Enovis (NYSE: ENOV) today announced it would acquire Novastep and its foot and ankle minimally invasive surgical (MIS) platform for an undisclosed amount.
The transaction is subject to customary conditions and regulatory approvals. It is expected to close in the second quarter of 2023.
Novastep generates about $20 million in annual revenue. Its MIS platform, Pecaplasty, serves a rapidly growing portion of the bunion orthopedic segment, according to the company. Pecaplasty provides surgeons with predictable, accurate and controlled implant placement to enable faster recovery with reduced scarring and pain.
“Adding Novastep to our growing Foot & Ankle business is an important step in the execution of our strategic priorities and a great example of our focus on MedTech innovation that drives growth while improving patient outcomes,” CEO Matt Trerotola said in a news release. “We are excited to expand our portfolio of clinically differentiated foot and ankle solutions and accelerate our international strategy with Novastep’s market-leading innovation, and advanced technology.”
Through the acquisition, Enovis will strengthen its foot and ankle portfolio with Novastep’s CE marked forefoot and mid foot implant and strong OUS channel portfolio.
“We look forward to joining the Enovis team and developing the next generation of foot and ankle solutions that improve patient outcomes,” Novastep President and CEO Gregory Gledel said. “Like Enovis, we are committed to working with healthcare professionals to drive the industry forward and together, I know we will make an even greater impact around the world.”
