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The Company is a provider of infection prevention and surgical products and services, focused primarily on the critical markets of healthcare, pharmaceutical and research.
Their System I processor was modified and the FDA rejected the modification and has told Steris they must re-apply for their 510K. With another product on the horizon, (the Manzi sterilizer www.licsystems.com). they may be forced to buy the Manzi sterilizer which was approved by the FDA and has set the new standard for what it means to be "sterile". No other processor on the market (or in development) can meet the new standard. Steris may elect to buy the Manzi system to stay in the growing "lumened device" sterilization business. This may require a cash outlay to buy Manzi. ($600-900 Million)
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