GSI acquires Jadak for $93.5m to strengthen medical presence


GSI Group has reached a deal to buy Jadak Technologies and Jadak, a North Syracuse, New York-based provider of optical data collection and machine vision technologies to OEM medical device manufacturers. GSI bought the company for $93.5 million in cash.


‘Our agreement to acquire Jadak represents another significant milestone in GSI’s strategy to broaden our presence in the medical market. We are positioning GSI as a supplier of critical enabling technologies to major manufacturers of medical equipment,’ said John Roush, CEO of GSI.


Jadak is a supplier of camera- based technologies, which reduce medical errors and enhance safety in a wide range of medical equipment. The agreement is the latest step in GSI’s strategy to offer a broader range of highly engineered enabling technologies to leading medical equipment manufacturers. The addition of the Jadak technology


the company’s earnings in 2013, which equated to an increase of 25.8 per cent in total revenue compared to 2012.


GSI Group has recorded revenue for 2013 of $341.6 million. Excluding the boost from the NDS acquisition, the company’s revenue in 2013 increased approximately 1.5 per cent compared to 2012.


‘ GSI’s medical technologies sales more than tripled in the fourth quarter of 2013, as a result of a previous acquisition’


platforms will expand GSI’s portfolio of highly- differentiated enabling technologies to over a dozen distinct product families, which are sold into more than twenty medical applications. GSI’s medical technologies sales more than tripled in the fourth quarter of 2013, as a result of its acquisition of NDS Surgical Imaging, a manufacturer of medical imaging and informatics systems, at the beginning of 2013. The acquisition of NDS added $68.4 million to


The company’s laser-based revenue experienced year-over-year sales growth of 3 per cent in the fourth quarter of 2013, despite a 25 per cent reduction in sales to customers in the scientific market. GSI has signed a letter of intent to sell the company’s scientific lasers business line, sold under the Continuum brand name, for $7.5 million in cash.


GSI expects that the scientific laser business will qualify as ‘held for sale’ and will also be


reported as a discontinued operation in the first quarter of 2014. In 2013, the scientific laser business reported sales of $25 million and was approximately neutral to the company’s adjusted EBITDA. For 2014, GSI expects revenue from continuing operations of between $360 million to $370 million, representing year-over-year revenue growth of 14 per cent to 17 per cent on a reported basis. GSI expects the Jadak acquisition to add approximately $40 million in revenue.


IPG grows 14 per cent in Q4 2013


IPG Photonics has reported revenue growth of 14 per cent for Q4 2013, driven by 22 per cent increase in materials processing sales. The company ended the quarter with $448.8 million in cash and cash equivalents. Net income for the quarter increased by 5 per cent, with the company’s profitability and margins affected by a $5.9 million inventory provision and $1.6 million from foreign exchange transaction losses. Dr Valentin Gapontsev, IPG Photonics’ CEO, commented:


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‘High-power laser sales increased 24 per cent from the prior year, driven by cutting and welding applications, primarily used by automotive, heavy industry and general manufacturing. ‘For the full year, revenue


grew 15 per cent primarily from high-power fibre laser sales,’ added Gapontsev. Asia was the strongest performing region for the company geographically. In 2013, IPG expanded its R&D spending, as well as adding facilities and headcount in other areas.


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‘Looking ahead, we are excited by IPG’s prospects for growth in 2014,’ said Gapontsev. ‘Fibre laser technology continues to gain adoption over traditional laser technologies and non-laser technologies. The continued market penetration and acceptance of our existing products and new product introductions give us confidence in our opportunities to grow revenues, improve margins, and enter into new applications.’ IPG Photonics expects


revenue in the range of $160- $175 million for Q1 2014.


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