Add-on Acquisition • Medical Products

Zynex Acquires Kestrel Labs

On December 23, 2021, Zynex acquired medical products company Kestrel Labs for 31M USD

Acquisition Context

This is Zynex’s 1st transaction in the Medical Products sector.
This is Zynex’s largest (disclosed) transaction.
This is Zynex’s 1st transaction in the United States.
This is Zynex’s 1st transaction in Colorado.

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M&A Deal Summary
Date	December 23, 2021
Target	Kestrel Labs
Sector	Medical Products
Buyer(s)	Zynex
Deal Type	Add-on Acquisition
Deal Value	31M USD

Target Company

Kestrel Labs

Boulder, Colorado, United States

Kestrel Labs is a medical device company focused on the research, development, and commercialization of valuable, new, and innovative medical technologies. Kestrel Labs is based in Boulder, Colorado.

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Buyer Overview 1

Buyer

Zynex

Englewood, Colorado, United States

Category	Company
Founded	1996
Sector	Medical Products
Employees	1,100
Revenue	192M USD (2024)

DESCRIPTION

Zynex develops, markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation as well as developing noninvasive patient fluid and sepsis monitoring systems. Zynex was founded in 1996 and is based in Englewood, Colorado.

Deal Context for Buyer	#
Overall	1 of 1
Sector: Medical Products	1 of 1
Type: Add-on Acquisition	1 of 1
State: Colorado	1 of 1
Country: United States	1 of 1
Year: 2021	1 of 1
Size (of disclosed)	1 of 1

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