Poly Medicure , a leading medical device manufacturer, has announced the acquisition of a 90% stake in PendraCare Group, a Netherlands-based interventional cardiology company, for EUR 14.2 million. This strategic move is set to bolster Poly Medicure's global presence in the cardiology sector and expand its product portfolio.

Transaction Details

The acquisition includes:

• An upfront equity consideration of EUR 11.00 million
• Assumption of EUR 3.20 million in inter-group loan liabilities
• Taking over EUR 2.90 million in net debt

The deal values PendraCare at:

• 1.8x EV/revenue
• 13x EV/EBITDA (based on PendraCare's 2024 financial performance)

PendraCare Group Overview

PendraCare Group, headquartered in Leek, Netherlands, is a well-established player in the interventional cardiology space. Key highlights include:

• Specialization in guiding and diagnostic catheters
• Serving over 35 countries through more than 50 distributor relationships
• 2024 financial performance:
  • Revenue: EUR 9.90 million
  • EBITDA: EUR 1.40 million
  • Gross margins: 74%

Strategic Rationale

Rahul Gautam, President of Corporate Strategy & Development at Poly Medicure, highlighted the strategic importance of the acquisition:

1. Expansion into the global cardiology market
2. Access to highly regulated markets with necessary product approvals
3. Manufacturing footprint in Europe with FDA-approved facilities
4. Potential for significant synergies in manufacturing, R&D, and distribution

Synergies and Growth Prospects

Poly Medicure expects:

• EUR 3-4 million in incremental EBITDA synergies over the next 3-4 years
• PendraCare to reach EUR 25.00 million in revenue by 2030, driven by:
  • Deeper market penetration with existing products
  • Expansion into new markets leveraging Poly Medicure's distribution strength
  • Development and commercialization of new high-end products in neuro and structural heart segments

Operational Efficiency

PendraCare is consolidating operations:

• Moving from three locations to a single facility
• New facility details:
  • Total space: 2,300 square meters
  • Cleanroom area: 1,100 square meters
• Expected to improve operational efficiency without reducing production capacity

Future Outlook

This acquisition aligns with Poly Medicure's strategy to grow its cardiology business globally. The company plans to:

• Leverage PendraCare's existing distribution network
• Introduce its own products, including Drug Eluting Stents, in European and other international markets (pending regulatory approvals)

Himanshu Baid, Managing Director of Poly Medicure, stated, "This acquisition is a significant step in our global expansion strategy for the cardiology segment. We are excited about the potential synergies and the opportunity to bring innovative cardiology products to a wider market."

The remaining 10% stake in PendraCare, currently held by CEO Sander Hartman, is set to be acquired in 2030 based on the company's 2029 EBITDA performance.

As Poly Medicure integrates PendraCare into its operations, the medical device industry will be watching closely to see how this strategic move shapes the company's future in the global cardiology market.

Poly Medicure Limited , a prominent player in the medical devices industry, has announced a final dividend of ₹3.50 per equity share for the financial year 2024-25. The company has set September 18, 2025, as the record date for determining shareholders eligible for the dividend payout.

Key Details of the Dividend Announcement

Shareholder Approval and AGM

The final dividend is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for September 25, 2025. The company's share transfer books will remain closed during the book closure period to facilitate the dividend distribution process.

Regulatory Compliance

In compliance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Poly Medicure has informed the stock exchanges about the record date and book closure details. The company secretary, Avinash Chandra, has signed the official intimation to the BSE Limited and the National Stock Exchange of India Limited.

Company Background

Poly Medicure Limited, with its registered office in New Delhi, is known for its contributions to the medical devices sector.

Investors and shareholders are advised to take note of the important dates related to the dividend announcement and the upcoming Annual General Meeting. The dividend payout, once approved by shareholders, will reward investors for their continued support of the company's growth and performance in the fiscal year 2024-25.