Agfa to acquire cardiology supplier Heartlab

18 April 2005

Mortsel, Belgium & Westerly, R.I., USA. Agfa-Gevaert has announced that it has reached an agreement to acquire all of the shares of Heartlab, Inc., a leading designer and supplier of image and information networks for cardiology. The transaction price consists of $132.5 million, to be settled in cash at closing, subject to regulatory approval. The acquisition is immediately cash accretive.

Combined with other recent acquisitions, this move strengthens Agfa's leadership position in healthcare IT significantly, enhancing its cardiology solutions portfolio. In addition, by acquiring Heartlab, Agfa expands its presence in U.S. hospitals. Cardiovascular conditions account for one out of every four hospital admissions in the U.S.

Heartlab was founded in 1994 and is headquartered in Westerly, Rhode Island (USA). In 2004, the company's 160 employees generated revenues of USD 38.3 million and EBITDA of USD 5.4 million. Heartlab customers include many of North America's leading academic and research cardiovascular care centers.

Consistently ranked as a top industry performer, Heartlab has pioneered the creation of industry standards and the development of clinical products that improve management of cardiovascular disease.

Agfa and Heartlab have been collaborating since December 2003, within a distribution agreement for Agfa's IMPAX(R) for Cardiology. The joint solution allows for the smooth integration of radiology and cardiology, the two most image intensive departments within hospitals, enabling information to flow more efficiently within the healthcare enterprise and facilitating management of the electronic patient record. This all-in-one solution incorporates the clinical technology and diagnostic tools of Heartlab with Agfa's integration and workflow expertise.

"The combination of Heartlab and Agfa will result in substantial growth based on an even more competitive solutions portfolio and our presence and reputations in leading hospitals around the world," said Ludo Verhoeven, Agfa's President & Chief Executive Officer. "This is an important step in implementing our healthcare strategy and fits well with recent acquisitions."

Philippe Houssiau, President of Agfa's HealthCare business group commented: "Heartlab, with its innovative drive and specialization in cardiology, and its market access in the United States, complements Agfa perfectly. Cardiology is a cornerstone of our healthcare IT strategy and with the integration of Heartlab, we are poised to become a leader in cardiology solutions worldwide. This move will allow us to further leverage our full HealthCare portfolio and it suits our holistic approach, unique to Agfa, whereby we provide integrated hospital-wide solutions and in-depth clinical know-how."

Heartlab Inc. CEO and co-founder Robert Petrocelli added: "Joining Agfa offers Heartlab new opportunities in global markets, and thereby strengthens the portfolio and benefits our customers and their patients. We are building on the successful cooperation between the two companies and excel in offering tightly integrated systems within a multi-modality environment." After the acquisition closes, Mr. Petrocelli will manage Agfa's Cardiology business unit.

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