Healthcare Business News
Stryker completes $120 million acquisition of Patient Safety Technologies

Stryker completes $120 million purchase of Patient Safety Technologies

By Rachel Landen
Posted: March 25, 2014 - 12:30 pm ET

Kalamazoo, Mich.-based medical technology company Stryker Corp. has completed its $120 million acquisition of Patient Safety Technologies, which it originally announced Dec. 31, 2013.

Stryker adds the Safety-Sponge System, which Patient Safety Technologies sells through its wholly owned subsidiary SurgiCount Medical, to its product portfolio of reconstructive implants, medical and surgical equipment, and neurotechnology and spine products.

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SurgiCount, based in Irvine, Calif., serves more than 300 hospitals with its bar-coded surgical sponges and towels, barcode scanner and compliance tracking software to help prevent retained foreign objects in surgery. Sponges are the most common retained object, costing an average of $400,000 each time they are left behind, according to a company release. Approximately 2,300 such incidents are reported each year.

“We are committed to providing solutions that result in a higher quality of care and level of safety for both patients and healthcare professionals,” Timothy Scannell, Stryker's group president of MedSurg and Neurotechnology, said in the December release. “This acquisition aligns with Stryker's focus on offering products and services that have demonstrated cost effectiveness and clinical outcomes.”

Stryker also announced this month that it had completed its all-cash acquisition of Pivot Medical. Pivot, Sunnyvale, Calif., sells instruments and implants for hip arthroscopy.

Follow Rachel Landen on Twitter: @MHrlanden

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