Cynosure seems to be doing just fine after it was divested from Hologic in 2019. The medical aesthetics company is even getting involved in some acquisitions.
The Westford, MA-based company said on Friday it entered into an agreement to acquire the MyEllevate Surgical Suture System, expanding the company's portfolio of minimally invasive facial rejuvenation solutions.
MyEllevate is a light-guided technology for use in soft tissue approximation and the elevation of sub-dermis and underlying muscle. This one-time use disposable surgical kit enables the placement of a suture support system through a series of guided needle punctures for a less invasive approach.
"Acquiring MyEllevate will broaden Cynosure's already extensive surgical product portfolio, enabling us to offer this ground-breaking procedure in combination with other energy-based skin tightening technologies for optimal, long-lasting results," said Todd Tillemans, CEO of Cynosure. "Also known as the Zoom Lift, MyEllevate has gained popularity recently as more patients look for minimally invasive solutions to improve their appearance in today's world of virtual meetings."
Cynosure was acquired by Hologic in 2017 for $1.65 billion. The deal threw investors for a loop – but it also gave Hologic access into fast-growing cash pay segment of healthcare. The acquisition seemed like a slam dunk for the Marlborough, MA-based company and mirrored Allergan’s $2.47 billion deal to acquire Zeltiq, a body contouring specialist.
But the acquisition failed to pay off for Hologic because the Cynosure unit often lagged in revenue. This caused Hologic to divest the company it acquired for $1.65 billion to an affiliate of investment funds managed by Clayton, Dubilier & Rice for $205 million.
Since then, Hologic has gone back to its roots focusing more on women’s health. Its COVID-19 diagnostic offerings turned it into an earnings juggernaut in 2020. The company has recently been involved in a string of acquisitions and was voted the 2020 Readers’ Choice Company of the Year.