STERIS agrees $2.1 billion Xodus acquisition

STERIS agreed to acquire Xodus Medical for $2.1 billion, adding operating-room safety consumables to its healthcare business. After an estimated $300 million in cash tax benefits, the net purchase price is about $1.8 billion Xodus, founded in 1993 and based near Pittsburgh, is projected to generate about $245 million in 2026 revenue. STERIS expects to finance the purchase primarily with debt and close by Dec. 31, 2026, subject to customary conditions and regulatory approvals. Xodus products include the Pink Pad patient-positioning system along with electrosurgical accessories, medication labels, anti-fog products, and sharps-handling devices. STERIS CEO Dan Carestio said the portfolio "complements and expands STERIS's offering, particularly by adding consumables used in the operating room." Xodus CEO Craig Kaforey called joining STERIS "an exciting new chapter" after three decades. Stephens analyst Steven Etoch called it a logical tuck-in that could boost Xodus sales through STERIS's larger hospital network. STERIS generates about $6 billion in revenue and employs about 18,000 associates; in August it announced a $600 million North Carolina hub for formulated chemicals. Goldman Sachs advised STERIS; J.P. Morgan advised Xodus.