ConMed completes In2Bones acquisition

ConMed announced the acquisition in May. The transaction is financed through a combination of net proceeds from the company’s 2.25 percent convertible notes, issued on June 6, borrowings under the company’s amended and restated credit facility, and cash on hand. Sale terms included cash consideration of $145 million at closing and up to an additional $110 million in growth-based earnout payments over a four-year period.

In2Bones develops, manufactures, and distributes medical devices for the treatment of disorders and injuries of the hand, wrist, elbow, foot, and ankle. The company had revenue of $36.8 million in 2021 with expected double-digit revenue growth. ConMed officials anticipate the acquisition will add approximately $20 million in revenue for the second half of this year.

The company’s products will add to ConMed’s existing portfolio of surgical devices and equipment for minimally invasive procedures in orthopedics, general surgery, gynecology, thoracic surgery, and gastroenterology.

Now based in Florida, ConMed began in the Utica area and maintains a facility on French Road in New Hartford where it houses manufacturing, finance, human resources, legal, and other corporate functions.