Sorin Group buys CalMed, heart surgery tech for $14M
Looking to expand its cardiac tech offerings, devicemaker Sorin Group is buying California Medical Laboratories for $14 million.
CalMed manufactures cannulae and catheters for cardiac surgeries, and the company reported revenues of about $8 million in 2011. Sorin, a heart-focused device firm, said it was attracted to CalMed's tech in part because the company already has FDA approval and CE marks for its products, allowing Sorin to integrate the devices into its global sales operation.
"This deal confirms Sorin Group's commitment to further strengthen our presence in the cannulae segment and consolidate our relationship with cardiac surgeons and clinical perfusionists worldwide," said Michel Darnaud, president of the company's cardiopulmonary business unit, in a statement.
The Italian firm focuses on cardiopulminary bypass, cardiac rhythm management and valve repair devices, and more than half of the world's cardiac surgery procedures use Sorin devices, according to the company. Integrating CalMed's already-on-the-market devices will only make Sorin's tech more attractive, the company said, and CalMed's CEO said his firm's pipeline will benefit from Sorin's broad reach.
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