The acquisition will help the Montgomery County company that specializes in devices used to treat musculoskeletal disorders, to diversify its portfolio.
“The addition of KB Medical will enable Globus Medical to accelerate, enhance and expand our product portfolio in imaging, navigation and robotics,” said Dave Demski, president for emerging technologies at Globus.
Globus’ chairmen and CEO, David Paul, added that the acquisition is also a significant boost to the development team. The addition of KB Medical is Globus Medical’s second acquisition in the last twelve months after it purchased Alphatec Holdings last September for $80 million.
Last week, Globus Medical reported strong earnings for second quarter with worldwide sales reaching $152.4 million, a jump of 10.8 percent over the same period last year. Sales from the acquisition of Alphatec also added $15.5 million to the quarter’s total, while nationwide sales grew by 1.2 percent for the period.
These all contributed to an 11 percent increase in net income to $28.7 million for the quarter.
Read more about KB Medical’s acquisition at Philadelphia Business Journal by clicking here.