EK » Topics » OREX Computed Radiography Ltd.

This excerpt taken from the EK 10-Q filed Dec 12, 2005.

OREX Computed Radiography Ltd.

On March 3, 2005, the Company completed the acquisition of OREX Computed Radiography Ltd. (OREX) for $51 million, inclusive of cash on hand at closing which totaled approximately $4 million.  OREX is a leading provider of compact, robust computed radiography systems that enables medial practitioners to acquire patient x-ray images digitally.  The acquisition will add the technology of OREX’s small format computed radiography products for use in various health imaging markets, such as orthopedics, diagnostic imaging centers, dentistry, and industrial non-destructive testing (NDT).  OREX has become a wholly owned subsidiary and operates within the Company’s Health segment.

The preliminary purchase price allocation, which is subject to adjustment based upon the final closing balance sheet, is as follows:

At March 3, 2005 – (in millions)

Current assets

 

$

18

 

Intangible assets (including in-process R&D)

 

 

15

 

Other non-current assets (including PP&E)

 

 

2

 

Goodwill

 

 

28

 

 

 



 

Total assets acquired

 

$

63

 

 

 



 

Current liabilities

 

$

12

 

 

 



 

Total liabilities assumed

 

$

12

 

 

 



 

Net assets acquired

 

$

51

 

 

 



 

Of the $15 million of acquired intangible assets, $2 million was assigned to research and development assets that were written off at the date of acquisition.  This amount was determined by identifying research and development projects that had not yet reached technological feasibility and for which no alternative future uses exist.  The value of the projects identified to be in progress was determined by estimating the future cash flows from the projects once commercialized, less costs to complete development and discounting these net cash flows back to their present value.  The discount rate used for these five research and development projects was 18%.  The charges for the write-off were included as research and development costs in the Company’s Consolidated Statement of Operations for the three months ended March 31, 2005.


PAGE 26

The remaining $13 million of intangible assets, which relate to developed technology and customer relationships, have useful lives ranging from five to fifteen years.  The $28 million of goodwill will be assigned to the Health segment.

2004

This excerpt taken from the EK 10-Q filed Dec 12, 2005.

OREX Computed Radiography Ltd.

On March 3, 2005, the Company completed the acquisition of OREX Computed Radiography Ltd. (OREX) for $53 million, inclusive of cash on hand at closing which totaled approximately $5 million.  OREX is a leading provider of compact, robust computed radiography systems that enables medical practitioners to acquire patient x-ray images digitally.  The acquisition will add the technology of OREX’s small format computed radiography products for use in various health imaging markets, such as orthopedics, diagnostic imaging centers, dentistry, and industrial non-destructive testing (NDT).  OREX has become a wholly owned subsidiary and operates within the Company’s Health segment.

The preliminary purchase price allocation, which is subject to adjustment based upon the final closing balance sheet, is as follows:

At March 3, 2005 – (in millions)

Current assets

 

$

18

 

Intangible assets (including in-process R&D)

 

 

15

 

Other non-current assets (including PP&E)

 

 

2

 

Goodwill

 

 

31

 

 

 



 

Total assets acquired

 

$

66

 

 

 



 

Current liabilities

 

$

13

 

 

 



 

Total liabilities assumed

 

$

13

 

 

 



 

Net assets acquired

 

$

53

 

 

 



 

Of the $15 million of acquired intangible assets, approximately $2 million was assigned to research and development assets that were written off at the date of acquisition.  This amount was determined by identifying research and development projects that had not yet reached technological feasibility and for which no alternative future uses exist.  The value of the projects identified to be in progress was determined by estimating the future cash flows from the projects once commercialized, less costs to complete development and discounting these net cash flows back to their present value.  The discount rate used for these research and development projects was 15%.  The charges for the write-off were included as research and development costs in the Company’s Consolidated Statement of Operations for the six months ended June 30, 2005.


PAGE 31

The remaining $13 million of intangible assets, which relate to developed technology and customer relationships, have useful lives ranging from five to fifteen years.  The $31 million of goodwill is assigned to the Health segment.

2004

This excerpt taken from the EK 10-Q filed Nov 9, 2005.

OREX Computed Radiography Ltd.

On March 3, 2005, the Company completed the acquisition of OREX Computed Radiography Ltd. (OREX) for $54 million, inclusive of cash on hand at closing which totaled approximately $5 million.  OREX is a leading provider of compact, robust computed radiography systems that enables medical practitioners to acquire patient x-ray images digitally.  The acquisition will add the technology of OREX’s small format computed radiography products for use in various health imaging markets, such as orthopedics, diagnostic imaging centers, dentistry, and industrial non-destructive testing (NDT).  OREX has become a wholly owned subsidiary and operates within the Company’s Health segment.

The preliminary purchase price allocation, which is subject to adjustment based upon the final closing balance sheet, is as follows:

At March 3, 2005 – (in millions)

Current assets

 

$

18

 

Intangible assets (including in-process R&D)

 

 

15

 

Other non-current assets (including PP&E)

 

 

2

 

Goodwill

 

 

32

 

 

 



 

Total assets acquired

 

$

67

 

 

 



 

Current liabilities

 

$

13

 

 

 



 

Total liabilities assumed

 

$

13

 

 

 



 

Net assets acquired

 

$

54

 

 

 



 


PAGE 29

Of the $15 million of acquired intangible assets, approximately $2 million was assigned to research and development assets that were written off at the date of acquisition.  This amount was determined by identifying research and development projects that had not yet reached technological feasibility and for which no alternative future uses exist.  The value of the projects identified to be in progress was determined by estimating the future cash flows from the projects once commercialized, less costs to complete development and discounting these net cash flows back to their present value.  The discount rate used for these research and development projects was 15%.  The charges for the write-off were included as research and development costs in the Company’s Consolidated Statement of Operations for the nine months ended September 30, 2005.

The remaining $13 million of intangible assets, which relate to developed technology and customer relationships, have useful lives ranging from five to fifteen years.  The $32 million of goodwill is assigned to the Health segment.

2004

This excerpt taken from the EK 10-Q filed Aug 9, 2005.

OREX Computed Radiography Ltd.

On March 3, 2005, the Company completed the acquisition of OREX Computed Radiography Ltd. (OREX) for $53 million, inclusive of cash on hand at closing which totaled approximately $5 million.  OREX is a leading provider of compact, robust computed radiography systems that enables medical practitioners to acquire patient x-ray images digitally.  The acquisition will add the technology of OREX’s small format computed radiography products for use in various health imaging markets, such as orthopedics, diagnostic imaging centers, dentistry, and industrial non-destructive testing (NDT).  OREX has become a wholly owned subsidiary and operates within the Company’s Health segment.

The preliminary purchase price allocation, which is subject to adjustment based upon the final closing balance sheet, is as follows:

At March 3, 2005 – (in millions)

Current assets

 

$

18

 

Intangible assets (including in-process R&D)

 

 

15

 

Other non-current assets (including PP&E)

 

 

2

 

Goodwill

 

 

31

 

 

 



 

Total assets acquired

 

$

66

 

 

 



 

Current liabilities

 

$

13

 

 

 



 

Total liabilities assumed

 

$

13

 

 

 



 

Net assets acquired

 

$

53

 

 

 



 

Of the $15 million of acquired intangible assets, approximately $2 million was assigned to research and development assets that were written off at the date of acquisition.  This amount was determined by identifying research and development projects that had not yet reached technological feasibility and for which no alternative future uses exist.  The value of the projects identified to be in progress was determined by estimating the future cash flows from the projects once commercialized, less costs to complete development and discounting these net cash flows back to their present value.  The discount rate used for these research and development projects was 15%.  The charges for the write-off were included as research and development costs in the Company’s Consolidated Statement of Earnings for the six months ended June 30, 2005.

The remaining $13 million of intangible assets, which relate to developed technology and customer relationships, have useful lives ranging from five to fifteen years.  The $31 million of goodwill is assigned to the Health segment.

2004

This excerpt taken from the EK 10-Q filed May 9, 2005.

OREX Computed Radiography Ltd.

On March 3, 2005, the Company completed the acquisition of OREX Computed Radiography Ltd. (OREX) for $51 million, inclusive of cash on hand at closing which totaled approximately $4 million.  OREX is a leading provider of compact, robust computed radiography systems that enables medial practitioners to acquire patient x-ray images digitally.  The acquisition will add the technology of OREX’s small format computed radiography products for use in various health imaging markets, such as orthopedics, diagnostic imaging centers, dentistry, and industrial non-destructive testing (NDT).  OREX has become a wholly owned subsidiary and operates within the Company’s Health segment.

The preliminary purchase price allocation, which is subject to adjustment based upon the final closing balance sheet, is as follows:

At March 3, 2005 – (in millions)

 

 

 

 


 

 

 

 

Current assets

 

$

18

 

Intangible assets (including in-process R&D)

 

 

15

 

Other non-current assets (including PP&E)

 

 

2

 

Goodwill

 

 

28

 

 

 



 

Total assets acquired

 

$

63

 

 

 



 

Current liabilities

 

$

12

 

 

 



 

Total liabilities assumed

 

$

12

 

 

 



 

Net assets acquired

 

$

51

 

 

 



 

Of the $15 million of acquired intangible assets, $2 million was assigned to research and development assets that were written off at the date of acquisition.  This amount was determined by identifying research and development projects that had not yet reached technological feasibility and for which no alternative future uses exist.  The value of the projects identified to be in progress was determined by estimating the future cash flows from the projects once commercialized, less costs to complete development and discounting these net cash flows back to their present value.  The discount rate used for these five research and development projects was 18%.  The charges for the write-off were included as research and development costs in the Company’s Consolidated Statement of Earnings for the three months ended March 31, 2005.


PAGE  25

The remaining $13 million of intangible assets, which relate to developed technology and customer relationships, have useful lives ranging from five to fifteen years.  The $28 million of goodwill will be assigned to the Health segment.

2004

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