MINNEAPOLIS, July 26, 2017 /PRNewswire/ -- Cogentix Medical, Inc. (NASDAQ: CGNT), a global medical device company focused on providing the Urology, Uro/Gyn and Gynecology markets with innovative and proprietary products, today announced that it has acquired privately held Genesis Medical based in London, United Kingdom. The transaction is expected to generate incremental revenue to Cogentix during the second half of 2017 of approximately $0.8 million and over $2.0 million of incremental revenue in 2018. Genesis sells and markets a variety of products to urologists within the United Kingdom and has been
the exclusive U.K. distributor of Cogentix's PrimeSight™ endoscopy systems since 2013.
"The purchase of Genesis Medical is our second business development transaction this month and follows our announcement last week of an Endo-Urology product line launch in the U.S.," said Darin Hammers, President & CEO of Cogentix. "Genesis has been our highly productive PrimeSight partner in the U.K. for the past four years, and they have exceptionally strong customer relationships in the British urology market. We believe that during the second half of this year our urology products revenue growth rate will exceed the first half's 11 percent and Genesis will contribute to this acceleration."
Under the terms of the acquisition agreement, Cogentix has purchased the tangible assets of Genesis and will pay up to £515,000 for the ongoing business, dependent on Genesis achieving certain revenue milestones through March of 2019. During 2016 Genesis Medical generated more than $3 million in total revenue and was profitable.
About Cogentix Medical
Cogentix Medical, Inc., headquartered in Minnetonka, Minnesota, with additional operations in New York, Massachusetts, The Netherlands and the United Kingdom, is a global medical device company. We design, develop, manufacture and market products for flexible endoscopy with our unique PrimeSight™ product lines featuring a streamlined visualization system and proprietary sterile disposable microbial barrier providing users with efficient and cost
effective endoscope turnover while enhancing patient safety. We also commercialize the Urgent® PC Neuromodulation System, an FDA-cleared device that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder (OAB). OAB is a chronic condition that affects approximately 42 million U.S. adults. The symptoms include urinary urgency, frequency and urge incontinence. We also offer Macroplastique®, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on Cogentix Medical and our products, please visit us at www.cogentixmedical.com
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Cogentix Medical, Inc.
Brett Reynolds, SVP and CFO
Brian Moore/Doug Sherk
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SOURCE Cogentix Medical, Inc.