Daily News logo Newsletter logo   Search News    

Synergetics Announces Closing of Strategic Agreement with Stryker Corporation

  Share This Story

O’FALLON, Mo. - (BUSINESS WIRE) - Synergetics USA, Inc. (NASDAQ: SURG), a medical device company that designs, manufactures, and markets innovative microsurgical instruments for ophthalmic and neurosurgical applications, today announced the closing of a strategic agreement with Stryker Corporation. The agreement includes the sale of Synergetics' accounts receivable, open sales orders, inventory and certain intellectual property related to the Omni product line. In addition, the agreement provides for Synergetics to supply disposable ultrasonic instrument tips and certain other consumable products used in conjunction with the Sonopet/Omni ultrasonic aspirator console and handpieces; and pursue certain development projects for new products associated with Stryker's intraoperative ultrasound products.

Synergetics will receive between $2.5 million and $3.0 million in proceeds from the transactions once all inventory transfers are completed.

"We believe the new strategic agreement with Stryker will be an important part in expanding our neurosurgery device sales," commented David Hable, the Company's President and Chief Executive Officer. "Stryker has committed significant resources to the Sonopet/Omni product line and has a very strong sales organization to market the product line in domestic and international markets.

Hable went on to say, "Since the agreement was announced in November 2009, we have been adjusting and streamlining our organization to ensure we are ready to support the transfer of certain assets to Stryker. We are in an excellent position to supply Synergetics' products to Stryker for use with the ultrasonic aspirator products, and we are looking forward to working with Stryker on the development programs.

"The proceeds from the Stryker transaction will be used primarily to pay down lines of credit to strengthen our balance sheet and improve our financial flexibility. We also hope to see increased sales of disposable ultrasonic instrument tips to Stryker in the future," concluded Mr. Hable.

About Synergetics USA, Inc.

Through continuous improvement and development of our people, our mission is to design, manufacture and market innovative microsurgical instruments, capital equipment, accessories and disposables of the highest quality in order to assist and enable surgeons who perform microsurgery around the world to provide a better quality of life for their patients.

Synergetics USA, Inc. (the "Company" ) is a leading supplier of precision microsurgery instrumentation. The Company's primary focus is on the microsurgical disciplines of ophthalmology and neurosurgery. Our distribution channels include a combination of direct and independent sales organizations and important strategic alliances with market leaders. The Company's product lines focus upon precision engineered, microsurgical, hand-held instruments and the delivery of various energy modalities for the performance of less invasive microsurgery including: (i) laser energy, (ii) ultrasonic energy, (iii) radio frequency for electrosurgery and oblation and (iv) visible light energy for illumination, and where applicable, simultaneous infusion (irrigation) of fluids into the operative field. The Company's website address is http://www.synergeticsusa.com. The website address for the Pinnacle 360OTM is http://www.synergeticsusa.com/pinnacle360/.

Forward-Looking Statements

Some statements in this release may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the year ended July 31, 2009, as updated from time to time in our filings with the Securities and Exchange Commission. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.

Synergetics USA, Inc.
Pamela G. Boone, Chief Financial Officer, 636-939-5100
http://www.synergeticsusa.com



 
Support Wikipedia

NeswBlaze top writers

Find more stories recommended by Stumbleupon.

newsletter logo

What's Hot?
1 .Supermodel Bar Refaeli Adorns the Cover of the 2009 Sports Illustrated Swimsuit Issue on Newsstands Today! - 139
2 .Go Social Film Magazine Partners with the San Jose Short Film Festival to Stream Official Selections Online to a Global Audience via iPad - 37
3 .Africa Oil Operations Update - 31
4 ."K-1 Rising 2012 - K-1 World Max Final 16 2012" Announces May 27 Pay-Per-View Ustream Channel - 28
5 .Oprah Winfrey Come Out of The Closet! Admit You're a Lesbian! - 24
6 .Photos: Valkyrie MEDEVAC - 35
7 .These 10 Comfortable Walking Shoes Are a Step in the Right Direction - 27
8 .WeDoRecover Expands Drug and Alcohol Treatment Centre Network with a New Partner Rehab Centre in Durban, South Africa That Will Focus on Upmarket South African and UK, English Patients - 23
9 .F-Secure Protection Service for Business Now Protects Mobile Devices Too - 21
10 .Give a Great Valedictorian Speech - Joey Asher - 20
Updated: 16:15 PDT     3122

NewsBlaze Editors

editors

NewsBlaze Writers

news writer images

Writers Wanted

Help NewsBlaze provide daily news, including top stories, Home and Garden, Technology, The Environment and more. NewsBlaze Writer

Follow NewsBlaze

NewsBlaze Social Media Logos NewsBlaze Facebook NewsBlaze LinkedIn NewsBlaze Twitter NewsBlaze YouTube NewsBlaze MySpace NewsBlaze Fan Page NewsBlaze StumbleUpon NewsBlaze Political Cartoons NewsBlaze Editorial Cartoons
NewsBlaze 
Copyright © 2004-2012 NewsBlaze LLC
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice |         Press Room