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Stryker to Acquire Instratek

Stryker entered into a definitive agreement to acquire the assets of Restore Surgical, d/b/a Instratek. The transaction is expected to close in 4Q16.

Founded in 1991 and headquartered in Houston, Texas, Instratek markets staple and hammertoe implants and minimally invasive soft tissue recession instrumentation for foot, ankle and upper extremity procedures.

Instratek’s first FDA 510(k) clearance occurred in 1993, for an Endotrac arthroscopic system. Since then, a steady cadence of product launches has included:

The Instratek transaction marks Stryker’s 5th orthopaedic-related acquisition in 2016, bolstering a number of its business segments:

  • Ivy Sports Medicine, 3Q16: minimally invasive meniscal repair
  • Stanmore Implants, 2Q16: patient-specific and off-the-shelf implant systems for limb salvage
  • CareFusion/BD, 2Q16: AVAmax, AVAflex, AVAtex and AVAprep vertebroplasty and vertebral augmentation products
  • Safewire, 2Q16: including the Y-Wire guidewire and Tiger Jamshidi Needle for minimally invasive spine surgery

At the end of 2015, Stryker stood at #3 among the top 5 orthopaedic companies ranked by revenue, per ORTHOWORLD estimates. (See Stryker Snapshot, below.)

“The vast majority of the deals we do are small, tuck-in deals. That will continue to be the case…
that is where we derive the most value and find great technologies…

“…we still have significant capacity to do more M&A, and all of our businesses have embedded [Business Development] people…
we won’t hesitate to pull the trigger on new deals if we believe they will be value-creating for Stryker.”

—Kevin Lobo, Chairman & CEO, 1Q16 Earnings Conference Call

Stryker Snapshot

Industry Market Segment Ranking by Revenue

Overall Orthopaedic Ranking: #3      
Joint Reconstruction #2   Trauma      #2
      Knee Reconstruction #2   Arthroscopy/Soft Tissue Repair #4
      Hip Reconstruction #2   Spine #3
      Extremities Reconstruction #4   Orthobiologics #9


Stock Ticker Information

2015 High 2015 Low Close 12/31/15
104.53 90.07 92.94
52-week High 52-week Low Close 9/20/16
123.55 86.68 114.6

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