The Foot & Ankle Consolidation Trend Continues

On May 4, CONMED Corporation (NYSE: CNMD) announced a definitive agreement to acquire privately-held In2Bones Global, Inc. for cash consideration of $145 million at closing and up to an additional $110 million in growth-based earnout payments over a four-year period.

In2Bone, led by foot and ankle veteran Alan Taylor, had 2021 revenue of $36.8 million with sustained double-digit growth. While CONMED is a large company, including 3,500 employees, it has a small footprint in foot and ankle, making this a partnership an upside on both sides.