- CONMED ( NYSE: CNMD ) on Monday said it would acquire privately-held medical device start-up Biorez for a cash consideration of $85M at closing and up to an additional $165M in growth-based earnout payments over a four-year period.
- CNMD said it expects the deal to add around $1M in revenue and to be about $0.10 to $0.15 dilutive to adj. EPS. Thus the company now sees FY 2022 adj. EPS in the range of $3.25 to $3.45 vs. consensus EPS estimates of $3.42.
- The deal would be financed through the company's existing credit facility, CNMD said.
- New Haven, Conn.-based Biorez develops implant technology for the healing of soft tissues. Its BioBrace implant is cleared for use by the U.S. FDA.
- CNMD stock earlier closed largely flat.
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CONMED to acquire privately-held medical device start-up Biorez for $85M