The company had previously kept the financial terms for the transaction under wraps, officially completing it last week. AVS joins the Stryker Vascular portfolio within the MedSurg and Neurotechnology businesses.
In the filing, Stryker said it acquired AVS for approximately $435 million in cash and up to $400 million in future milestone payments. Those milestone payments would likely be tied to regulatory and commercial milestones, given that the AVS intravascular lithotripsy (IVL) platform remains investigational.
AVS designed its IVL platform to treat calcified peripheral arterial disease (PAD). It uses pulsed CO₂-generated pressure waves delivered uniformly through an IVL balloon catheter. This process fractures calcium and optimizes luminal gain while enhancing catheter delivery, treatment speed and therapy efficiency.
Waltham, Massachusetts–based AVS earned FDA investigational device exemption (IDE) for its IVL system in 2024. Last fall, the company shared positive clinical results for the platform.
Stryker is the latest to make a major acquisition to enter the IVL space. Johnson & Johnson paid $13.3 billion for Shockwave Medical in 2024, although Shockwave’s IVL system was already commercially available. Boston Scientific acquired Bolt Medical last year in a deal valued at $600 million, with up to an additional $300 million in milestone payments, placing it at a similar value compared to Stryker’s deal. The FDA cleared the Bolt system around the same time as the completion of that deal.
Meanwhile, medtech giant Abbott also has its own IVL system in the works. Other interesting players in the IVL space include the likes of FastWave Medical, Elixir Medical and Vantis Vascular.
