CardioNet, Inc. Completes Acquisition of Biotel Inc.
December 21 2010 - 6:15PM
Business Wire
CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical
technology company with an initial focus on the diagnosis and
monitoring of cardiac arrhythmias, announced today that it has
successfully completed its previously announced acquisition of
Biotel Inc. for $4.055 per share of Biotel common stock. The
aggregate purchase price is approximately $11.6 million. With the
completion of the acquisition, Biotel and CardioNet have filed to
dismiss the outstanding litigation between the two companies with
the United States District Court.
Joseph H. Capper, President and Chief Executive Officer of
CardioNet, said, “We are excited to complete the acquisition of
Biotel. We are looking forward to expanding our product offerings
with Biotel’s wireless event monitor as well as diversifying our
revenue with the addition of the manufacturing and clinical
services businesses.”
About CardioNet
CardioNet is the leading provider of ambulatory, continuous,
real-time outpatient management solutions for monitoring relevant
and timely clinical information regarding an individual’s health.
CardioNet’s initial efforts are focused on the diagnosis and
monitoring of cardiac arrhythmias, or heart rhythm disorders, with
a solution that it markets as Mobile Cardiac Outpatient TelemetryTM
(MCOT™). More information can be found at
http://www.cardionet.com.
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, the effect of the completion of the acquisition of Biotel
on CardioNet’s business operations and financial results, our
growth prospects, the prospects for our existing products and those
we will acquire in the Biotel acquisition, and our confidence in
the Company’s future. These statements may be identified by words
such as “expect,” “anticipate,” “estimate,” “intend,” “plan,”
“believe,” ”potential,” “promises” and other words and terms of
similar meaning. Such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including important factors that could delay, divert, or change any
of them, and could cause actual outcomes and results to differ
materially from current expectations. These factors include, among
other things, the ability to integrate Biotel's operations into
CardioNet’s business, the effect of the implementation of the
Centers for Medicare and Medicaid’s national price in 2011, the
success of our efforts to address the operational issues, including
cost savings initiatives, that affect our business, changes to
reimbursement levels for our products, the success of our sales and
marketing initiatives, our ability to attract and retain talented
executive management and sales personnel, our ability to identify
acquisition candidates, acquire them on attractive terms and
integrate their operations into our business, the commercialization
of new products, market factors, internal research and development
initiatives, partnered research and development initiatives,
competitive product development, changes in governmental
regulations and legislation, the continued consolidation of payors,
acceptance of our new products and services and patent protection
and litigation. For further details and a discussion of these and
other risks and uncertainties, please see our public filings with
the Securities and Exchange Commission, including our latest
periodic reports on Form 10-K and 10-Q. We undertake no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events, or otherwise.
HeartBeam (NASDAQ:BEAT)
Historical Stock Chart
From Sep 2024 to Oct 2024
HeartBeam (NASDAQ:BEAT)
Historical Stock Chart
From Oct 2023 to Oct 2024