-opioid therapies that reduce or eliminate the use of opioids for surgical patients and get them back to the things that matter.”

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 intends to fund the acquisition from current cash and the transaction is expected to close early in the third quarter.

About Halyard Health
Halyard Health (NYSE: HYH) 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. Halyard develops, manufactures and markets its recognized brands in more than 90 countries. For more information, visit www.halyardhealth.co.uk.

As previously announced, Halyard Health is changing its name to Avanos Medical, Inc., effective June 30, 2018. Its current ticker symbol on the New York Stock Exchange (HYH) is also changing at that time to AVNS. The first day of trading under the new ticker symbol will be July 2, 2018.

Forward-Looking Statements
This press release contains information that includes or is based on "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current plans and expectations of management and are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "may", "believe", "will", "expect", "project", " estimate", "anticipate", "plan", or "continue" and similar expressions, among others. Such statements include expected accretion and other financial and operational impacts of the acquisition of CoolSystems. Factors that may cause actual results to differ materially from the anticipated results expressed in such forward looking statements include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the impact of investigative and legal proceedings and compliance risks; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; and changes in the competitive environment. Additional information concerning these and other factors that may impact future results is contained in our filings with the U.S. Securities and Exchange Commission, including our most recent Form 10-K and Quarterly Reports on Form 10-Q.