EOS imaging, a pioneer in 2D/3D orthopedic medical imaging, has announced the signing of the acquisition agreement of OneFit Medical, publisher of knee and hip surgery planning software and manufacturer of patient-specific cutting guides for orthopaedic surgeries. The acquisition is subject to the customary closing conditions.
- A patient-specific orthopedic specialist
Founded in August 2011 in Besançon, Eastern France, OneFit Medical develops and markets patient-specific cutting guides customized to each patient anatomy for the hip and knee arthroplasties. These cutting guides are currently created from scanner or MRI images after planning of the choice and position of the implant by the surgeon, and sold by implant companies along with the implant.
Majority-held by its founder Sébastien HENRY and supported by Invest Franche Comté (SIPAREX) and Finortho (manufacturer of the cutting guides), the company has been granted CE marking for its knee and hip surgery planning software. OneFit Medical is ISO 13485-certified and has started marketing its solutions in April 2012.
- A buoyant growth in patient-specific orthopedics
OneFit Medical currently markets its patient-specific solutions to French and European manufacturers of orthopedic implants. 500 cutting guides have already been delivered since the beginning of 2013, compared with 100 over the same period last year. Over 70 sites, mostly in France, are currently using the company’s products; first surgeries have also begun outside France, notably in Germany, the Netherlands, Austria, the United Kingdom, Italy and Spain. FDA 510K approval is expected in 2014. OneFit Medical should record revenue of around €0,5 million in 2013, and operations close to breakeven.
- Substantial synergies in orthopedic surgery
OneFit Medical’s software offer will be incorporated within the software solution portfolio currently developed by EOS imaging, which is based on its proprietary patient-specific 3D images with anatomic information content. Associated with the sterEOS workstation and available on line, it will initially allow surgeons to plan the choice and fitting of implants in 3D. Ongoing developments could later allow the design of patient-specific cutting guides obtained from EOS 3D images in substitution to the CT scan or MRI exams that are currently required to draw up these guides.
OneFit Medical will continue to provide its services to implant companies and develop innovative new solutions to simplify and improve the quality of orthopedic surgery. It will also immediately benefit from EOS imaging presence in 31 countries, its installed base and its substantial technological recognition within the international scientific and medical community.
- Terms of the acquisition
EOS imaging will acquire 100% of OneFit Medical for €4 million, including €0,5 million in cash and the equivalent of €3.5 million through the issuing of 603.449 EOS imaging ABSAs (shares with warrants attached) to OneFit Medical. Furthermore, an additional €1 million, tied to the achievement of regulatory and revenue targets, will be paid to OneFit Medical in the form of 1.810.347 warrants enabling it to subscribe to 172.416 new EOS imaging shares.
Marie Meynadier, CEO of EOS imaging, comments: “ The acquisition of OneFit Medical represents a rare opportunity to intensify our growth strategy by expanding our offer in orthopedic imaging and related services. OneFit Medical’s exceptional expertise in 3D planning software and patient-specific instruments will enable us to use EOS’ information in operating rooms by providing surgeons with a comprehensive solution from diagnosis imaging to surgery. ”