Medtronic has acquired Responsive Orthopedics, a start-up aiming to sell lower cost knee and hip devices, according to a Star Tribune report.
Here are five things to know:
1. Doug Kohrs and two partners started Responsive Orthopedics and funded it themselves.
2. The company focuses on developing devices with "streamlined size offerings and instrument sets," according to the report. The company aims to lower devices' cost by up to 40 percent by changing the distribution process.
3. The company also sells devices to healthcare providers and facilities participating in federal programs, such as CMS' Comprehensive Care for Joint Replacement. However, it will not sell physician-owned distributorships.
4. The FDA cleared Responsive Orthopedics' total knee replacement last year, and the company is in the process of developing a total hip replacement system.
5. The acquisition deal was private and terms of the transaction were not disclosed.