AngioDynamics, which has manufacturing plants in Queensbury and Lake George, has sold its dialysis and BioSentry biopsy product lines to Merit Medical Systems of Utah.
The sale price was reportedly $100 million in cash.
The sale includes Angio’s DuraFlow, DuraMax and other dialysis catheter brands as well as its BioSentry lung biopsy system. Angio had acquired BioSentry for $39.8 million from Surgical Specialties of Westwood, Mass., in 2018.
AngioDynamics is a medical device maker.
Officials estimated the company generated some $32 million in sales through the dialysis and biopsy businesses during fiscal year 2023.
Jim Clemmer, a chief executive at AngioDynamics, said the firm will focus the company on high-growth, next-generation products for treating cancer and improving blood flow to and from the heart. He said the strategy is to transition from a vascular product company into a medical technology company.
“This is right in line with what our strategic direction had been, but it gives us an opportunity to do that now from a significant net-cash position and not a net-debt position in a capital market environment that is really still up in the air,” said Steve Trowbridge, CFO and executive vice president.
Angio executives said the company had a strong fiscal year, with net sales of $338 million to $339 million.