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% convertible notes, issued on June 6, 2022, borrowings under its amended and restated credit facility and cash on hand.
Conmed intends to provide additional guidance regarding the impact of the now completed transaction on 2022 financial results when it reports its second-quarter financial figures in late July.