CONMED Corporation (NYSE:CNMD) agreed to acquire In2Bones Global, Inc. for approximately $260 million on May 4, 2022. The consideration consists of cash-free, debt-free basis, for cash consideration of $145 million at closing and up to an additional $110 million in growth-based earnout payments over a four-year period. In2Bones had 2021 revenue of $36.8 million at approximately 80% gross margins and is expected to grow revenue double digits on an ongoing basis. The transaction is not subject to a financing condition. The transaction is subject to customary closing conditions, including receipt of U.S. regulatory approval. The transaction is expected to close late in the second quarter or early in the third quarter of 2022. Based on the anticipated date of closing, CONMED expects the acquisition to add approximately $20 million to its revenue in the second half of 2022. The acquisition is expected to be slightly accretive to adjusted EBITDA in 2022, accretive in the single-digit millions in 2023, and in the double-digit millions thereafter. From an adjusted EPS perspective, the acquisition is expected to be between $0.05 and $0.10 dilutive to both the remainder of 2022 and the full year 2023, and accretive thereafter. Ansari, Mehdi, Lauren Boehmke, Heather L Coleman, Robert W Downes, Renata B. Hesse, Jameson S. Lloyd, Melissa Sawyer of Sullivan & Cromwell LLP and Melissa Reinckens of DLA Piper LLP are acting as legal counsel for CONMED. William Blair is acting as financial advisor and K&L Gates LLP and the Nilson Law Group, PLLC are acting as legal counsel for In2Bones Global, Inc.

CONMED Corporation (NYSE:CNMD) completed the acquisition of In2Bones Global, Inc. on June 10, 2022. The transaction is being financed through a combination of the net proceeds of the Company's 2.25% convertible notes, which were issued on June 6, 2022, borrowings under the Company's amended and restated credit facility, and cash on hand.