Medtronic acquired Crospon Limited, a gastrointestinal device marker, for $45 million, FORA reports.
Here's what you should know:
1. Crospon created the EndoFLIP, a device that provides gastroenterologists an internal view of the oesophagus.
2. Medtronic will integrate Crospon into its respiratory, gastrointestinal and informatics business.
3. In a LinkedIn post, Crospon CEO John O'Dea said, "We are delighted to have EndoFLIP today become part of Medtronic's industry-leading gastrodiagnostic platform sitting alongside category leaders such as Manoscan, Pillcam, SmartPill, Bravo, and Digitrapper. We look forward to an emerging future where index endoscopy, allied with innovative diagnostics, can improve diagnostic yield to reduce time to treatment."
4. While Crospon had losses close to €13 million ($15.35 million) in 2016, the device maker was growing with estimated revenues close to 8 percent in 2016. Analysts expected the company's revenues to hit 30 percent in 2017, FORA reports. Crospon, a privately held company, didn't publish sales figures prior to the acquisition.