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Steris has signed a definitive agreement to acquire Xodus Medical, a Pennsylvania-based maker of surgical safety products, for $2.1 billion at closing. The deal includes a potential earnout of up to $150 million tied to performance targets through 2028. Steris expects about $300 million in tax benefits, bringing the net price to roughly $1.8 billion, and plans to finance the purchase primarily with debt. Closing is expected by year end.
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Founded in 1993, Xodus is best known for its Pink Pad patient positioning systems, designed to reduce pressure injuries and keep patients stable during surgery. It also sells infection prevention and electrosurgical products, laparoscopic defogging hardware, and operating room turnover kits. In April, it received FDA 510(k) clearance for the Hot Pink Pad, an underbody warming system. The companies estimate Xodus’ 2026 revenue at $245 million.
For Steris, the deal deepens a consumables segment that reported 10% growth in the second quarter. CEO Dan Carestio cited double-digit growth, “a steady stream of new products,” and a strong commercial team.
For the broader MedTech space, the acquisition continues Steris’ portfolio reshaping, which has included the sale of its dental segment and its 2023 purchase of BD’s surgical instrumentation assets, and reflects steady strategic appetite for specialty consumables with recurring demand.
