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Home » Alphatec to purchase EOS Imaging

Alphatec to purchase EOS Imaging

February 28, 2020 By Danielle Kirsh

AlphatecAlphatec (NSDQ:ATEC) today said it would acquire EOS Imaging for $88 million, plus debt retirement of $33.9 million.

EOS Imaging develops rapid, low dose, biplanar, full-body imaging and 3D modeling capabilities. It captures a calibrated, full-body image in a standing position, offering precise measurement of anatomical angles and dimensions.

“This is a monumental transaction for ATEC,” CEO Pat Miles said in a news release. “While spine’s large players are investing in enabling technologies, we are thinking differently. We created a conduit to deliver information into the operating room with AlphaInformatiX. This transaction will integrate spine imaging and anatomical modeling onto the platform to actually inform the operative experience. By paring ATEC’s approach-based solutions with imaging founded on Nobel Prize-winning technology, we expect to significantly increase demand for ATEC hardware and EOS systems and create a formidable competitive advantage.”

The transaction is expected to expand Alphatec’s revenue base through EOS’s revenue run rate. The company expects the acquisition to be accretive to revenue, revenue growth, adjusted EBITDA and free cash flow in its first full year of operations.

“EOS is a fabulous, game-changing technology that has unquestionably improved the treatment of children, adolescents and adults with spinal deformity,” Christopher Shaffrey, chief of spinal surgery and spine care at Duke University Medical Center, said.

The Boards of Directors at both companies have approved the transaction. Alphatec will launch a tender offer for all issued and outstanding shares and convertible notes of EOS Imaging for a total purchase price of up to $122 million. The offer will consist of a cash tender offer price of €2.80 per EOS share, or at the option of each EOS shareholder, an exchange tender offer where each shareholder will receive 0.5 ATEC common shares per one EOS share.

“We are very enthusiastic about the opportunity to join the complementary strengths and know-how of EOS imaging and ATEC,” CEO of EOS Imaging Mike Lobinsky said. “I have no dory that our organizations will be able to quickly create a highly differentiated end-to-end offering that will accelerate growth in the U.S> in the short term, while we continue to expand internationally, paving the way for the future global growth of the combined entity.”

Filed Under: Imaging, Orthopedics Tagged With: Alphatec, Eos Imaging

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About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Design & Outsourcing, MassDevice, and Medical Tubing + Extrusion, and the founder of Women in Medtech and lead editor for Big 100. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at [email protected].

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