Summary

Other Scenarios:

Buyer: Edwards Lifesciences Corp (EW) Last Price: 46.18 Market Cap.: 2.62B
Target: Arrow International, Inc. (ARRO) Last Price: 45.48 Market Cap.: 2.06B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 933
Biopharmaceuticals 381
Medical Devices 253

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 91)
  • TruWave Series
  • Swan-Ganz Angiography Catheters
  • Pressure Monitoring Extension Lines
  • Swan-Ganz CO-Set
Target (Total: 86)
  • FlexTip Plus/TheraCath Epidural Kit
  • Epidural Needle Series
  • 7cc Luer Slip Loss of Resistance Syringe
  • Single Shot Epidural Anesthesia Kit
Buyer
  • Edwards RIMSO-50 (Dimethyl Sulfoxide Irigation, U.S.P.)
Target
  • ChloraPrep

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 7)
  • PLC Systems Inc. (PLC)
  • Endologix, Inc. (ELGX)
  • Genzyme Corporation (GENZ)
  • Check Point Software Technologies Ltd. (CHKP)
Target (Total: 3)
  • Kilroy Realty Corporation (KRC)
  • QAD Inc. (QADI)
  • Enturia, Inc.
Buyer (Total: 0)

n/a
Target (Total: 0)

n/a

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 5,400 4,000
Revenue Per Employee 194,161.6 130,854.5
Total Revenue 261.4 130.5
Total Expenses 222.3 108.4
Other Revenue 0.0 0.0
Cost of Revenue 90.7 64.4
SG&A Expense 103.2 35.8
Research & Development 30.9 7.0
Other Operating Expense 0.0 0.0
Operating Income 39.1 22.1
Unusual Income -2.5 1.2
LT Debt to Capital 6.92 0
Fwd P/E 22.27 n/a
Fwd P/Rev 2.45 n/a
Book Value 823.8 556.3
Curr Portion of LTD/Cap Lease 0.0 1.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Medical Devices > Cardiology > Surgical

Target

Focused (): Healthcare > Medical Devices > Drug Delivery > Infusion Therapy > Vascular Access

Business Description

Buyer

Edwards Lifesciences Corporation is a provider of products and technologies that are designed to treat advanced cardiovascular disease. It focuses on providing products and technologies to address specific cardiovascular opportunities, including heart valve disease, peripheral vascular disease and critical care technologies. The products and services provided by the Company to treat cardiovascular disease are categorized into five main areas: heart valve therapy, critical care, cardiac surgery systems; vascular, and other distributed products. In December 2007, Edwards Lifesciences Corporation announced that it has completed its acquisition of certain assets of the CardioVations Division of Ethicon, Inc. CardioVations product line includes the PORT-ACCESS products for performing minimally invasive cardiac valve procedures.

Target

Arrow International, Inc. (Arrow) develops, manufactures and markets a range of clinically advanced, disposable catheters and related products for critical and cardiac care. The Company's critical care products are used principally for central vascular access in the administration of fluids, drugs and blood products, patient monitoring and diagnostic purposes. These products are used by anesthesiologists, critical care specialists, surgeons, cardiologists, nephrologists, emergency and trauma physicians, and other healthcare providers. Arrow's cardiac care products are used by interventional cardiologists, cardiac surgeons, interventional radiologists and electrophysiologists for purposes, such as the diagnosis and treatment of heart and vascular disease, and to provide short-term cardiac assist following cardiac surgery, serious heart attack or balloon angioplasty. In October 2007, Teleflex Incorporated completed the acquisition of Arrow.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 64.65 50.38
Operating Margin % 14.55 17.71
Quick Ratio 0.9 2.01
Current Ratio 1.62 3.02
Coverage Ratio -0.01 0.05
Total Assets 1,299.7 726.2
Return on Equity % 14.31 10.98
Return on Assets % 9.07 8.41
Cash+ ST Inv. Per Share 2.82 3.79
Total Debt 211.2 64.9
Total Debt to Equity % 25.64 11.67
Total Debt to Tangible Equity % 55.71 13.73
Debt to Asset % 16.25 8.94

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Medical Devices
Anesthesiology
The Anesthesiology Subsector includes medical devices that deliver and monitor anesthetics.
  
Cardiology
The Cardiology Subsector includes medical devices that diagnose, monitor, and treat diseases affecting the heart and proximal blood vessels. Common devices include vital sign monitors, cardiac defibrillators, pacemakers, and other surgical equipment.
Clinical Diagnostics
The Clinical Diagnostics Subsector includes medical devices that analyze human body specimens within a medical setting. These devices, including equipment, biological and chemical reagents are primarily used for the diagnosis of diseases.
  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
Gastroenterology
The Gastroenterology Subsector includes medical devices that diagnosis and treat conditions affecting the stomach and intestinal tract.
  
General Surgery
The General Surgery Subsector includes medical devices that perform general, non-specialty surgeries; these devices are often general in scope and are used in procedures involving various parts of the body.
Neonatology
The Neonatology Subsector includes medical devices that diagnose, monitor and treat diseases of newborns.
Oncology
The Oncology Subsector includes medical devices that detect and treat cancers.
  
Respiratory
The Respiratory Subsector includes medical devices that diagnose and treat respiratory diseases.
Urology
The Urology Subsector includes medical that diagnose and treat urinary tract and male reproductive disorders.
  
Vascular
The Vascular Subsector includes medical devices that diagnose and treat of conditions affecting the blood vessels.

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antiseptic Agents
Therapeutics that prevent bacterial infection by inhibiting the growth and development of microorganisms without necessarily killing them.

Target Products:

  • ChloraPrep
  
Surgery  
General  
Bacterial Infections  
Antiseptic Agents
Therapeutics that are used to prevent the spread of microorganism in pre-surgical skin infections due to bacteria.

Target Products:

  • ChloraPrep
  
Urology  
Urological Disorders  
Bladder  
Cystitis  
Anti-Inflammatory Agents
Therapeutics that treat and reduce inflammation of the urinary bladder.

Buyer Products:

  • Edwards RIMSO-50 (Dimethyl Sulfoxide Irigation, U.S.P.)
  
Medical Devices
Anesthesiology  
Surgical  
Procedure/Region Specific  
Delivery Systems  
Epidural
Devices used to inject anesthetic into the epidural space to numb the legs and abdomen, which include catheters, needles, syrninges and other prepackaged kits.

Target Products:

  • FlexTip Plus/TheraCath Epidural Kit
  • Epidural Needle Series
  • 7cc Luer Slip Loss of Resistance Syringe
  • Single Shot Epidural Anesthesia Kit
  
Nerve Block
Devices used to assist in the delivery of nerve block anesthetic, which include catheters, needles and other prepackaged kits.

Target Products:

  • StimuCath
  • StimuQuick
  
Cardiology
Diagnostic
Imaging
X-Ray
Angiography
Accessories
Various instruments used to assist in angiography procedures, including transducers, catheters, control syringes, waste systems, contrast management systems, fluid administration sets, and other related items.

Buyer Products:

  • TruWave Series
  • Swan-Ganz Angiography Catheters

Target Products:

  • Balloon/Double-Lumen Balloon Wedge-Pressure Catheters
  • Berman Angiographic/Reverse Berman Balloon Catheter Series
Monitoring
Accessories
Blood Pressure
Invasive Blood Pressure Cuffs
Monitoring accessories that require contact with the blood and blood vessels to obtain an accurate blood pressure reading, such as domes and transducers.

Buyer Products:

  • TruWave Series
  • Pressure Monitoring Extension Lines

Target Products:

  • Wedge Pressure Products
  • VitaCuff Products
Hemodynamic Injectate Delivery Systems
Instrument used to deliver a substance into the cardiac pathways to evaluate flow of fluid or blood through them.

Buyer Products:

  • Swan-Ganz CO-Set
  
Output Sensors
Instruments that measure various cardiac outputs, such as blood velocity and pressure. Examples of sensors include bioimpedence, hemodynamic and thermodilution catheters.

Buyer Products:

  • FloTrac Sensor
  • Swan-Ganz Standard Thermodilution Pulmonary Artery Catheter
  • Swan-Ganz CCOombo Pulmonary Artery Catheter Series
  • Swan-Ganz Femoral Vein Insertion Pulmonary Artery Catheter
  • Swan-Ganz Monitoring Catheters
  • CCOmbo Volumetrics Pulmonary Artery Catheter

Target Products:

  • Balloon/HANDS OFF Thermodilution Catheter Series
  • HemoSonic 100 Probe
Monitors
Cardiac Output
Instrument that measures the blood flow pumped out of the heart.

Buyer Products:

  • Vigileo Monitor
  • Vigilance Monitoring System

Target Products:

  • HemoSonic 100
  • Cardiac Output Computer
Surgical
General Procedure
Accessories
Access  
Arterial
Instruments used to gain access to the heart's arteries, including aortic pouches, introducer needles, introducers and vessel dilators.

Target Products:

  • Arrow-Fischell EVAN Vascular Access
  • Super Arrow-Flex Sheath Introducer Series
  • Percutaneous Sheath Introducer
  • Spring-Wire Guide Introducer
  
Guidewires
A small wire-like device that is threaded through a catheter to the site of interest for delivery of another apparatus like a stent.

Target Products:

  • Radial Artery Catheterization Kit
  
Suction
Instrument used to vacuum out waste during heart surgery.

Buyer Products:

  • Suction Wands
  
Grafts  
Patches  
Allograft
A graft made of tissue harvested from another human being.

Buyer Products:

  • Carpentier-Edwards Bioprosthetic Valved Conduit
  
Procedure/Region Specific
Arrhythmia
Electrical Signal Disruption  
Radiofrequency (RF) Ablation  
Systems
Complete set of instruments to perform cardiac RF tissue ablation.

Buyer Products:

  • Edwards Optiwave 980 Cardiac Laser Ablation System
  • Optimaze Surgical Ablation System
  
Electrophysiology
Chamber Mapping Systems  
Catheters
Long slender wire-like devices with multiple electrodes on the end that gets inserted into the heart chamber for electrophysiological studies and chamber mapping.

Target Products:

  • QuadPolar Electrode Catheter Series
  • Decapolar/Hexapolar Electrode Catheters Series
  
Pacing Catheters
Catheter that is capable of regulating the electrical stimulation rhythm of the heart.

Buyer Products:

  • Swan-Ganz Bipolar Pacing Catheters

Target Products:

  • Multi-Polar Electrode Catheter Series
  • HANDS-OFF Balloon Pacing Catheter
  • Bipolar Pacing Catheter
  • Balloon Pacing Catheter Series
  • QuadPolar Electrode Catheter Series
Cardiac Output Assist  
Intra-Aortic Balloon Pump (IABP)  
Accessories
Various instruments used to assist intra aortic balloon pump surgery, such as catheter kits and introducers.

Target Products:

  • Ultra 8
  • Hemostasis Sheath Introducer
  • RediGaurd Series
  • NarrowFlex Series
  • UltraFlex Flexible Series
  • Universal Series
  • LightWAVE Series
  
Systems
Complete set of instruments used to perform intra aortic balloon pump surgery.

Target Products:

  • KAAT II Plus
  • AutoCAT 2 Series
  • ACAT 1 Plus
  • TransAct
  
Ventricular Assist Device (VAD)  
Left Ventricular (LVAS)  
Implantable
A device that can be encased in the body cavity and provides the pumping force for the left ventricle of the heart.

Target Products:

  • CorAide
  
Cardioplegia  
Accessories
Various instruments used to assist cardioplegic procedures, such as cannulas, catheters and filters.

Buyer Products:

  • Cardioplegia Accessories and Sets
  • Antegrade Aortic Root Cardioplegia Catheter
  • Edwards Research Medical Retrograde Cardioplegia Cannulae
  
Delivery Systems
Instruments that deliver cardioplegia agents to the heart.

Buyer Products:

  • Edwards Research Medical Retrograde Cardioplegia Cannulae
  
Cardiopulmonary Support  
Invasive  
Accessories
Various instruments used for cardiopulmonary support during surgeries, such as filters, pumps and cannulas

Buyer Products:

  • AViD Vacuum Assist Venous Return Cannulae
  • Embol-X Arterial Return Cannula
  • Edwards Research Medical Femoral Cannulae
  • Pediatric Retrograde Cannula
  • Edwards Research Medical Antegrade Aortic Root Catheter Series
  • Edwards Research Medical Venous Return Cannulas
  • Embol-X Intraaortic Filters
  • AViD Cannulae for Valve Procedures
  
Revascularization
Atherectomy  
Rotational Systems
Complete set of instruments used to perform catheter based rotational blade atherectomy.

Target Products:

  • Arrow-Fischell Pullback Atherectomy Catheter
  
Coronary Thrombolytic/Embolytic Catheters
Catheters that are used to dissolve or split up thrombus or a blockage in coronary arteries.

Buyer Products:

  • Edwards EMBOL-X Glide Protection System
  • 2F Embolectomy Catheter
  
Valvoplasty  
Accessories
Various instruments used to assist opening blockages that are affecting heart valves such as sutures and needles.

Buyer Products:

  • Retroflex Heart Valve Delivery System
  • MOBIUS Leaflet Repair System
  • Carpentier-Edwards PERIMOUNT Theon Mitral Replacement System
  • Ascendra Transapical Heart Valve Delivery System
  • MONARC Mitral Repair System
  
Annuloplasty Rings
Special rings that are used to maintain the native valve apparatus, annular shape, and motion during cardiac valve surgery.

Buyer Products:

  • Carpentier-Edwards Classic Mitral Series
  • Cosgrove-Edwards Mitral/Tricuspid Series
  • GeoForm Annuloplasty Ring
  • Carpentier-Edwards Physio Series
  • Percutaneous Coronary Sinus Annuloplasty
  • Edwards MC3 Annuloplasty System
  • Carpentier-Edwards Classic Tricuspid Series
  • Myxo ETlogix Annuloplasty Ring
  • Carpentier-McCarthy-Adams Imr-Etlogix
  
Dilation Catheters
Catheters used to expand or dilate the inside diameter of vascular walls.

Buyer Products:

  • Miller Balloon Atrioseptostomy Catheter
  • Fogarty Dilation Atrioseptostomy Catheter
  
Manual Instruments
Devices used to perform coronary valvoplasty procedures that do not require electrical power, such as retractors, forceps, clamps, rotators, hooks, scissors, bisectors, trocars, sizers and other similar items.

Buyer Products:

  • Edwards (Various)
  
Valves  
Aortic  
Mechanical
A replacement aortic valve that is made of mechanical parts.

Buyer Products:

  • MIRA Ultra Finesse Aortic Mechanical Valve
  • Ascendra Transapical Heart Valve Delivery System
  • MIRA Aortic Mechanical Valve
  • MIRA Finesse Aortic Mechanical Valve
  
Porcine/Bovine Bioprosthesis
A replacement aortic valve that is either from a pig or made from bioengineered cells.

Buyer Products:

  • Carpentier-Edwards S.A.V. Aortic Porcine Bioprosthesis
  • Edwards Prima Plus Stentless (Porcine)
  • Carpentier-Edwards Perimount Aortic Heart valve
  • Edwards SAPIEN Transcatheter Heart Valve
  • Carpentier-Edwards Perimount Theon Aortic Valve
  
Mitral  
Mechanical
A replacement mitral valve that is made of mechanical parts.

Buyer Products:

  • MIRA Mitral Mechanical Valve
  
Porcine/Bovine Bioprosthesis
A replacement mitral valve that is either from a pig or made from bioengineered cells.

Buyer Products:

  • Carpentier-Edwards Perimount Plus Mitral Heart Valve
  • Carpentier-Edwards Perimount Aortic Heart valve
  • Carpentier-Edwards Duraflex Low Pressure Series (Porcine)
  • Carpentier-Edwards Perimount Magna Bioprosthesis
  • Carpentier-Edwards S.A.V. Aortic Porcine Bioprosthesis
  
Clinical Diagnostics  
Specimen Collection  
Blood  
Arterial  
ABG Collection Kits
Collection devices used to collect arterial blood samples.

Target Products:

  • QuickFlash Kits
  • Arterial/Venous Catheterization Kits
  • Femoral Artery Catheterization Set
  
Body Fluids  
Paracentesis Kits
Kits used in the collection of paracentesis fluid.

Target Products:

  • Large Volume Abdominal
  • Peritoneal Lavage Kit
  
Thoracentesis Kits
Catheters/thin tubes used to collect samples of fluid in the thoracic fluid for diagnostic and therapeutic purposes

Target Products:

  • Arrow-Clarke Pleura-Seal Thoracentesis Kit
  
Drug Delivery
Infusion Therapy
Accessories  
Needleless Fluid Administration/Extension Sets
Valve systems designed to work without needles to prevent patient injuries.

Target Products:

  • UserGard Needle-Free Injection Cap System
  
Delivery Systems  
Pumps  
Subcutaneous
Pump placed under the skin of the patient receiving infusion therapy.

Target Products:

  • Arrow Model 3000 Constant Flow Pump
  
Integrated/Comprehensive Systems
Complete infusion systems that include pumps, monitoring devices and other accessories.

Target Products:

  • Emergency Infusion Device- EID
  • RIC Rapid Infusion Catheter Exchange Set
  
Vascular Access
Extended In Dwelling Catheters
Central Venous Catheters (CVC)
Catheters designed to handle high volume flow.

Buyer Products:

  • Edwards AVA
  • Swan-Ganz Oximetry TD Catheter
  • Swan-Ganz Bipolar Pacing Catheters
  • PreSep Oligon Oximetry Catheter (ScvO2)
  • Edwards PediaSat Oximetry Catheter (ScvO2)
  • PreSep Central Venous Oximetry Catheter (ScvO2)
  • Vantex Antimicrobial Central Venous Catheter
  • PreSep Central Venous Oximetry Catheter
  • AVA 3Xi
  • Multi-Med

Target Products:

  • Arrowgard Blue Series
  • HANDS OFF Central Venous Series
  • Maximal Barrier Precautions Tray
Introducers
Medical devices designed for introducing vascular access.

Buyer Products:

  • IntroFlex

Target Products:

  • Arrow Simplicity Micro-Puncture Introducer Set
  • Raulerson Syringe
Kits
Kits containing necessary components for gaining vascular access, such as midline catheters, peripherally inserted central catheters, central venous catheters, and associated repair instruments.

Buyer Products:

  • AVA High-Flow Device

Target Products:

  • Super Arrow-Flex
  • Peripherally Inserted Midline Catheter Kit Series
  • EID/Peripheral EID Catheter Kit
  • Arrow-Howes
  • Single-Lumen ARROWgard Blue
  • Multi-Lumen Pediatric Kit Series
Midline Catheters
Central venous catheter set designed for midline venous access.

Target Products:

  • Arrow Midline Catheter Series
  
Peripherally Inserted Central Catheters (PICC)
Central venous catheter set designed for peripheral venous access.

Target Products:

  • Arrow PICC Series
  
Peripheral Intravenous Catheters  
Infusion Sets
Complete infusion sets containing peripheral intravenous catheters.

Target Products:

  • TwinCath Two-Lumen Peripheral Catheter
  • Rapid Infusion Catheter (RIC)
  
Ported
Peripheral intravenous catheters that have ports for access and to attach other devices such as infusion pumps.

Target Products:

  • Blue FlexTip Catheter/Port Systems
  
Safety Catheters
Catheters designed to protect healthcare workers from accidental needle punctures.

Target Products:

  • StatLock Products
  
Subcutaneous Implants  
Accessories  
Port Access
Devices that permit port introduction allowing controlled vascular access.

Target Products:

  • A2Port With Introducer Kit
  
Ports
Implanted devices that allow controlled vascular access.

Target Products:

  • Blue FlexTip Catheter/Port Systems
  • A/A2-Port Series
  • Low Profile Port/B-Port
  
Gastroenterology  
Surgical  
General Procedure  
Minimally Invasive/Oral Percutaneous Rectal  
Region Specific  
Biliary  
Instruments  
Manual  
Stone Removal
Instruments used to remove bile duct or gallbladder stones, such as retrieval baskets and retrieval balloon catheters. .

Buyer Products:

  • Fogarty Biliary Balloon Probe Series
  
General Surgery
Invasive
Accessories  
Drainage
Medical instruments used to provide drainage in the surgical area, including access kits, catheters, evacuator kits and reservoirs.

Target Products:

  • Blue FlexTip Percutaneous Cavity Drainage Kits
  
Guidewires
Guidewires used to lead other medical devices into place during surgical procedures

Target Products:

  • Spring-Wire Guides
  
Instruments  
Manual Instruments
Medical devices used manually by surgeons to perform invasive general surgical procedures, such as scalpels, curettes, dissectors, elevators, forceps, osteotomes, retractors, bissectors and other similar items.

Target Products:

  • Catheter Clamps
  • I.V. Tubing Products
  
Procedure/Region Specific
Cholecystectomy
Cholangiography
Catheter Kits
Catheter kits used for cholangiography.

Buyer Products:

  • Cholangiography Catheter Series
  
Needles
Needles used to assist in cholangiography.

Target Products:

  • Port Non-Coring/Corning/Port-Winged Needles
  • Introducer Needles
  
Minimally Invasive
Accessories  
Irrigation  
Irrigators
Devices which provide liquid irrigation during laparoscopic procedures.

Buyer Products:

  • Fogarty Irrigation Catheters
  
Procedure/Region Specific
Cholecystectomy
Cholangiography
Devices used to perform minimally invasive procedures involving the biliary system, including catheter kits and other endoscopic instruments.

Target Products:

  • Arrow-Karlan
  • Arrow Percutaneous
  • Laparoscopic Cholangiography Balloon Catheter
  
Manual Instruments
Instruments used in minimally invasive removal of the gall bladder.

Buyer Products:

  • Cholangiography Kit
  
Neonatology
Diagnostic  
Monitoring  
Accessories  
Pulse Oximeter (SpO2) Sensors
Instruments that act as measurement devices to measure oxygen concentration of a newborns blood.

Buyer Products:

  • Edwards PediaSat Oximetry Catheter
  
Surgical  
Accessories  
Drainage Catheters
Long slender wire-like tube device that gains access to internal compartments of a newborn and allows fluid to exit through it.

Target Products:

  • NeoCare
  
Treatment  
Feeding Tubes
A pipe-like instrument that allows food to enter the newborn's stomach.

Target Products:

  • NeoCare
  
Urinary Drainage  
Systems
Complete set of instruments to remove the urine in a newborn's bladder.

Target Products:

  • NeoCare
  
Vascular Access  
Umbilical Vessel Catheters
Long slender wire-like tube device that proceeds down the umbilical cord to provide access to the inside of the newborn.

Target Products:

  • NeoCare
  
Oncology  
Surgical  
Biopsy  
Region Specific  
Liver
Instruments used to obtain biopsy sample from the liver system.

Target Products:

  • Liver Biopsy Kit
  
Respiratory
Diagnostic  
Monitoring  
Accessories  
Arterial Blood Gas Sampler
Devices used to obtain an arterial blood sample for blood gas analysis.

Buyer Products:

  • VAMP Series Plus Blood Sampling Systems
  
Treatment  
Pneumothorax Catheter Kits
Thin tubes designed to be inserted into the lungs to correct pneumothorax (collapsed lung).

Target Products:

  • Pneumothorax Kit
  
Urology  
Surgical  
Procedure/Region Specific  
Percutaneous  
Nephrostomy  
Drainage Instruments
Instruments used to remove waste fluid from the kidney, such as catheters, malecots, pezzers, nephrostomy tubes and other similar items.

Target Products:

  • Blue FlexTip Percutaneous Cavity Drainage Kits
  
Treatment  
Renal  
Hemodialysis  
Components  
Access Graft Thrombolysis
Device used to plug up the hole in the access vein used for hemodialysis.

Target Products:

  • Arrow-Trerotola Percutaneous Thrombolytic Device (PTD)
  
Catheters  
Central Venous Access (CVA)
Catheter that gains access to a major vein.

Target Products:

  • Pressure Injectable PICC Kit
  • Pediatric Catheter Series
  • You-Bend Two-Lumen Hemodialysis
  
Sets
Complete set of catheter instruments used to gain access to internal blood vessels for hemodialysis.

Target Products:

  • Arrow Cannon Connector Assembly Replacement Set
  
Vascular
Diagnostic
Imaging
X-Ray
Angiography
Accessories
Various instruments used to assist in angiography procedures, including transducers, catheters, control syringes, waste systems, contrast management systems, fluid administration sets, and other related items.

Buyer Products:

  • TruWave Series
  • Swan-Ganz Angiography Catheters

Target Products:

  • Berman Angiographic/Reverse Berman Balloon Catheter Series
Surgical
General Procedure
Accessories
Introducer Needles
Devices which provide access to the vascular system for introduction of introducers.

Target Products:

  • Arrow-Fischell EVAN Vascular Access
  
Introducers
Devices used to provide percutaneous introduction of catheters, interventional devices, and temporary pacing leads into the vasculature.

Target Products:

  • Arrow Simplicity Micro-Puncture Introducer Set
  • Percutaneous Sheath Introducer
  • Super Arrow-Flex Sheath Introducer Series
  
Vessel Closure
Devices used to close and repair vascular structures, including both complete systems and associated clamps, felts and pledgets.

Buyer Products:

  • Fogarty Spring Clips
  • Atraumatic Inserts
  
Grafts  
Access/Peripheral  
Polytetrafluoroethylene (PTFE)
Surgical grafts made from polytetraflouroethylene (PTFE), a plastic derivative .

Buyer Products:

  • Lifespan Reinforced Expanded ePTFE Vascular Graft
  
Occlusion  
Catheters
Surgical catheters used to block/stop the flow of blood during vascular procedures

Buyer Products:

  • Fogarty Occlusion Catheter
  
Procedure/Region Specific  
Patency  
Thrombolytic/Embolytic Catheters
Intravascular catheters used to break up plaque build-up and obstructions in blood vessels; thrombus and embolus are composed primarily of platelets/fibrin and platelets/leukocytes combinations respectively.

Buyer Products:

  • Fogarty Adherent Clot Series
  • over-the-wire Fogarty Thru-Lumen Embolectomy Catheter
  • Latex Free Embolectomy Catheter
  • Fogarty Arterial Series
  • Fogarty Venous Thrombectomy Catheter
  • Fogarty Graft Series
  • Fogarty Thru-Lumen Series
  
Percutaneous Transluminal Angioplasty (PTA)  
Catheters  
Embolic Protection Systems
Catheters used to to capture embolic material released during angioplasty and stent procedures within carotid arteries.

Buyer Products:

  • Fogarty Graft Series
  
Restenosis Prevention  
Stents Systems  
Biliary Tract
Stent inserted into the biliary tract in the liver to prevent future obstruction.

Buyer Products:

  • LifeStent Biliary Stents Series
  
Peripheral
Stents designed to be placed in peripheral blood vessels.

Buyer Products:

  • LifeStent Self-Expanding Stent System
  
Shunts  
Carotid
Shunt used to reroute the blood flow during carotid endarectomy (removal of athersclerotic plaque from the carotid arteries on either side of the neck)

Buyer Products:

  • Carotid Shunts
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Johnson & Johnson n/a 192,824.721 18.59 16.30 3.28 3.18 13.71
Abbott Laboratories n/a 88,435.917 45.89 20.13 3.55 3.45 1,035.62
Medtronic, Inc. n/a 56,781.697 19.83 19.87 4.51 4.26 9.87
Boston Scientific Corporation n/a 17,472.012 72.80 30.82 2.11 2.09 n/a
St. Jude Medical, Inc. n/a 14,060.503 23.62 22.89 3.88 3.78 24.68
Hospira, Inc. n/a 6,820.634 63.10 20.17 2.13 2.00 n/a
Arrow International, Inc. n/a 2,059.182 33.70 n/a 4.05 n/a 4.36
ArthroCare Corporation n/a 1,352.332 36.71 32.30 4.48 4.23 6.74
ev3 Inc. n/a 1,309.079 0.00 -22.11 5.24 4.49 11.25
Indevus Pharmaceuticals n/a 542.962 0.00 -9.00 8.22 6.35 n/a
ICU Medical, Incorporated n/a 499.238 20.87 26.45 2.55 2.19 2.39
Osiris Therapeutics, Inc. n/a 366.834 0.00 -8.59 27.44 23.69 2,072.51
XTENT, Inc. n/a 227.181 0.00 -5.23 n/a 28.63 3.31
CryoLife, Inc. n/a 220.870 55.01 34.52 2.43 2.36 4.25
Cardica, Inc. n/a 138.726 0.00 -8.97 31.48 21.02 7.44
ATS Medical, Inc. n/a 125.233 0.00 -6.37 2.72 2.46 6.54
LeMaitre Vascular, Inc. n/a 96.791 0.00 -39.94 2.48 2.42 2.68
ImaRx Therapeutics, Inc. n/a 17.180 0.00 n/a 2.68 n/a 1.64
Target
  Edwards Lifesciences Corp n/a 2,618.645 22.21 22.27 2.46 2.45 6.91
Datascope Corporation n/a 565.187 22.86 23.53 1.49 n/a 2.27
ABIOMED, Inc. n/a 504.118 0.00 -17.92 9.66 8.65 6.63
DURECT Corporation n/a 476.186 0.00 -18.79 16.12 15.24 20.05
AngioDynamics, Inc. n/a 456.654 0.00 32.74 3.53 2.60 3.32
Merit Medical Systems, Inc. n/a 389.380 27.99 27.50 1.91 1.89 2.73
Delcath Systems, Inc. n/a 43.446 0.00 n/a n/a n/a 2.92

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  PLC Systems Inc. 88.00% 12.733 0.00 n/a 1.96 n/a 2.23
Endologix, Inc. 8.30% 120.076 0.00 n/a 4.92 4.29 5.10
Genzyme Corporation n/a 20,211.493 151.89 26.17 5.57 5.33 5.62
Check Point Software Technologies Ltd. n/a 4,956.325 18.18 15.50 7.24 6.87 5.04
SurModics, Inc. n/a 989.905 295.74 35.79 13.53 9.97 10.22
Somanetics Corporation n/a 310.477 25.39 35.82 8.87 8.10 3.17
World Heart Corporation (USA) n/a 23.820 0.00 n/a 7.48 n/a 6.29
Target
  Kilroy Realty Corporation n/a 1,725.452 36.11 16.96 6.63 6.55 2.69
QAD Inc. n/a 306.646 70.88 58.12 1.21 1.19 7.42
Enturia, Inc. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Genzyme Corporation n/a 20,211.493 151.89 26.17 5.57 5.33 5.62
SurModics, Inc. n/a 989.905 295.74 35.79 13.53 9.97 10.22
Sangamo Biosciences, Inc. n/a 514.614 0.00 -24.38 60.37 52.19 6.91
Somanetics Corporation n/a 310.477 25.39 35.82 8.87 8.10 3.17
Angiotech Pharmaceuticals, Inc. (USA) n/a 292.448 0.00 67.60 0.94 0.96 n/a
World Heart Corporation (USA) n/a 23.820 0.00 n/a 7.48 n/a 6.29
CardioGenesis Corporation n/a 15.846 94.59 n/a 1.22 n/a 3.95
PLC Systems Inc. n/a 12.733 0.00 n/a 1.96 n/a 2.23
Target
  King Pharmaceuticals, Inc. n/a 2,512.792 14.19 5.36 1.19 1.18 1.68
Enturia, Inc. n/a n/a n/a n/a n/a n/a n/a
The Cleveland Clinic Foundation n/a n/a n/a n/a n/a n/a n/a
Kimal PLC n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 1,063.7 508.0 1,571.7
Other Revenue 0.0 0.0 0.0
Total Revenue 1,063.7 508.0 1,571.7
Cost of Revenue 376.0 252.1 628.1
SG&A Expense 398.6 136.9 535.5
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 118.8 27.2 146.0
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 15.5 1.8 17.3
Total Expenses 908.9 418.0 1,326.9
Operating Income 154.8 90.0 244.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -1.4 4.7 3.3
Gain/Loss On Sale Of Assets 0.9 0.0 0.9
Other, Net -0.4 -1.6 -2.0
Income Before Taxes 153.9 93.1 247.0
Income Taxes 36.0 32.0 68.0
Income After Taxes 117.9 61.1 179.0
Net Income - Excl. Xord. Items 117.9 61.1 179.0
Net Income - Incl. Xord. Items 117.9 61.1 179.0
Income Avail. to Common 117.9 61.1 179.0
Share Items
Basic Avg. Shares Outstanding 57.1 45.2 102.3
Basic EPS - Excl. Xord. Items 2.06 1.35 1.75
Basic EPS - Incl. Xord. Items 2.06 1.35 1.75
Full Dilution Adjustment 1.0 0.0 1.0
Fully Diluted Shares Outstanding 62.4 45.7 108.1
F.D. EPS - Excl. Xord. Items 1.89 1.34 1.66
F.D. EPS - Incl. Xord. Items 1.89 1.34 1.66
Dividends Per Common Share 0.00 0.76 0.76
Balance Sheet
Assets
Cash and Equivalents 175.7 160.2 335.9
ST Investments 0.0 13.2 13.2
Accounts Receivable 136.7 104.8 241.5
Inventory 158.3 114.0 272.3
Prepayments and Advances 68.2 13.5 81.7
Other Current Assets 25.9 12.5 38.4
Current Assets 564.8 418.1 982.9
PPE 0.0 382.7 382.7
Accum D&A 0.0 -201.6 -201.6
PPE, Net 228.0 181.1 409.1
Goodwill & Intangibles 444.7 83.8 528.5
Long Term Investments 36.8 0.0 36.8
Other Assets 0.0 0.0 0.0
Other LT Assets 25.4 43.3 68.7
Total Assets 1,299.7 726.2 2,025.9
Liabilities
Accounts Payable 0.0 19.0 19.0
Payable/Accrued 198.8 0.0 198.8
Accrued Expenses 0.0 38.8 38.8
ST Debt 150.0 63.9 213.9
Curr Port of LTD & Cap Lease Oblg 0.0 1.0 1.0
Other (Current) Liabilities 0.0 15.7 15.7
Current Liab. 348.8 138.4 487.2
LT Debt 61.2 0.0 61.2
Total LT Debt 61.2 0.0 61.2
Deferred Taxes 0.0 11.4 11.4
Other LT Liab. 65.9 20.2 86.1
Total Liabilities 475.9 169.9 645.8
Shareholders Equity
Common Stock 68.4 45.7 114.1
Additional Paid in Capital 666.3 45.0 711.4
Retained Earnings 532.8 502.4 1,035.2
Treasure Stock -446.6 -50.7 -497.3
Other Equity 2.9 13.9 16.8
Total Equity 823.8 556.3 1,380.1
Total Liab. & Equity 1,299.7 726.2 2,025.9
Shares Outstanding 56.9 45.3 102.2
Cash Flow
Operating Cash Flow
CF Net Income 117.9 61.1 179.0
CF Depreciation 55.7 20.7 76.4
CF Amortization 0.0 7.7 7.7
CF Deferred Taxes 11.8 0.5 12.3
Other Non-Cash Items 42.9 7.7 50.6
Change in Working Capital -25.0 -7.9 -32.9
Total Cash From Operating Activities 203.3 89.8 293.1
Investing Cash Flow (not calculated)
Capital Expenditures -61.5 -31.2 -92.7
Other Investing Cash Flows 2.3 -14.9 -12.6
Total Cash From Investing Activities -59.2 -46.1 -105.3
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -32.4 -32.4
Purchase Or Sale of Stock -86.0 7.4 -78.6
Purchase and Retirement of Debt -44.9 9.0 -35.9
Other Financing Cash Flow 8.8 0.2 9.0
Total Cash From Financing Activities -122.1 -15.8 -137.9
Exchange Rate Effects 2.4 1.4 3.8
Net Change in Cash 24.4 29.4 53.8
Cash Taxes Paid 14.3 32.3 46.6
Cash Interest Paid 10.5 0.8 11.3