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Comments close on FDA's generative AI device framework Solventum clears its Restrata matrix for use under V.A.C. negative pressure therapy Medtronic takes a CE mark for five conduction system pacing pacemakers Paradromics hands Siemens Healthineers the imaging workup for its brain implant Empyrean submits a 510(k) for Vektra, its robotic brachytherapy system Masimo clears AFib detection on the Radius VSM wearable monitor Sequel clears the twiist insulin pump for adults with type 2 diabetes FTC issues a second request on the MiMedx purchase of Sanara MedTech Labcorp pays $722M upfront for BioReference testing assets Comments close on FDA's generative AI device framework Solventum clears its Restrata matrix for use under V.A.C. negative pressure therapy Medtronic takes a CE mark for five conduction system pacing pacemakers Paradromics hands Siemens Healthineers the imaging workup for its brain implant Empyrean submits a 510(k) for Vektra, its robotic brachytherapy system Masimo clears AFib detection on the Radius VSM wearable monitor Sequel clears the twiist insulin pump for adults with type 2 diabetes FTC issues a second request on the MiMedx purchase of Sanara MedTech Labcorp pays $722M upfront for BioReference testing assets

Acquisition

STERIS pays $2.1B for Xodus Medical and its Pink Pad positioning line

MedDevice Startups Staff · Oct 12 · 2 min read · Via STERIS press release

STERIS agreed to acquire Xodus Medical for $2.1 billion in cash at closing, the companies said October 12. Up to $150 million more rides on performance targets in calendar 2028. STERIS expects to finance the deal primarily with debt.

Xodus projects about $245 million in calendar 2026 revenue and about $135 million in adjusted EBIT. STERIS values the cash tax benefits at roughly $300 million in net present value, which puts the net price near $1.8 billion. The deal should close by December 31, subject to regulatory approvals.

Xodus was founded in 1993 near Pittsburgh and sells surgical safety consumables, led by its Pink Pad patient positioning systems. The headline price works out to about 8.6 times projected revenue, the premium a single-use consumable franchise commands over capital equipment.

Questions & Answers

How much is STERIS paying for Xodus Medical?

STERIS agreed to pay $2.1 billion in cash at closing for Xodus Medical, plus up to $150 million tied to calendar 2028 performance targets. STERIS values the related cash tax benefits at about $300 million, putting the net price near $1.8 billion.

What does Xodus Medical make?

Xodus Medical, founded in 1993 near Pittsburgh, makes surgical safety consumables for the operating room. Its flagship brand is the Pink Pad patient positioning system, used to secure patients in the Trendelenburg position.

When will the STERIS acquisition of Xodus Medical close?

STERIS expects the Xodus Medical acquisition to close by December 31, 2026, subject to closing conditions and regulatory approvals. The companies announced the agreement on October 12, 2026.

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