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Articles by Dave Sheppard
Who stays? Why succession matters in MedTech M&A
©AdobeStock | MAGELE-PICTURE Most owners arrive at a sale process having settled one question: am I staying or am I going? Fair enough. But that’s not what decides whether the deal holds at the valuation you want. A buyer isn’t primarily buying you. They’re buying a business still running on the Monday after close. So, the conversation that matters is broader than the corner office: which handful of people carry the relationships and the know-how, and will they be there in eighteen months?
Medtech M&A: choosing between private equity and strategic buyers
Editor's note: This article originally appeared in the September 2026 print issue under the headline "The build-to-buy moment". Ask a lower-middle-market medtech founder to picture their eventual buyer and many still imagine a single type: a strategic – a larger competitor or diversified device maker folding the business in and writing one check. It’s a common assumption, and it’s incomplete. Financial sponsors aren’t new arrivals at the table.
What's your company really worth in 2026's medtech M&A market?
Most private equity (PE) firms and strategic acquirers have teams of advisors on their side determining how to value a deal. Most individual business owners or small to medium size businesses don’t. While a business owner may get a reasonable deal without advisors on their side, it’s unlikely they’ll get the best deal available in the market. Why? The answer is the process matters. It’s true the medtech M&A market has undergone a meaningful reset.
AI in medical technology manufacturing: Balancing automation and human expertise
Editor's Note: This article originally appeared in the March 2026 print edition of Today's Medical Developments under the headline “Medtech discussions: Are you replacing your workforce with AI?”. The rapid rise of artificial intelligence (AI) has reached every corner of medical technology – from device design and manufacturing to clinical decision support and hospital operations. AI isn’t a replacement for human experience, knowledge, and expertise.
Medtech M&A: What 2025 revealed - and what 2026 may bring
As we reflect on medtech M&A activity of 2025, one thing is clear: the market found its footing again, but on different terms. After several years of uncertainty, dealmaking returned with greater purpose, discipline, and selectivity. Strategic and financial buyers focused on assets that could demonstrate innovation, commercial traction, regulatory clarity, and scalability. Buyers re-entering the market chose not to chase growth at any cost, but to pursue assets strengthening their core strategies.
Improving the intrinsic value of your business series:
For this installment of our series on improving the intrinsic value of your business, we discuss the importance of operational excellence and manufacturing efficiency. For all the medtech manufacturers reading this, what does it actually mean to have operational excellence and true efficiency for your manufacturing? And why does it matter for your stakeholders today and for tomorrow’s exit strategy?
supply chain Archives
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Medtech M&A 2025 - What’s happening?
Q1 2025 is already in the rearview mirror, and there were several notable mergers and acquisitions (M&A) announcements. For example, in January: Zimmer Biomet’s intention to acquire Paragon 28 for approximately $1.1 billion went public (total value of the deal could be closer to $1.2 billion given the upfront cash payment of $13 per share and contingent value right of up to $1 per share based on certain achievements).
Spine’s Evolving M&A Landscape
The orthopedic industry never ceases to amaze. Like most of healthcare nowadays, orthopedics is constantly evolving; as such, changes are to be expected. But few industry professionals could (or would) have predicted the enormous shifts that have transpired in the spine sector over the last five years. The landscape is almost unrecognizable. Not surprisingly, many of the changes have been spawned by the industry’s major players.
Navigating through the tariffs in medical device manufacturing
If there’s one thing we can count on in medtech manufacturing, it’s change – and not always the kind we’d like. Fresh off the MD&M West conference in Anaheim, one of the biggest talking points in boardrooms and coffee line conversations was the looming impact of the Trump tariffs. As medical device companies and medtech manufacturers recalibrate their supply chain strategies, these tariffs have the potential to influence companies’ tactics across the board, regardless of size or market position.
Orthopedic Innovation’s Past and Future
The annual Consumer Electronics Show (CES) has long been a bellwether of technological advancement. In its 58-year history, the event has introduced the world to many innovations, including the videocassette recorder (VCR; 1970), laser disc player (1974), digital satellite system (1994), internet gaming (2001), Blu-ray DVD and HDTV DVR (2003), and Android 4.0 tablets (2012).
M&A, Strategic Partnerships Shaped the Orthopedic Industry in 2024
Mergers and acquisitions as well as strategic partnership amongst orthopedic and spine OEMs have had an interesting impact on market segments this year. Led by Stryker, which has once again demonstrated its inorganic market aggressiveness, these moves are reshaping the competitive landscape, driving innovation and expanding the major players’ product portfolios.
Will Orthopedic Robotics Contribute to Ambulatory Surgery Centers’ Success?
For the past decade, surgical procedures have gradually been transitioning from hospital operating rooms to ambulatory surgery centers (ASCs) to help reduce healthcare costs and improve operational efficiencies. Interestingly, this transformation has coincided with significant growth in the availability of orthopedic robotics and enabling technologies.
How are changes in healthcare delivery impacting you as a medical device manufacturer?
Access to and delivery of healthcare services has been undergoing significant transformation. It started well ahead of COVID-19, but the pandemic accelerated and influenced further changes. Some changes were technological, for example, patient monitoring. Today it can still be done in the hospital but also remotely, allowing patients to be monitored and treated from home. Another change is patients were asked to stay away from hospitals, so independent urgent care clinics saw massive growth.
Thinking of selling; the numbers are on your side!
According to Pitchbook’s latest “Healthcare Funds Report” for the 2nd half of 2023, approximately 500 healthcare and life science financial entities specialize in our industry. These include both private equity (PE) firms and venture capital (VC). It was reported 2023 was the “strongest fundraising year on record for healthcare specialist PE managers.” And they’re looking to spend those funds on good, profitable companies.
How important is scalability for your medtech manufacturing operation?
As M&A Advisors the subject of scalability is one we’re asked about regularly. The question is often by early-stage companies. This shouldn’t be the case. Scalability should be on top of the list of strategic topics regardless of a company’s size or stage. Our experience has shown us that scalability is key for a company’s growth and survival.
AI in medtech & M&A
As practitioners of mergers and acquisitions in the healthcare industry, it’s important for us to keep track of the major trends within our business segment. One would have to be on a remote island without the Internet for the past few months to not be aware of the recent rapid changes in machine learning (ML) and artificial intelligence (AI).
China is Reopening, But Do Medical Device OEMs and CMOs Still Care?
The sector cannot totally turn its back on China—it’s too important of a market to overlook. Last fall, column co-author Dave Sheppard moderated a nearshoring panel discussion at the MPO Summit in Austin, Texas (“Shifting Manufacturing: Is Nearshoring the Answer for MedTech?”). Just weeks later, China began re-opening for business. Coincidence?
J.P. Morgan 2023 Reflections
JAN 20 WRITTEN BY ESTELLE BLACK The J.P. Morgan Healthcare Conference in San Francisco, CA is always a great way to kick off the new year and an even better way to get a pulse on the industry for the coming year. As always, before moving forward you have to long back a bit. During the year there were quite a few people stating that 2022 was a down year for M&A Activities. As you know we strongly disagreed as stated in our webinar in the fall.
Growth Through Innovation: Develop, Partner or Acquire - Tuesday February 7th.
MedWorld Advisors is excited to announce that we will be hosting a panel discussion at this years MD&M West: Growth Through Innovation: Develop, Partner or Acquire. Growth through product development can come in many different ways and R&D is one of the key drivers in the process. Innovation can be internal, but also through other opportunities such as partnering or acquiring. In this session we will discuss this specific topic with seasoned R&D and manufacturing professionals.
High-speed 3D inspection with liquid lenses
COURTESY OF MITUTOYO AMERICA CORP. Humans can focus vision close up or far away, but machines have traditionally struggled with variable-distance focusing, limiting the effectiveness of commercial liquid lens technology found in microscopes, metrology inspection systems, and diagnostic equipment.
Compact, fast precision system
Today's Medical Developments August 2020 PHOTO COURTESY OF COVENTRY Motion, Design & Automation - Motion, Design & Automation Eccentric Positioning System uses Siemens Sinumerik technology to position an object anywhere in a 215mm circle with accuracy, speed, and controlled force. An advanced positioning system that eliminates hydraulics and pneumatics can adapt to changing conditions in ID grinding and turning applications, reducing setup and cycle times while shrinking system footprint.
It did not seem so elective
Today's Medical Developments August 2020 Departments - MedTech MindSet Debating the wisdom of postponing procedures for anyone at any time. PHOTO ©GEORGIY | ADOBE STOCK As we move forward through this COVID-19 crisis, let’s debate what we have done right and what we could do better in future pandemics. One of the authors of this column recently had an elective procedure that had been delayed three months due to COVID. While the procedure was minimally invasive, the outcome was less than ideal.
New hires, promotions, partnerships
Editor’s note: A medical catheter manufacturer automated inspection of two-material, two-shot-molded products. Two Stäubli TX2-60L 6-axis robots handled the catheters after inspection with high precision and high hygienic standards. The robot controller integrated seamlessly into one programming platform. ALL PHOTOS COURTESY OF STÄUBIL In healthcare, many single-use devices made from plastics must be manufactured in high volumes while meeting strict hygienic standards.
Dry finishing implants
ALL PHOTOS COURTESY OF GPAINNOVA & DLYTE Improving surface finish can extend the functionality and lifespan of osteosynthesis implants that promote bone growth following accidents or surgery.
Gratitude to our colleagues in this MedTech industry!
Tool Wizard updated platform Kyocera SGS Precision Tools’ (KSPT) platform for KSPT speed and feed calculations and recommended tools in the portfolio – Tool Wizard – has a new web-based platform for a streamlined experience and access to more than 12,000 SGS standard catalog tools.
Medical device cybersecurity simulation testing
Grippers can be used in clean-room environments. Photos courtesy of destaco Each gripper style has its own size, method of operation, operating atmospheres, and required level of human interaction. Take the time to consider how these functions meet the needs of the automation application or process.
Are you EU MDR ready?
Grippers can be used in clean-room environments. Photos courtesy of destaco Each gripper style has its own size, method of operation, operating atmospheres, and required level of human interaction. Take the time to consider how these functions meet the needs of the automation application or process.
Saving Italian lives with additive manufacturing
The Power Clamp Comfort i4.0 shrink-fit system comes with a 7" touch display, intuitive software, is network compatible, and Industry 4.0-ready. Features such as illustrated functions, clear symbols, and larger fonts deliver a user-friendly interface. Standard equipment includes a rotary table with three stations, a cooling manager, and single spider chuck support for the rotary table.
Titanium - medical applications abound - Today's Medical Developments
Matsuura Machinery USA Inc., producer of high-precision manufacturing solutions, adds personnel changes: Andrea E. Turnquist Andrea E. Turnquist hired as controller; will oversee accounting department, managing all areas of the company’s financial reporting and general ledger; manage tax, audit, and cash management functions.
Appointments, Acquisitions, Industry News
Matsuura Machinery USA Inc., producer of high-precision manufacturing solutions, adds personnel changes: Andrea E. Turnquist Andrea E. Turnquist hired as controller; will oversee accounting department, managing all areas of the company’s financial reporting and general ledger; manage tax, audit, and cash management functions.
FDA clearances
Matsuura Machinery USA Inc., producer of high-precision manufacturing solutions, adds personnel changes: Andrea E. Turnquist Andrea E. Turnquist hired as controller; will oversee accounting department, managing all areas of the company’s financial reporting and general ledger; manage tax, audit, and cash management functions.
Talking corona - and not the beer…
The Power Clamp Comfort i4.0 shrink-fit system comes with a 7" touch display, intuitive software, is network compatible, and Industry 4.0-ready. Features such as illustrated functions, clear symbols, and larger fonts deliver a user-friendly interface. Standard equipment includes a rotary table with three stations, a cooling manager, and single spider chuck support for the rotary table.
Beyond 2020 vision
PHOTO COURTESY OF 3M Skin is a tricky substrate, making the wearable device design process notoriously challenging. The skin of diabetic patients requires even greater attention, as the condition often leads to loss of elasticity, dryness, thickening, and increased susceptibility to infection. Adhesive technology innovations can minimize challenges associated with diabetic devices, such as continuous glucose monitors (CGMs), insulin pumps, blood glucose test strips, and other diabetic devices.
Flexible force testing systems
PHOTO COURTESY OF 3M Skin is a tricky substrate, making the wearable device design process notoriously challenging. The skin of diabetic patients requires even greater attention, as the condition often leads to loss of elasticity, dryness, thickening, and increased susceptibility to infection. Adhesive technology innovations can minimize challenges associated with diabetic devices, such as continuous glucose monitors (CGMs), insulin pumps, blood glucose test strips, and other diabetic devices.
Flexible, robust 3D metal printing
PHOTO: ALPHASPIRIT | ADOBE STOCK Recent shutdowns of ethylene oxide (EtO) plants in the U.S. and limited worldwide availability of cobalt-60, are rapidly changing the medical device sterilization market. The EtO closures have raised the need for FDA-cleared technologies as replacements. With limited options available to meet demand, an existing technology offers an alternative: medium-voltage electron beams.
5 reflections on medtech
Photos: Tangible Solutions Inc. Many orthopedic implant companies claim their technologies facilitate bone ingrowth (or allow bone growth). Little clinical evidence backs up these claims, other than titanium’s promotion of an environment for bone to grow.
Situational intelligence in this crazy medtech world
PHOTO: ISCAR METALS USA Miniature dental and medical components present a formidable, yet dynamic, challenge to cutting tool manufacturers. Enterprising surgeons and dental professionals, collaborating with medical device implant companies, are advancing and revolutionizing medical procedures. However, each new device requires correspondingly advanced tools and geometries to precisely create complex shapes while ensuring consistent surface finishes.
5 Questions with Pat O’Neal
In brief...Tomohisa Yamakazi has been appointed chairman of Yamazaki Mazak Corp. Replacing him as president will be Takashi Yamazaki, who earned his bachelor’s degree in business from Xavier University and has served as managing director and vice president at Yamazaki Mazak. Dean Hanaki, president and CEO of Okuma Corp., has been awarded the Order of the Rising Sun honor medal by the Japanese government for his achievements and contributions to the advancement of the machine tool industry.
EU MDR is imminent - Are you ready?
In brief...Tomohisa Yamakazi has been appointed chairman of Yamazaki Mazak Corp. Replacing him as president will be Takashi Yamazaki, who earned his bachelor’s degree in business from Xavier University and has served as managing director and vice president at Yamazaki Mazak. Dean Hanaki, president and CEO of Okuma Corp., has been awarded the Order of the Rising Sun honor medal by the Japanese government for his achievements and contributions to the advancement of the machine tool industry.
Manufacturing and design industry news
In brief...Tomohisa Yamakazi has been appointed chairman of Yamazaki Mazak Corp. Replacing him as president will be Takashi Yamazaki, who earned his bachelor’s degree in business from Xavier University and has served as managing director and vice president at Yamazaki Mazak. Dean Hanaki, president and CEO of Okuma Corp., has been awarded the Order of the Rising Sun honor medal by the Japanese government for his achievements and contributions to the advancement of the machine tool industry.
Innovating magnetic shape memory
In brief...Tomohisa Yamakazi has been appointed chairman of Yamazaki Mazak Corp. Replacing him as president will be Takashi Yamazaki, who earned his bachelor’s degree in business from Xavier University and has served as managing director and vice president at Yamazaki Mazak. Dean Hanaki, president and CEO of Okuma Corp., has been awarded the Order of the Rising Sun honor medal by the Japanese government for his achievements and contributions to the advancement of the machine tool industry.
Ultra-precision polishing technology
©COPRID | ADOBE STOCK The importance of hygiene applies to every aspect of patient care – from the sanitary environment where patient treatment takes place to the range of medical devices used in treatment. The quality of materials and equipment used in treatment can also improve patient outcome. For implants, dental care, and medical devices, a smooth surface with fewer burrs reduces the number of surfaces where contaminants can cling, accumulate, and flourish.
GS1 updates US FDA UDI guidance, extensions, modifications
PHOTO COURTESY OF SPINAL SINGULARITY A fully internal, extended use smart catheter system could provide control for men who face daily challenges of living with a neurogenic bladder – the inability to feel the fullness of their bladder or control their bladder to urinate, leading to chronic urinary retention (CUR).
Bulls, bears, and tariffs, oh my
Elasso Surgical Instruments’ Elasso Tissue Removal Device, a single-use electrocautery instrument for adenoid and tonsil surgeries, incorporates medical-grade Ixef GS-1022 polyarylamide resin from Solvay. Medical device manufacturers are developing and marketing single-procedure instruments – devices used once or multiple times during a single medical procedure – at record high levels.
Selling your medtech business; when do you start planning?
PHOTO COURTESY OF YXLON INT'L More stringent policies on emissions are rapidly being adopted by many countries with projections of a complete ban on automotive internal combustion engines (ICEs) in the Netherlands by 2025 and India by 2030. Automotive manufacturers are accelerating production of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) to keep up with this demand. Market forecasts for EVs and PHEVs point toward a promisingly high annual growth rate.
Advanced grinding automation
Anticipation is growing for 2020, with the world’s top athletes preparing to compete in the summer Olympics and medical device professionals feverishly preparing for the European Union (EU) Medical Device Regulation (MDR). High-level athletes have learned that preparation on the front end is key to getting to the games. Shortcuts and procrastination lead to injuries and missed dreams – the difference between being at the games in person or watching from their couches.
Regulations: Preparing for the EU’s MDR
Anticipation is growing for 2020, with the world’s top athletes preparing to compete in the summer Olympics and medical device professionals feverishly preparing for the European Union (EU) Medical Device Regulation (MDR). High-level athletes have learned that preparation on the front end is key to getting to the games. Shortcuts and procrastination lead to injuries and missed dreams – the difference between being at the games in person or watching from their couches.
5 Questions with Joe Soistman
Anticipation is growing for 2020, with the world’s top athletes preparing to compete in the summer Olympics and medical device professionals feverishly preparing for the European Union (EU) Medical Device Regulation (MDR). High-level athletes have learned that preparation on the front end is key to getting to the games. Shortcuts and procrastination lead to injuries and missed dreams – the difference between being at the games in person or watching from their couches.
Medtech’s ecosystem is growing: Are you ready for future successes?
Timing and efficiency are critical in surgical procedures, requiring a surgeon’s acute responsiveness and refined sense of touch that takes years of education and training to achieve. However, practicing first is not always an option. Chapel Hill, North Carolina-based KindHeart surgical simulators offer a solution, allowing surgical teams to perform procedures while ATI’s force/torque (F/T) sensors capture feedback from forces exerted on a patient.
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