Advanced Medical's IMED subsidiary acquires European distribution rights.SAN DIEGO--(BUSINESS WIRE)--June 27, 1996--Advanced Medical Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : AMA (Automatic Message Accounting) The recording and reporting of telephone calls within a telephone system. It includes the calling and called parties and start and stop times of the call. ) announced Thursday that its IMED IMED International Medical Education Directory Corp. subsidiary has entered into an agreement with Pharmacia & Upjohn to acquire the European distribution rights to its IMED line of intravenous infusion pumps and related disposable administration sets. Under the agreement, IMED will pay, at closing, approximately $11 million to Pharmacia & Upjohn for the business and certain assets relating to the distribution of IMED's products in Europe. The transaction is expected to close by Aug. 30, 1996. "The acquisition of our European business from Pharmacia & Upjohn is the implementation of one of our strategies designed to increase sales and profitability as well as enhance our presence in foreign markets," Joseph W. Kuhn, president of AMA, stated. "Europe is an important market for us, and its growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. are forecasted to exceed those in the U.S. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, we expect this transaction to increase sales and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. by approximately $7 million and $2.5 million, respectively." Advanced Medical, through its IMED Corp. subsidiary, is one of the largest developers and manufacturers of intravenous infusion pumps and proprietary disposable products in the United States, and has sales in 38 foreign countries. IMED's European headquarters will be in the United Kingdom in the Milton Keynes area. The company notes that the above forward-looking statements are subject to change based on factors including without limitation changes in the market and competition. Additional information on potential factors that could affect the company's financial results are included in the company's annual report on Form 10-K as filed with the Securities and Exchange Commission. CONTACT: Advanced Medical Inc. Barbara Burkett, 619/566-9000, ext. 2283 or 2429 |
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