Natus Medical (NSDQ:BABY) said yesterday that it inked a deal to sell its subsidiary Medix Medical Devices in an employee-led buyout.
In the sale, Pleasanton, Calif.-based Natus Medical said it is offloading the Medix line of products including incubators and warmers.
Natus said that Medix will continue to distribute the Medix products as well as the previously distributed line of Natus products and other third party products in Argentina and Venezuela. The separated Medix will also provide customer service, sales, customer support and warranty and repair services for the products.
“This divestiture is an important step toward refocusing our business on our core products and investing in the markets we expect to grow in the future. We remain committed to the markets we serve, and will ensure a smooth and orderly transition for our customers and employees,” prez & CEO Jonathan Kennedy said in a press release.
Medix posted $7.6 million in revenue last year and was expected to add $6 million to Natus’s revenue this year.
Natus said that it expects the divestiture to be accretive to its operating income margin going forward, with $3 million to $4 million in expenses related to the sale.
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