Sector News

Medtronic to Acquire RF Surgical for $235 Million

July 15, 2015
Life sciences
Medtronic PLC agreed to acquire RF Surgical Systems Inc. for roughly $235 million, the latest in a string of smaller deals since the medical-device maker’s acquisition of Covidien.
 
Carlsbad, Calif.-based RF Surgical makes products that focus on counting items used during surgery—such as surgical sponges, gauze or towels—to help prevent them from being left in the patient during surgery, which can lead to serious complications.
 
RF Surgical’s system uses a low radio frequency signal to track and detect surgical gauze, sponges and towels, which are embedded with an RF tag, through blood, dense tissue and bone.
 
The deal, expected to close next month, is expected to meet Medtronic’s long-term financial metrics for acquisitions, though the deal’s effect on yearly earnings isn’t expected to be material.
 
Medtronic last month agreed to acquire privately held medical-device company Aptus Endosystems Inc. for roughly $110 million and cardiac-mapping company CardioInsight Technologies Inc. in a deal valued at $93 million.
 
Also in June, Medtronic reported a net loss of $1 million in its first combined quarter with Covidien, largely because of $880 million in charges for the Covidien acquisition and a $329 million expense from the resolution of a tax dispute with the Internal Revenue Service.
 
By Tess Stynes
 

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