Kestrel Labs acquired by Zynax for $31M

BOULDER — Medical device manufacturer Kestrel Labs has been acquired by another medical device company, Englewood-based Zynex Inc (Nasdaq: ZYXI), for $31 million. 

The transaction consisted of $16 million in cash and $15 million in Zynex common stock.

Kestrel Labs’ proprietary product, the NiCO CO-Oximeter, is a laser-based blood monitoring device that allows for blood measurements without invasive sampling. Zynex manufactures electrotherapy medical devices for pain management, rehabilitation and fluid and sepsis monitoring. 

“Our proprietary laser-based technology will complement Zynex’s current patient monitoring portfolio,” said Jonas Pologe, co-founder and former CEO of Kestrel Labs, in a prepared statement. “We are thrilled about the potential synergies and believe the combination of our technologies will advance the future of patient monitoring. Zynex’s proven ability to commercialize products and grow profitably, combined with Zynex Monitoring Solutions’ portfolio of hospital monitoring products, create a clear road map for success.”

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