SurModics buys catheter maker NorMedix

January 11, 2016 By MDO Editor

SurModics said it acquired NorMedix for $14M, including $7M in up-front cash and another $7M in revenue milestones.

Plymouth, Minn.-based NorMedix makes thin-walled catheters, according to SurModics, which inked a $32M deal for Creagh Medical late last year.

Eden Prairie, Minn.-based SurModics, which saw its share price take a hit after it lowered its guidance due to the Creagh buyout, lowered its as-reported earnings outlook from 38¢ to 43¢ per share to between 30¢ and 35¢ per share (adjusted EPS are still pegged at 66¢ to 75¢). The company raised its revenue outlook from between $60 and $64 million to between $62 million to $66 million.