Raynham, Mass. (February 10, 2015) – Today DePuy Synthes Companies announced that it has acquired Olive Medical Corporation, a Utah-based privately held provider of high definition (HD) visualization systems for minimally invasive surgery (MIS). Financial terms of the transaction were not disclosed.
Founded in 2009, Olive Medical is a worldwide medical device manufacturing company that provides affordable HD MIS imaging equipment to the operating room and physician offices. Olive Medical has 20 employees and its visualization technology has been sold in 20 countries throughout the world.
The Olive Medical visualization portfolio augments the DePuy Synthes Mitek Sports Medicine* arthroscopy line and will enable DePuy Synthes Companies to enter the arthroscopic visualization market to serve patients with shoulder, knee, hip, and small joint pain or injury.
Olive Medical’s visualization systems complement the Mitek Sports Medicine procedural enablement portfolio, which includes the VAPR® Radiofrequency Systems with electrodes used for tissue ablation and coagulation, and the FMS fluid management and tissue debridement system, which maximizes and maintains optimal visualization along with integrated soft tissue and bone shaving functionality. Both the VAPR and FMS systems are used alongside visualization in the operating room. Mitek Sports Medicine also provides implants and instruments for minimally invasive soft tissue repair, including a full line of screws and suture anchors addressing a full range of arthroscopic sports medicine procedures.
Olive Medical currently provides a cost effective, high definition visualization solution for customers. The newly combined portfolio and capabilities of the two companies will enable DePuy Synthes Companies to continue development of cost-effective, advanced visualization solutions to meet the evolving needs of customers and patients.
With the acquisition of Olive Medical, DePuy Synthes Companies will provide arthroscopic visualization solutions as part of its full-line offering and expand access to the technology through the company’s extensive global distribution network. The acquisition also strengthens DePuy Synthes Companies’ offering as a single source provider of orthopaedic products, programs and services for customers who are seeking to simplify supplier networks.
Mitek Sports Medicine has a long history as a global leader in sports medicine. In addition to arthroscopy solutions, Mitek Sports Medicine is committed to offering solutions for early intervention, including ORTHOVISC® High Molecular Weight Hyaluronan, and more recently MONOVISC® High Molecular Weight Hyaluronan, injectable treatments for pain associated with osteoarthritis of the knee.
DePuy Synthes Companies
DePuy Synthes Companies provides the most comprehensive orthopaedic and neurological solutions in the world. The company offers an unparalleled breadth of products, services, programs and research and development capabilities. DePuy Synthes Companies’ solutions in the specialties of joint reconstruction, trauma, neurological, craniomaxillofacial, spinal surgery and sports medicine are designed to advance patient care while delivering clinical and economic value to health care systems worldwide. For more information, visit www.depuysynthes.com.
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 related to the acquisition of Olive Medical Corporation. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the DePuy Synthes Companies and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges related to successfully integrating the products of Olive Medical Corporation and achieving continued performance or market growth of the acquired products; the expected strategic benefits and opportunities of the acquisition may not be realized or may take longer to realized than expected; competition, including technological advances, new products and patents attained by competitors; challenges to patents; changes to laws and regulations, including domestic and international health care reform; and changes in behavior and spending patterns of purchasers of health care products and services. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 29, 2013, including in Exhibit 99 thereto, and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. None of the DePuy Synthes Companies nor Johnson & Johnson undertake to update any forward-looking statement as a result of new information or future events or developments.)
*A division of DePuy Orthopaedics, Inc.
©DePuy Synthes 2015. All rights reserved.