UTICA, N.Y.–(BUSINESS WIRE)–CONMED Corporation (NASDAQ: CNMD) today announced that it has completed its previously announced acquisition of privately-held SurgiQuest, Inc. (SurgiQuest), which will become part of the CONMED Advanced Surgical business.
SurgiQuest develops, manufactures, and markets the AirSeal® System (AirSeal), the first integrated access management technology for use in laparoscopic and robotic procedures. AirSeal has been used in more than 250,000 procedures worldwide, with published clinical data demonstrating that AirSeal leads to shorter procedure times and reduced post-operative pain.
As indicated in its November 16, 2015 press release, CONMED expects that the acquisition will add $55 to $60 million to the Company’s revenue in fiscal year 2016, and net cost savings will approximate $15 million per year. As disclosed in the earlier press release, CONMED entered into a new credit facility as of January 4, 2016 to fund the acquisition, as described in the Form 8-K being filed today. The Company will provide additional guidance regarding the financial impact of the transaction when it reports fourth quarter financial results in late January.
About CONMED Corporation
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, neurosurgery and gastroenterology. The Company distributes its products worldwide from several manufacturing locations. CONMED has a direct selling presence in 16 countries outside the United States, and international sales constitute over 50% of the Company’s total sales. Headquartered in Utica, New York, the Company employs approximately 3,400 people. For more information, visit www.conmed.com.
About SurgiQuest, Inc.
SurgiQuest, Inc. is a privately-held venture-backed company, founded in May 2006. The Company develops, manufactures and markets innovative access technologies for minimally invasive surgery. SurgiQuest’s patented AirSeal System optimizes the laparoscopic environment and provides unparalleled stability in the abdominal cavity during MIS. Unlike conventional insufflation and trocar systems, the Company’s breakthrough integrated platform ensures stable pneumoperitoneum, continuously evacuates smoke and plume when energized medical devices such as electro-cautery, laser or ultrasound are used, and provides valve-free access to the abdominal cavity during both robotic and laparoscopic surgical procedures. AnchorPort®, Low Impact® Laparoscopy, AirSeal®, and SurgiQuest® are registered trademarks of SurgiQuest, Inc. All rights reserved. Additional information about SurgiQuest products can be found at www.surgiquest.com.