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OrthoPediatrics Acquires Firm From Board Member
Selling Director still listed as Board member despite filings that say he resigned three days prior to deal.
May 4, 2023
OrthoPediatrics (KIDS), a medical device maker for children with orthopedic conditions, acquired an 11-month old company with no product to sell from a former Board Director for more money than OrthoPediatrics has earned in the previous eight years.
OrthoPediatrics paid $15.2 million in cash and stock for Medtech Concepts, which OrthoPediatrics acknowledges is:
“...an early-stage, pre-commercial enabling technology platform…”
Kevin Unger, an OrthoPediatrics Board member, was one of Medtech’s sellers.
The deal closed May 1, 2023— three days after OrthoPediatrics suggested Unger’s Board tenure ended.
Though OrthoPediatrics’ latest Proxy confirms Unger resigned April 28th— three days prior to the close of the Medtech transaction— as of this writing the Investors section of OrthoPediatrics’ website still lists Unger as a Board Director and member of the Audit and Compensation committees.
Other filings indicate Unger resigned to lead Medtech development as an employee.
The $15 million purchase price of Medtech is approximately 11x more than OrthoPediatrics’ 2022 net income— the first profit the company has achieved since 2015.
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