Fortimedix Surgical announced today that it has been acquired by medtech giant Medtronic (NYSE:MDT).
“We are pleased to share that Fortimedix Surgical was acquired by Medtronic,” the company wrote on LinkedIn. “A unique opportunity to leverage our articulating instrument technology for application across patient therapies. We look forward to joining Medtronic.”
Fortimedix develops proprietary articulating instrument technology that it says “challenges conventional methods.” The company aims to set a new standard for robotic and non-robotic endoscopic therapeutic intervention and minimally invasive surgery.
According to the Fortimedix website, it created fully laser-cut product architecture, with multiple layers of laser-cut tube nested and welded together. The company says it transforms low-cost metal tubes into flexible articulating shafts. These shafts have hundreds of moving parts and complex functionality in the assembled state.
The proprietary technology offers utility in endoscopic therapeutic interventions and minimally invasive surgery, enabling early-stage surgical intervention endoscopically, otherwise known as endoluminal surgery.
Medtronic leadership earlier this week outlined its plan to pursue acquisitions like this one on its second-quarter earnings call. When asked about M&A strategy, Martha said the company targets tuck-in acquisitions with a “top-down approach.”
“We’re looking at our leadership team, looking at the areas we’re prioritizing and really looking to those areas to be priority areas for M&A,” Martha said. “It’s our high-growth markets and segments, but also some of our well-established businesses, from time to time, need some tuck-in support to keep them going.”
The world’s largest medical device company is moving forward with its Hugo soft-tissue surgical robotics system, with plans to submit Hugo to the FDA for urology indications in early 2025.
