The Pennsylvania-based Xodus provides a variety of products for patient positioning during surgery, including the Pink Pad cushioning systems designed to reduce the risk of pressure injuries, in addition to bed straps, infection prevention and other safety devices.
The company also markets electrosurgical tools and the See Sharp laparoscopic defogging hardware, as well as OR turnover kits and sterile processing equipment.
“The business has demonstrated an ability to grow at double-digit rates with its specialty product portfolio, a steady stream of new products, and a highly effective commercial team,” Steris President and CEO Dan Carestio said in a statement. The companies estimated Xodus’ 2026 revenue will reach $245 million.
The deal, expected to close by year’s end, includes a potential earnout consideration of up to $150 million for Xodus’ backers based on performance targets through 2028. Steris said it also expects the acquisition to generate tax benefits of about $300 million, resulting in a net price of about $1.8 billion. It will be financed primarily with debt.
“Joining a global leader like STERIS marks an exciting new chapter for our company and allows us to deliver even greater value to our Customers,” said Xodus CEO Craig Kaforey. “For our employees, this partnership opens incredible opportunities for professional growth and development across our entire organization.”
Steris previously underwent a targeted restructuring in 2024, following the $787 million sale of its dental segment and divestiture of its controlled environment services business for life sciences customers. The year prior saw it acquire surgical instrumentation assets from BD for $540 million.
Xodus, founded in 1993, received an FDA clearance for its Hot Pink Pad in April, for an underbody warming system to maintain the patient’s temperature during surgery. Harmful drops in temperature, clinically dubbed inadvertent perioperative hypothermia, have been associated with surgical site infections, blood loss, impaired drug metabolism and extended recovery, according to Xodus.
Meanwhile, the company said pressure injuries alone can add more than $40,000 to a single hospital stay.
