COSMED signs agreement to acquire a majority stake in MADA Filters

The official closing of the transaction is expected to take place in July 2026, subject to the completion of the customary closing activities agreed between the parties. This transaction represents an important step in COSMED’s long-term strategy to expand its presence in the respiratory diagnostics ecosystem, combining COSMED’s global medical device platform with MADA’s specialized expertise in filters and consumables.

Strategic rationale
The acquisition of MADA creates a strong industrial and commercial fit for COSMED.
MADA’s portfolio is highly synergistic with COSMED’s core business, adding a complementary consumable offering to COSMED’s established base of capital equipment. This combination strengthens COSMED’s ability to provide customers with a more complete solution, covering both advanced diagnostic systems and the recurring consumables required for their daily clinical and operational use.
The transaction also allows COSMED to better leverage its direct commercial operations and international subsidiaries, creating access to recurrent revenue opportunities across its installed base and distribution network. By integrating MADA’s consumables portfolio into COSMED’s global footprint, the Group will be able to serve customers more effectively, improve continuity of supply, and expand the value generated from long-term customer relationships.
Most importantly, the combination of COSMED’s product development capabilities and MADA’s consumables know-how opens the door to innovative integrated solutions, where devices, accessories, filters, and consumables can be designed together to improve performance, usability, infection control, and customer experience.

What this means for customers and partners
Business will continue as usual. There will be no interruption to current operations, deliveries, warranties, or support channels. Existing commercial relationships, contacts, and purchasing processes will remain in place unless otherwise communicated. COSMED and MADA will work together to ensure a smooth integration, with a strong focus on service continuity, product quality, and customer satisfaction.

About COSMED
COSMED is an Italian medical device company specializing in cardiopulmonary, metabolic, and body composition diagnostic solutions. Founded in Rome, COSMED develops, manufactures, and markets technologies used in hospitals, clinics, research centers, sports science facilities, wellness organizations, and performance laboratories worldwide.
With a global network of subsidiaries, distributors, and service partners, COSMED provides advanced solutions for pulmonary function testing, cardiopulmonary exercise testing, indirect calorimetry, body composition assessment, and related applications.

About MADA Filters
MADA Filters is an Italian company specialized in filtration products and consumables for respiratory, diagnostic, and medical applications. Through its technical expertise and manufacturing capabilities, MADA has built a strong position in a highly specialized segment where product reliability, quality, and continuity of supply are essential.
MADA will continue to operate as a dedicated entity, maintaining its know-how, operational focus, and customer relationships, while benefiting from COSMED’s industrial, commercial, and international support.

Looking ahead
This transaction reinforces COSMED’s commitment to building a stronger, broader, and more integrated medical technology platform. By combining capital equipment, consumables, direct operations, and technical expertise, COSMED and MADA will be better positioned to deliver long-term value to customers and partners.

We thank you for your continued trust and collaboration and look forward to sharing further updates after closing.

Sincerely,

Marco Brugnoli
[CEO] – COSMED

Luigi D’Alò
[CEO] – MADA Filters