Enovis to Acquire Novastep
Strengthens Foot and Ankle Portfolio with Leading Minimally Invasive Surgery (MIS) Platform, including MIS Bunion System and Furthers Global Expansion Strategy.
Wilmington, DE, April 03, 2023 (GLOBE NEWSWIRE) — Enovis™ Corporation (NYSE: ENOV), an innovation-driven, medical technology growth company, today announced a definitive agreement to acquire Novastep®, a subsidiary of Amplitude Surgical SA (Paris: AMPLI), and global developer of clinically proven foot and ankle solutions. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2023.
Novastep, a fast-growing business with about $20 million in annual revenues, is a leading player in Minimally Invasive Surgery (MIS) foot and ankle solutions. The company’s best-in-class MIS bunion system, Pecaplasty®, serves a rapidly growing portion of the ~$0.9 billion global bunion segment. MIS bunion procedures have demonstrated significant improvement in patient outcomes and enable faster recovery with reduced scarring and pain.i Pecaplasty® provides surgeons with predictable, accurate, and controlled implant placement.
In addition, Novastep’s portfolio of CE marked forefoot and midfoot implants and strong OUS channel will further strengthen Enovis’ global position in the $3+ billion global foot and ankle market.
“Adding Novastep to our growing Foot & Ankle business is an important step in the execution of our strategic priorities and a great example of our focus on MedTech innovation that drives growth while improving patient outcomes,” said Matt Trerotola, Chief Executive Officer of Enovis “We are excited to expand our portfolio of clinically differentiated foot and ankle solutions and accelerate our international strategy with Novastep’s market-leading innovation, and advanced technology.”
“We look forward to joining the Enovis team and developing the next generation of foot and ankle solutions that improve patient outcomes,” said Gregory Gledel, President and CEO of Novastep SAS. “Like Enovis, we are committed to working with healthcare professionals to drive the industry forward and together, I know we will make an even greater impact around the world.”
Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. The Company’s shares of common stock are listed in the United States on the New York Stock Exchange under the symbol ENOV. For more information about Enovis, please visit www.enovis.com.
This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals, objectives, outlook, expectations and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on Enovis’ current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Enovis’ results to differ materially from current expectations include, but are not limited to factors detailed in Enovis’ reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K under the caption “Risk Factors,” as well as the other risks discussed in Enovis’ filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein.
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i Hallux Valgus Correction Comparing Percutaneous Chevron/Akin (PECA) and Open Scarf/Akin Osteotomies – PubMed (nih.gov)]