I-Flow Makes $2.9-Million Buy

I-Flow Corp. said Tuesday it acquired privately held InfuSystem II Inc. and Venture Medical Inc. for about $2.9 million in stock.

Detroit-based InfuSystem, with 1997 revenues of more than $6 million, supplies ambulatory infusion equipment to the oncology and hematology markets. Steve Watkins, president of InfuSystem, will continue as president of the InfuSystem unit of I-Flow.

The Lake Forest medical products company also said Tuesday that it narrowed its losses for the fourth quarter, although revenue declined 34%.

I-Flow lost $1.5 million, or 12 cents a share, for the quarter, compared with a net loss of $4.3 million, or 36 cents a share, for the fourth quarter of 1996. Revenue declined to $3.7 million from $5.6 million.

Net income for the year was $365,000, or 3 cents a share. This contrasts with a net loss of $7.4 million, or 68 cents a share, for 1996, which included a $9.3-million charge for purchased research and development and a restructuring costs related to the acquisition of Block Medical. Revenue grew 27% to $17.7 million from $13.9 million.