Business Investments and Acquisitions

3 Months Ended

Sep. 30, 2020

Business Investments and Acquisitions

Minority Interest Investment

In the three months ended September 30, 2020, we acquired a minority interest in FUSMobile, Inc. (“FUSMobile”) for $4.0 million. FUSMobile is leading the development of novel, non-invasive tissue ablation procedures, utilizing high intensity focused ultrasound technology, which complements other therapies in our Pain Management franchise.

Acquisitions Completed in 2019

In the three months ended September 30, 2019, we completed the acquisition of substantially all of the assets of Endoclear, LLC and Summit Medical Products, Inc. In addition, we also completed the acquisition of NeoMed, Inc. (collectively, the “Acquisitions”). We accounted for the Acquisitions under the acquisition method of accounting for business combinations. Accordingly, the purchase price paid was allocated to the underlying net assets in proportion to their respective fair values. Any excess of the purchase price over the estimated fair values was recorded as goodwill. The final purchase price allocation for Acquisitions is shown in the table below (in millions):


	Purchase Price
Current assets acquired net of liabilities assumed	$	12.2
Property, plant and equipment	2.1
Identifiable intangible assets	36.4
Other non-current assets (liabilities), net	0.3
Deferred tax liabilities	(3.5)
Goodwill	19.3
Total	$	66.8

The following unaudited pro-forma information is presented in the table below for the three months and nine months ended September 30, 2019 as if each of the acquisitions had occurred on January 1 of the year prior to the acquisition date (in millions).


	Three Months Ended		Nine Months Ended
Unaudited	September 30, 2019		September 30, 2019
Net Sales	$	172.2	$	544.3

Net Loss	$	(21.2)	$	(50.2)

Loss per share:
Basic	$	(0.45)	$	(1.05)
Diluted	$	(0.45)	$	(1.05)