Avanos Medical, Inc. completed the acquisition of Diros Technology Inc. for $60 million.
July 23, 2023
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Avanos Medical, Inc. (NYSE:AVNS) entered into a definitive agreement to acquire Diros Technology Inc. on June 17, 2023. The transaction will be funded through a combination of funds from its existing credit facility and available cash. The transaction is expected to close in the third quarter of 2023.
Avanos Medical, Inc. (NYSE:AVNS) completed the acquisition of Diros Technology Inc. for $60 million on July 24, 2023. Avanos acquired Diros for approximately $53 million, consisting of $2.5 million cash paid upon entry into the definitive agreement, $50.5 million in cash at closing less working capital and other adjustments, with an additional $7.0 million payable in contingent cash consideration based on achievement of certain performance objectives. The purchase price was funded by available cash on hand and proceeds from Revolving Credit Facility.
Avanos Medical, Inc. is a medical device company, which is focused on delivering solutions. The Company offers healthcare needs, such as providing nutrition to patients from hospital to home and reducing the use of opioids while helping patients move from surgery to recovery. The Company conducts its business in one segment that provides its medical device products to healthcare providers and patients globally with manufacturing facilities in the United States and Mexico. Its digestive health products include MIC-KEY enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions. The Companyâs acute pain products include ON-Q and ambIT surgical pain pumps and Game Ready cold and compression therapy systems. The Company's interventional pain solutions include COOLIEF pain therapy and OrthogenRxs knee osteoarthritis pain relief injection products.
AVANOS MEDICAL, INC. 
