ZOLL Medical Corporation, a manufacturer of resuscitation devices and related software solutions, announced today that it has been awarded a follow-on contract for Airworthy CCT defibrillators by the U.S. Defense Logistics Agency. If fully exercised, the potential revenue from the contract could approximate $30 million. The services that can order units against this contract are Army, Navy, Air Force, Marine Corps, and federal civilian agencies.
The Department of Defense will provide an upfront payment of $3.9 million for ZOLL to procure parts to build units to comply with inventory requirements. This payment will initially be included in deferred revenue. Recognition of revenue will occur depending upon how and when future orders are placed. ZOLL received a similar award in 2004, with four one-year extension options, all of which were exercised. This new agreement, initially for a one-year period, also contains four one-year agreement extension options.
“We are pleased, once again, to be chosen to provide equipment on a continuing basis to all military branches and federal civilian agencies with a quick turnaround to help ensure our nation’s state of readiness,” said Richard A. Packer, Chairman and CEO of ZOLL.
The date of performance completion is September 27, 2010, subject to contract extension. The Airworthy CCT is an advanced life support, critical care transport defibrillator and monitor.
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