Philips acquires US-based heart monitoring specialists for $2.8B
Royal Philips has acquired BioTelemetry, a Pennsylvania-based healthcare technology company focused on remote cardiac diagnostics and monitoring, for $2.8 billion.
BioTelemetry was founded in 2004, when it was known as CardioNet. The company reincorporated as BioTelemetry in 2013 after making a series of acquisitions of its own. Its sales in 2019 totaled $439 million, with a significant portion of that coming from solutions that diagnose and monitor heart rhythm disorders.
“The acquisition of BioTelemetry fits perfectly with our strategy to be a leading provider of patient care management solutions for the hospital and the home,” Frans van Houten, CEO of Royal Philips, said in a statement. “BioTelemetry’s leadership in the large and fast growing ambulatory cardiac diagnostics and monitoring market complements our leading position in the hospital. Leveraging our collective expertise, we will be in an optimal position to improve patient care across care settings for multiple diseases and medical conditions.”
“We are delighted to become part of Philips and continue on our journey to deliver health information to improve the quality of life and reduce the cost of care” added Joseph H. Capper, president and CEO of BioTelemetry. “Combined with Philips’ current patient care management portfolio, innovation strength and global scale, we are perfectly equipped to address the rising demand for telehealth and remote monitoring solutions.”
Once the transaction is finalized, the approximately 1,900 employees worked for BioTelemetry will become a part of the Philips Connected Care business segment.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.