Henry Schein, Inc. (HSIC), a healthcare solutions provider, Wednesday announced it has signed an agreement to acquire a major interest in TriMed, Inc., a developer of solutions for the orthopedic treatment of lower extremities and upper extremities. The acquisition is to enable the company to enter into the upper- and lower-extremities specialty segment of the orthopedic market.<\/p>\n
The financial terms of this deal have not yet been divulged.<\/p>\n
TriMed had net sales of around $48 million in 2022 and the deal is expected to close in the first quarter of 2024. Henry Schein expects the transaction to be neutral to 2024 non-GAAP earnings per share and accretive going forward.<\/p>\n
TriMed founders David Medoff, chief commercial officer, and Robert Medoff, medical advisor, will continue with the company after the transaction.<\/p>\n
Additionally, the company has entered into a strategic relationship with Extremity Medical LLC, a medical device company focused on developing new products for fusion, fixation, and motion preservation in the orthopedic treatment of the lower extremities and wrist.<\/p>\n
The company believes that partnering with TriMed and Extremity will help establish itself as a leading manufacturer and supplier in the Foot and Ankle as well as Hand and Wrist extremity segments of the orthopedic market.<\/p>\n
“Upper and lower extremities are among the fastest-growing segments of orthopedics, representing a total addressable market of more than $5.5 billion. We are confident that we will accelerate the reach of TriMed and Extremity on a global basis,” said Tom Popeck, President of Henry Schein’s Healthcare Specialties Group.<\/p>\n
On Tuesday, Henry Schein shares closed at $74.12, up 0.50% on the Nasdaq. <\/p>\n