Surgical Science (SUS) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition more than doubles ultrasound simulation sales, strengthens market leadership, and expands product portfolio with innovative and volumetric technologies.

• Establishes direct presence in the UK, enhances US commercial footprint, and accelerates entry into fast-growing segments like Emergency Medicine and Point-of-Care ultrasound.

• Cardiff-based R&D team becomes one of five global hubs, boosting development capacity and innovation pipeline.

• Complements existing offerings, enabling cross-selling, product bundling, and enhanced customer value.

• Aligns with strategy to broaden customer base, technologies, and skilled talent, supporting long-term growth.

Financial terms and conditions

• Offer of 13 pence per share values Intelligent Ultrasound at GBP 45.2 million (fully diluted), with an implied enterprise value of GBP 4.7 million after accounting for cash from a prior business sale.

• Shareholders receive a 16.9% premium to the prior closing price.

• Acquisition funded by existing cash resources and a GBP 17 million bridge loan/facility.

• Attractive EV/sales (2023) multiple of approximately 0.5x.

• No anticipated tax effects from the transaction structure.

Synergies and expected cost savings

• Estimated annual cost savings of GBP 1.5–2.0 million (SEK 20.9–28 million) from reduced listing, corporate, and resource costs.

• Revenue synergies expected from leveraging global distribution, cross-selling, and product bundling.

• Integration to enable scaling of recurring service revenues and operational efficiencies.