Company Will Take Charge for Acquisition
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IRVINE — CardioVascular Dynamics Inc. said Wednesday that it will take a third-quarter charge on its acquisition of Clinitec GmbH, its sales distributor in Germany and Switzerland.
The acquisition also will hurt sales during the third and fourth quarters as the company makes the transition from distributor to direct sales.
CardioVascular Dynamics said that after the acquisition it plans to market all three of its product groups in Germany through CardioVascular Dynamics-Clinitec, a newly created unit. These include vascular access and minimally invasive vascular surgery products.
The company reported a loss of $698,000, or 8 cents a share, for the third quarter last year on sales of $2.4 million. It generated sales of $2.6 million in the fourth quarter ended Dec. 31.
The stock moved up nearly 14% Wednesday to close at $9.38 a share, up $1.13, in Nasdaq trading.
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