The company is expected to appoint a new chief executive within the next month. Bafna will play an active role in the selection and onboarding of his successor as part of a planned leadership transition, the sources said.
Bafna joined Healthium, formerly known as Sutures India, in 2018 after private equity firm Apax Partners acquired the company. In 2024, KKR acquired Healthium for approximately ₹7,000 crore following a competitive bidding process that also involved a consortium comprising Mankind Pharma, ChrysCapital, and Novo Holdings, the controlling shareholder of Danish pharmaceutical giant Novo Nordisk.
According to regulatory filings, Bafna continues to hold a 0.22% stake in the company, while Quinag Acquisition (FDI) Ltd., Healthium’s holding company, owns 99.25%. KKR acquired Quinag from Apax as part of the transaction.
Prior to joining Healthium, Bafna served as President, Japan, at Baxter Healthcare and has more than 25 years of experience in healthcare operations and general management.
A spokesperson for KKR declined to comment.
According to Tracxn data, Healthium’s revenue increased from ₹589 crore in FY19 to ₹870 crore in FY25, representing a compound annual growth rate of about 6%.While profitability remained strong between FY19 and FY22, with profit after tax ranging between ₹37 crore and ₹85 crore, earnings weakened significantly in recent years. PAT declined to ₹37 crore in FY24 and slipped into a loss of ₹38 crore in FY25 despite the company reporting record revenue.
Founded in 1992, Healthium manufactures and markets a broad portfolio of surgical and medical consumables, including absorbable and non-absorbable sutures, surgical meshes, tapes, skin staplers, ligation clips, surgical gloves, catheters, and tubular bandages.
The company operates across four key product categories—advanced surgery, minimally invasive solutions, medical consumables, and needles—and is among the world’s largest manufacturers of surgical sutures and needles.
Healthium exports to more than 90 countries across Europe, South America, Africa, and Asia, with exports accounting for 48.5% of revenue in FY25.
Under Bafna’s leadership, the company expanded its product portfolio and strengthened its market presence through a series of acquisitions.
In 2021, Healthium acquired the gelatin sponge business of Sri Gopal Krishna Labs and subsequently purchased CareNow Medical, a manufacturer of advanced wound management and infection prevention products.
In December last year, the company acquired a controlling stake in Paramount Surgimed Ltd., a leading manufacturer and exporter of surgical blades, scalpels, and dermal biopsy products.
The Indian surgical products market continues to be dominated by Johnson & Johnson’s Ethicon brand. Healthium also faces competition from both multinational and domestic players across several product categories, limiting pricing flexibility and constraining margins, according to a recent ICRA report.
The domestic surgical products market experienced a slowdown during the second half of FY25 and the first half of FY26, affecting industry growth and impacting Healthium’s revenue momentum, it said.
Nonetheless, the medtech industry has several entry barriers such as requirement of a strong distribution network, technical expertise, product acceptance among medical practitioners, which require various certifications and take a considerable time for any new player to achieve, it said.
