Conmed completes $145M In2Bones acquisition

Conmed (NYSE:CNMD) announced today that it completed its previously announced acquisition of In2Bones Global.

Largo, Florida-based Conmed announced last month that it intended to acquire upper extremities device maker In2Bones Global for $145 million.

The $145 million figure was floated for the closing of the acquisition, with up to an additional $110 million in growth-based earnout payments laid out over a four-year period. Conmed said at the time that it expects approximately $20 million in revenue in the back half of the year related to the acquisition of In2Bones.

In2Bones develops, manufactures and distributes medical devices for the treatment of disorders and injuries of the upper (hand, wrist, elbow) and lower (foot and ankle) extremities, with its portfolio including implants, fracture systems, biologics and related hardware.

According to a news release, Conmed financed the transaction through a combination of the net proceeds of its 2.25%…

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Conmed beats The Street in Q1, announces $145M deal to acquire In2Bones

Conmed (NSDQ:CNMD) this week announced that it will acquire In2Bones Global for more than $145 million after it posted first-quarter results that beat the overall consensus on Wall Street.

The Largo, Florida-based minimally invasive medical device company reported profits of $14.96 million, or 47¢ per share, on sales of $242.3 million for the three months ended March 31, for a bottom-line gain of 51.9% on sales growth of 4.15% compared with Q1 2021.

Adjusted to exclude one-time items, earnings per share were 63¢, 1¢ ahead of The Street, where analysts were looking for sales of $242.3 million.

“I am pleased with our start to the year as we generated momentum and finished the quarter on a strong note,” CEO Curt Hartman said in a news release. “While we are facing larger than anticipated inflationary pressures, we remain confident in our longer-term prospects for both top and bottom-line growth.”

Conmed expects revenue for fiscal year 2022 to be in t…

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