Zynex, Inc. (NASDAQ: ZYKI), a medical technology company specializing in the manufacture of noninvasive medical devices for pain management and rehabilitation, has acquired Kestrel Labs, Inc.

Kestrel is a laser-based, noninvasive patient monitoring technology company. The firm offers its laser-based products including NiCO CO-Oximeter, a multi-parameter pulse oximeter, and HemeOx, a total hemoglobin oximeter enabling continuous arterial blood monitoring. The two products monitor, identify and measure four species of hemoglobin while also measuring total hemoglobin and oxygen saturation.

“I am very excited to add several laser-based pulse oximetry monitoring products to our portfolio of noninvasive blood, fluid, and sepsis monitors,” said Thomas Sandgaard, founder, chairman, and CEO of Zynex. “We will begin integrating Kestrel Labs’ two main products into our existing monitoring portfolio and seek regulatory clearance. Kestrel Labs’ laser-based technology allows it to measure distinct parameters, including for the first time the ability to distinguish between hemoglobin bound to carbon monoxide (COHb) rather than to oxygen, which would lead to better quality of care.”

“We are thrilled about the potential synergies and believe the combination of our technologies will advance the future of patient monitoring,” added Jonas Pologe, co-founder of Kestrel Labs. “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.”