Galway couple collect $5.5m from sale of firm

A GALWAY couple have bagged $5.5 million from the sale of their medical devices company to a US firm, the Irish Examiner has learned.

John and Caroline O’Dea have sold their company, Caradyne Limited, to the Nasdaq-listed Respironics for cash and will also receive shares in the American firm.

Caradyne was founded by Mr O’Dea in 1998 and manufactures specialised respiratory therapy equipment at its plant in Galway. It products are sold through the US, Ireland, Britain and Europe.

Caradyne has revenues of $3.5m, though according to its last set of accounts filed at the Companies Registration Office, its profit and loss account had a negative balance of just over €400,000.

Respironics said that Caradyne’s novel air generation technologies are a good addition to its existing sleep and respiratory product portfolio and further enhance their product development efforts. The products are designed to reduce the patients’ work of breathing, improve oxygen uptake and is highly portable and easy to use.

“This strategic acquisition clearly fits into our market needs approach of developing or acquiring technologies that will meet the emerging needs of our customers and offer avenues for expansion of our business,” Respironic’s chief executive John Milcot said in a statement.

Attempts to contact Mr O’Dea for additional comment yesterday were unsuccessful.

He will remain on as general manager of the plant and become a director of Respironics.

Respironicss had sales of $356 million for the six months to December 2003 and net profits of $27 million.