Steris to Expand Surgical Safety Portfolio With $2.1 Billion Xodus Medical Deal

Steris has signed a definitive agreement to acquire Xodus Medical, a specialty surgical products business based in Pennsylvania, for $2.1 billion at closing. The acquisition will expand Steris’s healthcare consumables portfolio with surgical products designed to improve safety for patients and operating room staff.

Xodus Medical offers a broad portfolio of proprietary surgical safety technologies, including its flagship Pink Pad patient positioning systems, which use cushioning designed to reduce the risk of pressure injuries during surgery. Its portfolio also includes bed straps, infection prevention and other safety devices, electrosurgical tools, See Sharp laparoscopic defogging hardware, operating room turnover kits, and sterile processing equipment. Serving hospitals worldwide, Xodus Medical is expected to generate approximately $245 million in revenue and $135 million in adjusted EBIT in calendar year 2026.

Under the agreement, Steris Corporation will acquire all outstanding equity of Xodus Medical for $2.1 billion at closing. Steris expects cash tax benefits with a net present value of approximately $300 million, resulting in a net purchase price of about $1.8 billion. The agreement also includes up to $150 million in additional earnout consideration tied to specified post-closing performance targets in calendar year 2028.

Steris expects to finance the transaction primarily with debt, with closing anticipated by December 31, 2026, subject to customary closing conditions and regulatory approvals. Following completion of the acquisition, Steris plans to provide a revised fiscal 2027 outlook incorporating Xodus Medical.

“Xodus Medical’s product portfolio complements and expands Steris’s offering, particularly by adding consumables used in the operating room. Its focus on products that make surgery safer aligns closely with our mission to help our customers create a healthier and safer world. The business has demonstrated an ability to grow at double-digit rates with its specialty product portfolio, a steady stream of new products, and a highly effective commercial team. We look forward to welcoming the Xodus Medical team to Steris and working together to enhance our service to our customers and value for our shareholders,” said Dan Carestio, President and Chief Executive Officer of Steris.

“Xodus Medical is an established provider of solutions that measurably improve surgical patient safety. Joining a global leader like STERIS marks an exciting new chapter for our company and allows us to deliver even greater value to our Customers. For our employees, this partnership opens incredible opportunities for professional growth and development across our entire organization,” said Craig Kaforey, Chief Executive Officer of Xodus Medical.