Advanced Neuromodulation Systems Completes Acquisition of Its Largest Distributor's Pain Management Business.Business Editors/Health/Medical Writers DALLAS--(BUSINESS WIRE)--March 28, 2003 Advanced Neuromodulation Systems, Inc. (ANS (ANS Communications, Inc, Purchase, NY) An ISP, Internet backbone and provider of private data network services, founded in 1990 as Advanced Network & Services, Inc., by IBM, MCI and Merit (consortium of Michigan universities). ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANSI (American National Standards Institute, New York, www.ansi.org) A membership organization founded in 1918 that coordinates the development of U.S. voluntary national standards in both the private and public sectors. It is the U.S. member body to ISO and IEC. ) today reported that it has completed its previously-announced acquisition of the pain management business of its largest distributor, Sun Medical, Inc. Sun Medical is a specialty medical device distributor based in Arlington, Texas and has served as ANS' exclusive distributor in key territories throughout the Southwest and Upper Midwest. Substantially all of Sun's pain management sales representatives will join ANS' direct sales force. In 2002, Sun purchased $7.0 million of ANS products, accounting for approximately 14% of net revenue derived from neuromodulation products. About Advanced Neuromodulation Systems Advanced Neuromodulation Systems designs, develops, manufactures and markets implantable systems used to manage chronic intractable pain intractable pain Refractory pain Pain medicine Persistent pain which does not respond to at least 3 dosease of parenteral analgesics given over a 12-24 hr period; pain that does not respond to appropriate doses of opioid analgesics. and other disorders of the central nervous system. Forbes magazine recently recognized ANS as one of America's 200 Best Small Companies. Frost & Sullivan, an international strategic market research firm, also recently presented ANS with its Product Innovation Award, recognizing ANS as the technology innovation leader in the neurostimulation market and the Genesis(R) implantable pulse generator implantable pulse generator Cardiac pacing A pacemaker used for permanent pacing, which is placed inside a pocket under the skin; the leads are positioned in or on the heart system as the most advanced fully implantable spinal cord stimulator Spinal Cord Stimulator (SCS) or Dorsal Column Stimulator (DCS) is an implantable medical device used to treat chronic pain of neurologic origin. An electric impulse generated by the device near the dorsal surface of the spinal cord provides a paresthesia ("tingling") on the market. ANS recently reported that for the twelve months ended December 31, 2002, revenue increased 51% to $57.4 million from $37.9 million, as neuromodulation sales increased 70% to $46.7 million from $27.5 million for 2001. Net income for 2002 more than quadrupled to $6.7 million, or $0.56 per diluted share, from $1.5 million, or $0.15 per diluted share, for 2001. Additional information about ANS is available at www.ANSmedical.com. |
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