Steris to acquire Xodus Medical for US$2.1B to expand surgical consumables portfolio

IRELAND—Steris has agreed to acquire Xodus Medical for US$2.1 billion, expanding its surgical consumables portfolio as demand for healthcare products and services continues to grow.

The deal will see Steris acquire all of the privately owned company’s equity, primarily through debt financing.

Xodus Medical develops surgical products used in patient positioning, sterile processing and operating rooms, giving Steris a broader range of consumables for hospital customers.

Acquisition expands operating room product range

Xodus Medical is best known for its Pink Pad, a patient positioning system designed to reduce movement when patients lie in the steep Trendelenburg position.

Surgeons commonly use this position during pelvic and lower abdominal procedures.

The company has also introduced the Hot Pink Pad, which is designed to monitor and regulate patients’ temperatures during surgery.

Steris President and CEO Dan Carestio said the acquisition would complement and expand the company’s operating room product portfolio.

He also highlighted Xodus Medical’s commercial performance, noting that the business had demonstrated an ability to grow at double-digit rates.

Xodus Medical expects to generate approximately US$245 million in revenue in 2026.

The company said Steris’ extensive resources, industry expertise and established market presence could support its expansion in global healthcare markets.

The acquisition would strengthen Steris’ position in surgical consumables, an area that includes products used routinely in operating rooms and healthcare facilities.

These products can generate recurring sales as hospitals replenish supplies, complementing Steris’ wider sterilisation, infection prevention and procedural support businesses.

Consumables growth supports investment strategy

The deal follows continued growth in Steris’ healthcare consumables and services business, which reported a 10% year-on-year increase in sales in the second quarter of 2026.

Analysts at Jefferies also reported healthy short-term demand signals based on the company’s healthcare consumables orders.

Steris has invested in additional manufacturing capacity to support its healthcare and pharmaceutical products business.

In August, the company committed US$600 million to a manufacturing and distribution centre in North Carolina focused on formulated chemistries used in sterilisation and disinfection.

Steris described the project as the largest manufacturing investment in its history.

The Xodus Medical acquisition would extend this investment strategy beyond manufacturing capacity into a broader range of surgical products.

Combining Xodus Medical’s specialised consumables with Steris’ existing customer relationships and distribution capabilities could expand access to these products across healthcare markets.

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