NuVasive Inc. (NSDQ:NUVA) said today it inked a deal to acquire intraoperative neurophysiological monitoring service provider SafePassage for an undisclosed amount.
NuVasive said the addition of SafePassage to its NuVasive Clinical Services make it the largest provider of outsourced IONM services with a total of 550 neurophysiologists and oversight physicians in the US.
“The acquisition of SafePassage advances the NuVasive services strategy and expands our ability to transform how spine procedures are approached, measured and valued from a clinical and economic perspective. As the only spine company in the world with dedicated neuromonitoring services operating at this elevated scale, and now with increased case coverage, we are uniquely positioned to deliver greater value across our procedurally-integrated portfolio. Just as important, the highly trained and well-respected SafePassage leadership and clinicians have earned the industry reputation of being among the best in the business, and we’re excited to partner with them to provide consistent and quality care to hundreds of surgeons and thousands of patients each year,” NuVasive global commercial exec VP Skip Kiil said in a press release.
The acquisition of SafePassage will be complementary to NCS’s geographical footprint, NuVasive said, as there’s minimal overlap between their exsiting healthcare accounts. The company said the acquisition would also accelerate the services business growth and allow it to reach key strategic markets and add significant new coverage, particularly on the east coast.
“For more than a decade, the team at SafePassage has been dedicated to serving patients and surgeons with premium quality intraoperative neurophysiological monitoring services to improve patient outcomes and reduce economic risk for hospitals and surgeons. We are extremely passionate about our vision to eradicate preventable healthcare injury, the third leading cause of death in the United States, and I look forward to joining forces with NuVasive to further our mission worldwide,” SafePassage CEO Dan Siegel said in a prepared statement.
In mid-October, NuVasive released its 3rd quarter earnings, posting earnings per share that topped expectations from analysts on Wall Street while its sales fell just short and announced an upcoming $100 million share repurchase program.
