Kalamazoo, Michigan - February 19, 2014 - Stryker Corporation (NYSE:SYK) announced today a definitive agreement to acquire Pivot Medical, Inc. (Pivot) in an all cash transaction. Pivot is a privately held business selling innovative products for hip arthroscopy with operating facilities in Sunnyvale, CA.
Pivot was founded in 2007 with a focus on hip arthroscopy procedures treating femoroacetabular impingement syndrome (FAI). Pivot has a platform of innovative instruments and implants to efficiently access and restore the mobility of the hip with minimal incisions. Hip arthroscopy is the fastest growing procedure in Sports Medicine resulting from improved procedural solutions and growing demand for less invasive solutions. Pivot's innovative products will complement Stryker's existing Sports Medicine portfolio and provide Stryker's customers with a comprehensive offering to address the challenges of Sports Medicine procedures.
"The addition of Pivot Medical furthers our commitment to develop Stryker's Sports Medicine business and provides our customers with additional enabling products and solutions," said Timothy J. Scannell, Group President, MedSurg and Neurotechnology. "This acquisition will allow us to combine Pivot's innovative platforms in hip arthroscopy with Stryker's knee and shoulder Sports Medicine solutions, and full line of arthroscopy visualization and tissue resection devices."
The closing of the transaction is subject to customary closing conditions. Upon closing, the transaction is expected to be neutral to Stryker's 2014 earnings per share excluding acquisition, integration-related and intangible amortization charges. The transaction is expected to close in the first quarter of 2014.
About Stryker
Stryker is one of the world's leading medical technology companies and together with our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative medical technologies, including reconstructive, medical and surgical, and neurotechnology and spine products to help people lead more active and more satisfying lives. Stryker products and services are available in over 100 countries around the world and please contact us for more information at www.stryker.com.
Contacts
For media inquiries please contact:
Yin Becker, Stryker Corporation, 201-831-5000 or yin.becker@stryker.com
For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or katherine.owen@stryker.com
This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to the Rejuvenate and ABG II matter; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; changes in the competitive environment; our ability to integrate acquisitions, including the acquisition of MAKO Surgical Corp; and our ability to realize anticipated cost savings as a result of workforce reductions and other restructuring activities. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.