After selling off its Ethox Medical division to Dempsey Ventures, a private equity firm specializing in medical products, Moog (NYSE:MOG-A) (NYSE:MOG-B) said Monday that it has retained an advisor to help it explore strategic alternatives for its entire medical device business, including its possible divestment.

While financial terms for the division's sale were not disclosed, Moog said Ethox's 88 employees generated approximately $12 million annually. It will incur an after-tax non-cash loss of approximately $5 million, or about $0.11 per share, as a result of the sale that will be reflected in its third-quarter financial reports.

Moog is a designer, manufacturer, and integrator of precision control components and systems, and said it hired RBC Capital Markets to assist with the strategic assessment of the remainder of its medical devices segment, which includes infusion therapy, post-operative pain management, enteral nutrition, and hospital products.

It had revenues of almost $2.5 billion in 2012. Shares of Moog closed the day yesterday up 3% at $53.05 and are at $52.70 as of this writing.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of Moog. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.