Here are 1-3 brief analogies to describe Encore Medical (EMI):

• Encore Medical was like a focused Stryker or Zimmer Biomet for orthopedic rehabilitation and pain management products.
• Encore Medical was like Johnson & Johnson (J&J) but specialized exclusively in orthopedic and rehabilitation medical devices.

• Surgical Implants: Devices such as total hip, knee, and shoulder replacement systems, and spinal implants used in orthopedic surgeries.
• Rehabilitation Products: A range of physical therapy equipment, electrotherapy devices, and orthopedic bracing and supports designed for rehabilitation and pain management.

Company: Encore Medical (EMI)

Encore Medical Corporation, prior to its acquisition by DJO, Inc. in 2006, sold its medical devices primarily to other companies and healthcare organizations rather than directly to individuals. The company manufactured and distributed a wide range of products focused on rehabilitation, physical therapy, pain management, and orthopedic support.

While specific individual customer companies representing a significant portion of revenue were not typically disclosed in public filings due to competitive reasons, Encore Medical's customer base consisted of various categories of healthcare providers and facilities. Therefore, it is not possible to list specific company names with their stock symbols.

Encore Medical's major customers fell into the following categories:

• Hospitals and Healthcare Systems: These institutions, particularly their physical therapy, orthopedic, and sports medicine departments, purchased Encore Medical's devices for patient care and rehabilitation.
• Physical Therapy Clinics: Both independent and multi-location physical therapy practices were significant customers, utilizing equipment and supplies for patient treatment.
• Orthopedic & Sports Medicine Physician Offices: Practices specializing in musculoskeletal care, including orthopedic surgeons and sports medicine physicians, purchased products such as braces, cold therapy systems, and electrotherapy devices for their patients.
• Durable Medical Equipment (DME) Suppliers and Distributors: These companies purchased Encore Medical's products for resale and distribution to other healthcare providers, or sometimes directly to patients for home use following injury or surgery.
• Other Healthcare Professionals and Facilities: This broad category included customers such as occupational therapists, chiropractors, and long-term care facilities.

Encore Medical's business model was predominantly B2B (business-to-business), serving a fragmented market of healthcare providers rather than having a few dominant named customers.

Encore Medical (symbol: EMI) primarily focuses on developing, manufacturing, and marketing septal occlusion products for the transcatheter closure of cardiac defects, specifically Patent Foramen Ovale (PFO) and Atrial Septal Defect (ASD) closure devices.

The addressable market for their main products is as follows:

• For the global patent foramen ovale (PFO) closure device market, the estimated size was $274 million in 2023. This market is projected to grow and exceed $433 million by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 7.0% from 2024 to 2030.

The company's products have received CE Mark approval for sale in the European Union and are marketed in various countries outside the United States, including Turkey, Mexico, and nations in Central and South America and Central Asia. Encore Medical is currently conducting clinical trials to obtain U.S. FDA marketing approval for its lead device, with completion anticipated by the end of 2027.

Share Issuance

• Encore Medical, Inc. has filed to raise $17.25 million through an Initial Public Offering (IPO) of its common stock.
• The company was spun out as a subsidiary of Cardia in October 2020.
• As of September 12, 2025, the company had 6,743,425 shares of common stock outstanding, which includes the conversion of 876,000 outstanding shares of Series A Preferred Stock into common stock immediately before the IPO's closing.

Inbound Investments

• As of June 30, 2025, Encore Medical, Inc. recorded a fair market value investment of $5.1 million from investors, including David B. Johnson.

Capital Expenditures

• Encore Medical, Inc. has continued to spend on capital expenditures despite negative operating cash flow.
• The primary use of proceeds from the upcoming IPO is to fund clinical trials for stroke and migraine indications, as well as for working capital and other general corporate purposes.
• A key focus of capital allocation is on obtaining US FDA marketing approval for its main device in the PFO closure market, with the current trial anticipated to conclude by the end of 2027.