Summary

Other Scenarios:

Buyer: St. Jude Medical, Inc. (STJ) Last Price: 41.07 Market Cap.: 14.06B
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
Outsourced Services   68

- 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: 153)
  • Supreme Diagnostic Catheter Series
  • HydroSteer
  • HeartPod
  • Merlin.net PCN
Target (Total: 86)
  • FlexTip Plus/TheraCath Epidural Kit
  • Epidural Needle Series
  • 7cc Luer Slip Loss of Resistance Syringe
  • Single Shot Epidural Anesthesia Kit
Buyer
  • Advanced Neuromodulation Systems Hi-tronics Designs, Inc.
  • Advanced Neuromodulation Systems Micronet Medical, Inc.
Target
  • ChloraPrep

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 10)
  • Kensey Nash Corporation (KNSY)
  • International Business Machines Corp. (IBM)
  • SurModics, Inc. (SRDX)
  • Vital Signs, Inc. (VITL)
Target (Total: 3)
  • Kilroy Realty Corporation (KRC)
  • QAD Inc. (QADI)
  • Enturia, Inc.
Buyer (Total: 1)
  • Government - United States
Target (Total: 0)

n/a

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 11,000 4,000
Revenue Per Employee 337,958.7 130,854.5
Total Revenue 926.8 130.5
Total Expenses 699.7 108.4
Other Revenue 0.0 0.0
Cost of Revenue 244.9 64.4
SG&A Expense 337.8 35.8
Research & Development 117.0 7.0
Other Operating Expense 0.0 0.0
Operating Income 227.1 22.1
Unusual Income 0.0 1.2
LT Debt to Capital 33.88 0
Fwd P/E 22.89 n/a
Fwd P/Rev 3.78 n/a
Book Value 2,759.2 556.3
Curr Portion of LTD/Cap Lease 0.0 1.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Medical Devices > Cardiology > Surgical > Procedure/Region Specific > Arrhythmia

Target

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

Business Description

Buyer

St. Jude Medical, Inc. (St. Jude Medical) develops, manufactures and distributes cardiovascular medical devices for the global cardiac rhythm management, cardiac surgery, cardiology and atrial fibrillation therapy areas, and implantable neuromodulation devices. During the fiscal year ended December 30, 2006 (fiscal 2006), the Company?s five segments were Cardiac Rhythm Management (CRM), Cardiac Surgery (CS), Neuromodulation (Neuro), Cardiology (CD) and Atrial Fibrillation (AF). The principal products produced under each segment are tachycardia implantable cardioverter defibrillator systems (ICDs) and bradycardia pacemaker systems (pacemakers); mechanical and tissue heart valves and valve repair products; neurostimulation devices; closure devices, guidewires, hemostasis introducers and other interventional cardiology products, and electrophysiology (EP) introducers and catheters, advanced cardiac mapping and navigation systems and ablation systems.

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 % 73.11 50.38
Operating Margin % 22.63 17.71
Quick Ratio 1.83 2.01
Current Ratio 3.27 3.02
Coverage Ratio -0.05 0.05
Total Assets 5,156.2 726.2
Return on Equity % 21.58 10.98
Return on Assets % 11.55 8.41
Cash+ ST Inv. Per Share 0.26 3.79
Total Debt 1,414.1 64.9
Total Debt to Equity % 51.25 11.67
Total Debt to Tangible Equity % 248.18 13.73
Debt to Asset % 27.42 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.
  
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.
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.
  
Neurology
The Neurology Subsector includes medical devices that diagnose, monitor and treat neurological disorders.
  
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.
Outsourced Services  
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  

- 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
  
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:

  • Supreme Diagnostic Catheter Series
  • HydroSteer

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.

Target Products:

  • Wedge Pressure Products
  • VitaCuff Products
  
Output Sensors
Instruments that measure various cardiac outputs, such as blood velocity and pressure. Examples of sensors include bioimpedence, hemodynamic and thermodilution catheters.

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.

Target Products:

  • HemoSonic 100
  • Cardiac Output Computer
  
Electrocardiogram (ECG/EKG)  
Interpretive/Analysis
Specialized electrocardiogram devices that facilitate certain diagnostic functions and analysis.

Buyer Products:

  • HeartPod
  
Telemetry  
Remote Access
Devices that facilitate access of patient monitoring data from the patient's site to a central monitoring site. This may involve internet transfer of data.

Buyer Products:

  • Merlin.net PCN
  
Telemetry Systems
Complete systems or devices used to facilitate transfer of vitals monitoring data from the patient's site to a central monitor.

Buyer Products:

  • Housecall Plus
  
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.

Buyer Products:

  • Fast-Cath Hemostasis Introducers
  • Maximum Hemostasis Introducers
  • Ultimum Hemostasis Introducers
  • ACross Transseptal Access System
  • Apeel CS Catheter Delivery System Series
  • Seal-Away CS Catheter Delivery System Introducer
  • Livewire Cannulator
  • Alliance Catheter Delivery System
  • Telesheath Left Atrial Introducer System
  • BRK Series
  • Peel-Away Introducers
  • Seal-Away Kits
  • Swartz Braided Transseptal Series

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.

Buyer Products:

  • GuideRight
  • HydroSteer

Target Products:

  • Radial Artery Catheterization Kit
Vessel Closure
Devices used to close heart blood vessels.

Buyer Products:

  • Angio-Seal VIP
  • Angio-Seal
  • Angio-Seal STS Plus
  • StasysPatch Hemostatic System
  
Grafts  
Patches  
Porcine/Bovine Bioprosthesis
Pieces of bioengineered material used as a graft in cardiac surgery.

Buyer Products:

  • SJM Pericardial Patch
  
Procedure/Region Specific
Arrhythmia
Electrical Signal Disruption  
Radiofrequency (RF) Ablation  
Catheters
Long, slender, wire-like tube that is inserted in a peripheral blood vessel and proceeds all the way to the heart chamber to perform RF tissue ablation.

Buyer Products:

  • Livewire TC Compass Steerable Catheter
  • Irvine Biomedical Therapy 5Fr/7Fr Steerable Ablation Catheters
  • Diag Livewire TC Steerable Ablation Catheter with Universal Temperature Monitoring
  • Livewire TC Ablation Catheter
  • Cool Path Ablation Catheter With Saline Irrigation
  
Ultrasound Ablation  
Catheters
Long, slender, wire-like tube that is inserted in a peripheral blood vessel and proceeds all the way to the heart chamber to perform ultrasound tissue ablation.

Buyer Products:

  • Irvine Biomedical Ultrasound AFocus Ablation Catheter
  
Systems
Systems used to restore normal heart rhythm by using ultrasound energy to destroy cells that cause abnormal electrical impulses.

Buyer Products:

  • Irvine Biomedical Ultrasound Ablation System
  • Epicor Medical Ablation System
  • Irvine Biomedical Ultrasound AFocus Ablation Catheter
  
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.

Buyer Products:

  • Irvine Biomedical Inquiry 5Fr (SOFT) HIS Bundle Recording Catheter
  • Irvine Biomedical Inquiry 4Fr/ 5Fr/6Fr Mapping Catheters
  • Irvine Biomedical Optima Variable Loop Mapping Catheter
  • Irvine Biomedical Inquiry AFocus/AFocus II Circular Atrial Mapping Catheters
  • Irvine Biomedical Inquiry DX Bi-Directional Deflectable Mapping Catheter
  • Irvine Biomedical Inquiry Ten-Ten Duodecapolar Mapping Catheter
  • Irvine Biomedical Inquiry Luma-Cath Mapping Catheter
  • Irvine Biomedical Inquiry H-Curve Atrial Mapping Catheter
  • Irvine Biomedical Optima PLUS Steerable Diagnostic Catheter
  • Reflexion Series Catheters
  • eValuator Electrophysiology Catheters

Target Products:

  • QuadPolar Electrode Catheter Series
  • Decapolar/Hexapolar Electrode Catheters Series
Systems
Complete set of instruments used to image the inside of the heart chamber.

Buyer Products:

  • EnSite System
  
Guiding Catheters
Catheter that is used to guide other instruments into place, usually has some sort of curve or steering mechanism.

Buyer Products:

  • Safire Ablation Catheter
  • Response Fixed-Curve Catheter
  • Livewire Spiral HP
  • Fast-Cath Guiding Introducers
  
Pacing Catheters
Catheter that is capable of regulating the electrical stimulation rhythm of the heart.

Buyer Products:

  • Response CV Cardioversion Electrophysiology Catheter

Target Products:

  • Multi-Polar Electrode Catheter Series
  • HANDS-OFF Balloon Pacing Catheter
  • Bipolar Pacing Catheter
  • Balloon Pacing Catheter Series
  • QuadPolar Electrode Catheter Series
Implants  
Implantable Cardioverter Defibrillators (ICD)  
Accessories
Components used in conjunction with ICD implants, such as programmers and lead wires.

Buyer Products:

  • Riata Lead Series
  • SPL Lead Series
  • TVL ADX Series
  • TVL Series
  • Aescula
  • Merlin Patient Care System
  • Cardiac Positioning System (CPS) Series
  • Optim Lead Insulation
  • QuickSite XL Lead
  • QuickSite LV Leads
  • QuickOpt Timing Cycle Optimization
  • APS III Universal Programmer
  • Model 3510 Programmer
  
Non-Rate Adaptive
An implantable device that detects ventricular tachycardia and fibrillation and automatically delivers an electrical shock to restore normal heartbeat, but does not change its function due to physical activity the heart is enduring.

Buyer Products:

  • Convert ICD
  • Convert+ ICD
  • Contour MD Series
  
Rate Adaptive
An implantable device that detects ventricular tachycardia/fibrillation and automatically delivers an electrical shock to restore normal heartbeat, and adapts to the present rate of the physical activity the heart is under.

Buyer Products:

  • Epic VR Series
  • Epic DR Series
  • Atlas VR Series
  • Atlas DR Series
  • Atlas+ HF
  • Epic HF ICD Series
  • Atlas II HF series
  • Atlas II VR
  • Current ICD (Implantable Cardioverter Defibrillator)/Current RF ICD
  • Promote CRT-D (Cardiac Resynchronization Therapy Defibrillator)/Promote RF CRT-D
  • Atlas+ VR
  • Atlas II+ DR
  • Atlas II DR
  • Epic II DR
  • Epic II+ DR
  • Atlas II+ HF CRT-D
  • Atlas+ DR
  • Epic II HF Series
  • Epic II VR
  
Pacemakers  
Accessories
Components used in conjunction with pacemakers, such as programmers and lead wires.

Buyer Products:

  • Locator Implant Tool
  • OptiSense Pacing Lead
  • AV Plus DX Series
  • Passive Plus DX Series
  • Pacel Bipolar
  • Tendril SDX Series
  • IsoFlex S
  • Optim Lead Insulation
  • IsoFlex P
  • Membrane Series
  • Model 3510 Programmer
  • Cardiac Positioning System (CPS) Series
  • Merlin Patient Care System
  • Omnisense Accelerometer Sensor
  • Tendril DX Series
  
Non-Rate Adaptive
Pacemakers (including single chamber and dual chamber) which do not automatically adapt to the changing heart rate of the patient.

Buyer Products:

  • Regency SCX Series
  • Regency SC Series
  • Entity DC Series
  • Affinity DC Series
  
Rate Adaptive
Pacemakers (including single chamber and dual chamber) which automatically adapt to the changing heart rate of the patient.

Buyer Products:

  • Frontier II CRT-P
  • Victory Series
  • Identity ADx DR Series
  • Model 3085 Dual-Chamber Temporary Pacemaker
  • Model 3077 Single-Chamber Temporary Pacemaker
  • Verity ADx Pacemaker Series
  • Frontier CRT-P
  • Affinity DR Series
  • Affinity SR Series
  • Affinity VDR
  • Entity DR Series
  • Identity DR Series
  • Identity SR Series
  • Identity XL Series
  • Integrity AF DR Series
  • Integrity ADx Series
  • Integrity Micro SR Series
  • Integrity Micro DR Series
  • Microny II SR+ Series
  • Microny K Series
  • Microny SR+ Series
  • Trilogy DR+ Series
  • Trilogy SR+ 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
  
Revascularization
Atherectomy
Laser Ablation Angioplasty  
Catheters  
Over-The-Wire
A laser catheter that is put into position by passing it over the guidewire all the way to the cardiac site of interest.

Buyer Products:

  • Venture Wire Control Catheter
  
Rapid Exchange
Laser ablation angioplasty catheters that provide flexibility, trackability, tactile feedback, and ease of use.

Buyer Products:

  • Venture Wire Control Catheter
  
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:

  • Proxis Proximal Embolic Protection System
  
Septal Occlusion Systems
Instruments used to close up the hole in the wall between the two chambers of the heart in a newborn.

Buyer Products:

  • Premere PFO Closure System
  
Valvoplasty  
Annuloplasty Rings
Special rings that are used to maintain the native valve apparatus, annular shape, and motion during cardiac valve surgery.

Buyer Products:

  • SJM Rigid Saddle Ring
  • SJM Tailor Annuloplasty Rings
  • SureLock Delivery System
  • SJM Seguin Annuloplasty Rings
  
Valves  
Aortic  
Mechanical
A replacement aortic valve that is made of mechanical parts.

Buyer Products:

  • St. Jude Medical Mechanical Heart Valves Series
  • St. Jude Mechanical Heart Valve Hemodynamic Plus (HP) Series
  • SJM Masters Series
  • SJM Masters Series Valved Graft
  • SJM Regent Valve
  
Porcine/Bovine Bioprosthesis
A replacement aortic valve that is either from a pig or made from bioengineered cells.

Buyer Products:

  • SJM Toronto SPV Series
  • SJM Epic Series
  • SJM Biocor Pericardial Valve Series
  • SJM Biocor Porcine Valve Series
  • SJM Toronto Root With BiLinx AC
  • Trifecta Stented Tissue Heart Valve
  • SJM Biocor/BiocorSupra Stented Tissue Valves
  
Mitral  
Allograft
A replacement mitral valve that is harvested from another human being.

Buyer Products:

  • Allograft Cardiovascular Tissue
  
Porcine/Bovine Bioprosthesis
A replacement mitral valve that is either from a pig or made from bioengineered cells.

Buyer Products:

  • SJM Biocor/BiocorSupra Stented Tissue Valves
  • SJM Biocor Porcine Valve Series
  • SJM Epic Series
  
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.

Target Products:

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

Buyer Products:

  • Agilis NxT Steerable Introducer

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:

  • Seal-Away Kits

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
  
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  
Needles
Needles used to assist in cholangiography.

Target Products:

  • Port Non-Coring/Corning/Port-Winged Needles
  • Introducer Needles
  
Minimally Invasive  
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
  
Neonatology  
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
  
Neurology  
Surgical  
Procedure Specific  
Chronic Pain Therapy  
Implantable  
Intraspinal Drug Infusion  
Constant Rate
A complete set of instruments that allow for pain medication delivery directly to the spine.

Buyer Products:

  • Advanced Neuromodulation Systems AccuRx
  
Neural Stimulation  
Leads
A long wire that the electrical signal travels down from the source to the electrode.

Buyer Products:

  • Axxess
  • Quattrode
  • Octrode
  • Lamitrode Series
  
Pulse Generators (IPG)
A device that creates electrical stimulations in packets for neural stimulation procedures.

Buyer Products:

  • Eon Neurostimulation System
  • Genesis System Series
  
Radiofrequency (RF)
A device that electrically stimulates nerves in the brain using radiofrequency energy.

Buyer Products:

  • Advanced Neuromodulation Systems Renew RF System
  
Oncology  
Surgical  
Biopsy  
Region Specific  
Liver
Instruments used to obtain biopsy sample from the liver system.

Target Products:

  • Liver Biopsy Kit
  
Respiratory  
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.

Target Products:

  • Berman Angiographic/Reverse Berman Balloon Catheter Series
  
Surgical
General Procedure
Accessories
Guidewires
Surgical instruments used to lead other medical devices such as catheters into specific areas of the blood vessels

Buyer Products:

  • HydroSteer
  
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.

Buyer Products:

  • Ultimum Hemostasis Introducers
  • Livewire Cannulator
  • Peel-Away Introducers
  • Apeel CS Catheter Delivery System Series

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:

  • Angio-Seal
  
Occlusion  
Catheters
Surgical catheters used to block/stop the flow of blood during vascular procedures

Buyer Products:

  • Proxis Proximal Embolic Protection System
  
Outsourced Services  
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Medical Devices
Contract Manufacturing Organizations that manufacture (and/or design, develop) medical devices and products for other organizations.

Buyer Products:

  • Advanced Neuromodulation Systems Hi-tronics Designs, Inc.
  • Advanced Neuromodulation Systems Micronet Medical, Inc.
  

- 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
Overlap
  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
Buyer
  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
Edwards Lifesciences Corp n/a 2,618.645 22.21 22.27 2.46 2.45 6.91
ArthroCare Corporation n/a 1,352.332 36.71 32.30 4.48 4.23 6.74
Hansen Medical, Inc. n/a 658.655 0.00 -18.07 111.83 71.94 10.06
Datascope Corporation n/a 565.187 22.86 23.53 1.49 n/a 2.27
Greatbatch Inc. n/a 447.524 32.75 15.25 1.50 1.42 7.30
PharMerica Corporation n/a 422.670 0.00 48.62 0.47 0.22 6.09
Synovis Life Technologies, Inc. n/a 251.759 66.08 n/a 3.71 n/a 3.25
Northstar Neuroscience, Inc. n/a 240.420 0.00 -9.56 n/a 21.81 2.81
CryoLife, Inc. n/a 220.870 55.01 34.52 2.43 2.36 4.25
AtriCure Inc. n/a 183.840 0.00 -13.68 4.02 3.78 6.05
Cardica, Inc. n/a 138.726 0.00 -8.97 31.48 21.02 7.44
EnteroMedics Inc. n/a 134.061 0.00 n/a n/a n/a 5.72
ATS Medical, Inc. n/a 125.233 0.00 -6.37 2.72 2.46 6.54
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
  Kensey Nash Corporation 55.00% 366.313 184.84 37.29 5.17 4.62 3.36
International Business Machines Corp. n/a 151,699.063 15.16 15.72 1.58 1.55 33.40
SurModics, Inc. n/a 989.905 295.74 35.79 13.53 9.97 10.22
Vital Signs, Inc. n/a 679.714 35.48 18.04 3.31 2.94 3.03
Symmetry Medical Inc. n/a 618.335 38.09 26.95 2.41 2.12 5.89
Stratasys, Inc. n/a 577.360 42.19 39.51 5.17 5.10 5.13
Greatbatch Inc. n/a 447.524 32.75 15.25 1.50 1.42 7.30
Anaren, Inc. n/a 253.254 17.71 22.28 1.94 1.82 1.98
NVE Corporation n/a 116.621 19.98 20.48 6.43 n/a 4.26
Datalink Corporation n/a 46.288 11.14 23.75 0.28 0.27 3.06
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
Buyer
  Government - United States n/a n/a n/a n/a n/a n/a n/a

- 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
  General Electric Company n/a 377,365.889 17.08 16.90 2.24 2.22 20.38
SurModics, Inc. n/a 989.905 295.74 35.79 13.53 9.97 10.22
Vital Signs, Inc. n/a 679.714 35.48 18.04 3.31 2.94 3.03
Hansen Medical, Inc. n/a 658.655 0.00 -18.07 111.83 71.94 10.06
Greatbatch Inc. n/a 447.524 32.75 15.25 1.50 1.42 7.30
Kensey Nash Corporation n/a 366.313 184.84 37.29 5.17 4.62 3.36
Cambridge Heart, Inc. n/a 64.718 0.00 -6.67 6.38 5.66 13.96
ProRhythm Inc. n/a n/a n/a n/a n/a n/a n/a
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 3,625.0 508.0 4,133.0
Other Revenue 0.0 0.0 0.0
Total Revenue 3,625.0 508.0 4,133.0
Cost of Revenue 974.7 252.1 1,226.8
SG&A Expense 1,334.2 136.9 1,471.1
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 460.8 27.2 488.0
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 35.0 1.8 36.8
Total Expenses 2,804.7 418.0 3,222.7
Operating Income 820.3 90.0 910.3
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -38.5 4.7 -33.8
Other, Net 7.9 -1.6 6.3
Income Before Taxes 789.7 93.1 882.8
Income Taxes 194.3 32.0 226.3
Income After Taxes 595.4 61.1 656.5
Net Income - Excl. Xord. Items 595.4 61.1 656.5
Net Income - Incl. Xord. Items 595.4 61.1 656.5
Income Avail. to Common 595.4 61.1 656.5
Share Items
Basic Avg. Shares Outstanding 340.4 45.2 385.5
Basic EPS - Excl. Xord. Items 1.75 1.35 1.70
Basic EPS - Incl. Xord. Items 1.75 1.35 1.70
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 350.2 45.7 395.9
F.D. EPS - Excl. Xord. Items 1.70 1.34 1.66
F.D. EPS - Incl. Xord. Items 1.70 1.34 1.66
Dividends Per Common Share 0.00 0.76 0.76
Balance Sheet
Assets
Cash and Equivalents 90.0 160.2 250.2
ST Investments 0.0 13.2 13.2
Accounts Receivable 987.2 104.8 1,092.0
Inventory 498.7 114.0 612.6
Prepayments and Advances 0.0 13.5 13.5
Other Current Assets 347.4 12.5 359.9
Current Assets 1,923.3 418.1 2,341.4
PPE 1,365.8 382.7 1,748.5
Accum D&A -617.8 -201.6 -819.4
PPE, Net 748.0 181.1 929.1
Goodwill & Intangibles 2,189.5 83.8 2,273.2
Other Assets 0.0 0.0 0.0
Other LT Assets 295.4 43.3 338.7
Total Assets 5,156.2 726.2 5,882.4
Liabilities
Accounts Payable 185.4 19.0 204.5
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 402.3 38.8 441.0
ST Debt 0.0 63.9 63.9
Curr Port of LTD & Cap Lease Oblg 0.0 1.0 1.0
Other (Current) Liabilities 0.0 15.7 15.7
Current Liab. 587.7 138.4 726.1
LT Debt 1,414.1 0.0 1,414.1
Total LT Debt 1,414.1 0.0 1,414.1
Deferred Taxes 154.7 11.4 166.1
Other LT Liab. 240.5 20.2 260.7
Total Liabilities 2,397.0 169.9 2,566.9
Shareholders Equity
Common Stock 34.2 45.7 79.9
Additional Paid in Capital 155.7 45.0 200.7
Retained Earnings 2,472.0 502.4 2,974.4
Unrealized Gain (Loss) 12.3 0.0 12.3
Treasure Stock 0.0 -50.7 -50.7
Other Equity 85.1 13.9 99.0
Total Equity 2,759.2 556.3 3,315.5
Total Liab. & Equity 5,156.2 726.2 5,882.4
Shares Outstanding 341.9 45.3 387.2
Cash Flow
Operating Cash Flow
CF Net Income 595.4 61.1 656.5
CF Depreciation 116.7 20.7 137.4
CF Amortization 75.8 7.7 83.4
CF Deferred Taxes 25.7 0.5 26.2
Other Non-Cash Items -69.8 7.7 -62.1
Change in Working Capital -18.0 -7.9 -25.9
Total Cash From Operating Activities 725.7 89.8 815.5
Investing Cash Flow (not calculated)
Capital Expenditures -281.2 -31.2 -312.4
Other Investing Cash Flows -35.0 -14.9 -49.9
Total Cash From Investing Activities -316.3 -46.1 -362.3
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -32.4 -32.4
Purchase Or Sale of Stock -781.7 7.4 -774.3
Purchase and Retirement of Debt -69.4 9.0 -60.4
Other Financing Cash Flow -8.4 0.2 -8.2
Total Cash From Financing Activities -397.2 -15.8 -413.0
Exchange Rate Effects 7.5 1.4 8.9
Net Change in Cash 19.8 29.4 49.1
Cash Taxes Paid 140.8 32.3 173.1
Cash Interest Paid 39.7 0.8 40.6