Conmed Completes Acquisition of Surgiquest

Conmed Corporation has 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.