Medtronic (NYSE:MDT) today said it closed a buyout of hearing aid maker Sophono for an undisclosed amount and plans to integrate it into its ear, nose & throat business.
Boulder, Colo.-based Sophono sells its magnetic hearing implants in 42 countries. The devices, intended for patients 5 years and older with single-sided deafness or conductive mixed hearing loss, are designed to transmit sound through the skin, Medtronic said.
"As the leader in ENT products and therapies, Medtronic is proud to add Sophono’s minimally invasive, low profile hearing implants to our extensive otologic portfolio," surgical technologies president Mark Fletcher said in prepared remarks. "This acquisition enables us to partner with more surgeons worldwide to help more patients experience better hearing."
Medtronic said it plans to report Sophono sales as part of the surgical technologies division within its restorative therapies business. Although the Fridley, Minn.-based company said it expects the deal to meet its "long-term financial metrics" for acquisitions, the Sophono buyout is not expected to add materially to earnings.
Medtronic this year closed the largest merger in medtech history when it paid $50 billion for Covidien.