MURRAY HILL, N.J.--(BUSINESS WIRE)--Aug. 18, 2004--C. R. Bard,
Inc. (NYSE-BCR) today announced that it has entered into an agreement
to sell certain assets of its Endoscopic Technologies Division to
Conmed Corporation (NASDAQ-CNMD), for $80 million.
The Endoscopic Technologies Division, located in Billerica,
Massachusetts, manufactures and markets devices and accessories used
primarily by gastroenterologists for endoscopic procedures. Annual net
revenue associated with the divested assets was approximately $54
million in 2003 and $31 million for the six months ended June 30,
2004. The company's enteral feeding and endoscopic suturing product
lines are not included in the agreement and will be transferred to
other Bard business units. A closing date is anticipated within 60
"The sale of our endoscopic assets is consistent with our
previously stated strategic investment objectives," commented Timothy
M. Ring, chairman and chief executive officer. "We believe this
transaction enhances our long term growth profile and is in the best
interest of our shareholders. We are grateful to the many dedicated
employees who helped build this franchise and wish them well as they
transition to the Conmed organization."
The Company expects to record a gain from this transaction in the
second half of 2004. Excluding this gain, the Company's earnings
guidance remains unchanged. Additionally, adjusting prior year results
to exclude the products being divested, the Company's third and fourth
quarter revenue growth guidance also remains unchanged.
C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill,
N.J., is a leading multinational developer, manufacturer and marketer
of innovative, life-enhancing medical technologies in the fields of
vascular, urology, oncology and surgical specialty products.
This press release may contain forward-looking statements, the
accuracy of which is necessarily subject to risks and uncertainties.
Please refer to our June 30, 2004 10-Q for a statement with regard to
forward-looking statements, including disclosure of the factors that
could cause actual results to differ materially from those expressed
CONTACT: C. R. Bard, Inc.
Eric J. Shick
Vice President, Investor Relations
Holly P. Glass
Vice President, Government and Public Affairs
SOURCE: C. R. Bard, Inc.