Product and geographic diversity; Recurring revenue base reflecting single-use nature of the company's products. Competitive market and constant pricing pressures; Mid-to-lower end of product technology scale compared with leading medical device peers; and Average EBITDA margins, compared with those of its medical device company peers. Expectations of steady organic revenue growth and EBITDA margin improvement; Financial metrics that are moderately weak for the current rating level, given increased acquisition driven growth; Solid internal cash flow generation; and Adequate liquidity. The negative outlook reflects credit metrics that are weak for the rating given increased emphasis on acquisitions for growth, risks to S&P Global Ratings' expectations of rapid deleveraging, and the potential for a downgrade over the next 12-18 months if we
