Respironics Acquires Apollo Light Systems, Expands into Circadian Rhythm Device
Respironics Inc. has announced that it has acquired 100 percent of the outstanding shares of Apollo Light Systems Inc., a 20-year-old, privately held company and manufacturer of light therapy systems for melatonin suppression and circadian rhythm sleep disorders.
Operating under the name Apollo Health, the company is located in American Fork, Utah and has annual revenues of approximately $5 million. The base cash purchase price is $6.5 million, with provisions for additional payments to be made based on Apollo’s operating performance over the next year. Total potential earn out payments are less than the base purchase price.
“Apollo’s light therapy technologies further our strategy to expand into the broader sleep market. Apollo will become part of our Sleep Well Ventures business which is focused on pursuing opportunities in insomnia, circadian rhythm disorders and other sleep/wake market segments,” said John L. Miclot, President and CEO of Respironics. “Our intent is to broaden the scope of the company beyond our core business of obstructive sleep apnea and to enter white spaces where we can serve the needs of problems sleepers seeking medical devices that are easier and more natural to live with,” Miclot added.
This article originally appeared in the November 2007 issue of HME Business.