Enovis to Acquire Novastep
Enovis Corporation (NYSE: ENOV) has announced its acquisition of Novastep, a leader in Minimally Invasive Surgery (MIS) for foot and ankle solutions, for approximately $20 million in annual revenues. This strategic move is aimed at enhancing Enovis' portfolio and global presence in the $3 billion foot and ankle market. The acquisition includes Novastep's innovative Pecaplasty bunion system, which offers superior patient outcomes by promoting quicker recovery and reduced discomfort. The transaction, subject to regulatory approval, is expected to finalize in Q2 2023, further solidifying Enovis' commitment to improving patient care and driving business growth.
- Acquisition of Novastep strengthens Enovis' foot and ankle portfolio.
- Novastep generates approximately $20 million in annual revenues.
- Integration of Novastep's Pecaplasty system potentially enhances patient outcomes and market share.
- Expansion into the $3 billion global foot and ankle market supports growth strategy.
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Strengthens Foot and Ankle Portfolio with Leading Minimally Invasive Surgery (MIS) Platform, including MIS Bunion System and Furthers Global Expansion Strategy
Wilmington, DE, April 03, 2023 (GLOBE NEWSWIRE) -- Enovis™ Corporation (NYSE: ENOV), an innovation-driven, medical technology growth company, today announced a definitive agreement to acquire Novastep®, a subsidiary of Amplitude Surgical SA (Paris: AMPLI), and global developer of clinically proven foot and ankle solutions. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2023.
Novastep, a fast-growing business with about
In addition, Novastep’s portfolio of CE marked forefoot and midfoot implants and strong OUS channel will further strengthen Enovis’ global position in the
“Adding Novastep to our growing Foot & Ankle business is an important step in the execution of our strategic priorities and a great example of our focus on MedTech innovation that drives growth while improving patient outcomes,” said Matt Trerotola, Chief Executive Officer of Enovis “We are excited to expand our portfolio of clinically differentiated foot and ankle solutions and accelerate our international strategy with Novastep’s market-leading innovation, and advanced technology.”
“We look forward to joining the Enovis team and developing the next generation of foot and ankle solutions that improve patient outcomes,” said Gregory Gledel, President and CEO of Novastep SAS. “Like Enovis, we are committed to working with healthcare professionals to drive the industry forward and together, I know we will make an even greater impact around the world.”
ABOUT ENOVIS
Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. The Company’s shares of common stock are listed in the United States on the New York Stock Exchange under the symbol ENOV. For more information about Enovis, please visit www.enovis.com.
Forward-Looking Statements
This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals, objectives, outlook, expectations and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on Enovis’ current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Enovis’ results to differ materially from current expectations include, but are not limited to factors detailed in Enovis’ reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K under the caption “Risk Factors,” as well as the other risks discussed in Enovis’ filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein.
Investor Relations Contact
Derek Leckow
Vice President, Investor Relations
Enovis Corporation
+1-302-421-1971
investorrelations@enovis.com
Media Contact
Katie Sweet
Vice President, Corporate Communications
Enovis Corporation
Katie.sweet@enovis.com
FAQ
What is the purpose of Enovis' acquisition of Novastep?
When is the acquisition of Novastep expected to close?
How much revenue does Novastep generate annually?
What is Pecaplasty and why is it significant?
What market segment does the acquisition target?
