CONMED Announces Definitive Agreement to Acquire Biorez, Inc.
CONMED Corporation (NYSE: CNMD) has announced its acquisition of Biorez, Inc. for $85 million, with potential earnout payments reaching $165 million. This strategic purchase aims to enhance CONMED's sports medicine portfolio through Biorez's proprietary BioBrace® Implant technology, which promotes soft tissue healing. The deal will contribute an estimated $1 million in revenue to CONMED's 2022 outlook but is expected to be dilutive to cash earnings per share in the short term. A conference call will provide further details for investors.
- Acquisition of Biorez enhances CONMED's sports medicine portfolio.
- BioBrace® technology is FDA-cleared and promotes soft tissue healing.
- Expected to add $1 million in revenue for the full year 2022.
- Acquisition is expected to dilute adjusted cash earnings per share by $0.10 to $0.15 in 2022 and 2023.
- Through this acquisition, CONMED acquires next generation bioinductive collagen scaffold technology for application in sports medicine soft tissue healing
-
CONMED to host conference call today at
4:30 p.m. ET
Biorez is a medical device start-up based in
“The addition of Biorez and its BioBrace® platform represents an important step forward for our sports medicine portfolio,” commented
“Kevin and his team have created an extraordinary biomedical device that can improve the standard of care in sports medicine procedures,” commented
Financial Highlights and Update to 2022 Outlook
CONMED expects this acquisition to add approximately
CONMED expects the acquisition to be approximately
Conference Call
The Company’s management will host a conference call today at
To participate in the conference call via telephone, please click here to pre-register and obtain the dial-in number and passcode.
This conference call will also be webcast and can be accessed from the “Investors” section of CONMED's website at www.conmed.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
Advisors
About
CONMED is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, thoracic surgery, and gastroenterology. For more information, visit www.conmed.com.
About
Biorez is a
Forward-Looking Statements
This press release may contain forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. For example, in addition to general industry and economic conditions, factors that could cause actual results to differ materially from those in the forward-looking statements may include, but are not limited to, the risks posed to the Company’s business, financial condition, and results of operations by the COVID-19 global pandemic and the various government responses to the pandemic, including deferral of surgeries, reductions in hospital and ambulatory surgery center operating volumes, disruption to potential supply chain reliability; the ability of CONMED to advance Biorez’s product lines following the Merger, including challenges and uncertainties inherent in product research and development, and the uncertain impact, outcome and cost of ongoing and future clinical trials and market studies; uncertainties as to the timing for completion of the Merger; the possibility that various conditions to complete the Merger may not be satisfied or waived; transaction costs in connection with the Merger; the potential effects of the Merger on relationships with employees, customers, other business partners or governmental entities; any assumptions underlying any of the foregoing; as well as risk factors discussed in the Company’s Annual Report on Form 10-K for the full year ended
The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005714/en/
Chief Financial Officer
727-214-2975
ToddGarner@conmed.com
Source:
FAQ
What is the significance of CONMED's acquisition of Biorez, Inc.?
How much is CONMED paying for Biorez, Inc.?
When is the acquisition of Biorez expected to close?