BioTelemetry, Inc. Announces the Acquisition of the ePatch Division of DELTA Danish Electronics, Light and Acoustics
April 01 2016 - 8:46AM
BioTelemetry, Inc. (NASDAQ:BEAT), the leading wireless medical
technology company focused on the delivery of health information to
improve quality of life and reduce cost of care, announced that it
has completed the acquisition of the ePatch division of DELTA
Danish Electronics, Light and Acoustics (“DELTA”), inclusive of all
products and indications currently under development by the ePatch
division. The transaction consisted of upfront consideration
of $3.0 million in cash and $3.0 million in BioTelemetry restricted
stock with the potential for an additional performance-based
earn-out of up to $3.0 million in cash.
DELTA has previously partnered with BioTelemetry on the
development of the Company’s next generation MCOTTM device,
expected to launch later this year. The acquisition is
expected to generate future cost savings and will provide control
over proprietary components of this new system. DELTA has
also developed the ePatch device, an extended-wear cardiac monitor,
utilizing proprietary patch and sensor technology. The ePatch
device will be integrated into BioTelemetry’s suite of Healthcare
products and will provide international growth opportunities for
the Company’s Technology division.
Joseph H. Capper, President and Chief Executive Officer
of BioTelemetry, commented: “As a natural step in our ongoing
and productive relationship, we are excited to have acquired the
ePatch division from DELTA, our longstanding partner in the
development of our next generation monitoring platform. We
are honored to welcome such a creative and innovative group of
professionals to the BioTelemetry family. The acquired
business will immediately enhance our patent and product portfolios
and bolster our research and development pipeline. The
acquisition also further supports our strategy to be the leader in
remote cardiac monitoring.”
DELTA’s Chief Executive Officer, Juan Farré, added: “We
believe BioTelemetry to be the perfect company to
commercialize our developed technology in the area of ECG
monitoring and patch technology. This divestment aligns with
DELTA’s mission to bring Danish developed technology to
commercialization through partnerships.”
About DELTA
DELTA Danish Electronics, Light and Acoustics is an independent
technology service organization for private enterprises and public
authorities. DELTA's mission is to help businesses and society in
general create value through innovative use of new technology in
products, processes and environment. DELTA is among Europe's
leading international test, design, service, consulting and
education organizations within electronics, microelectronics,
software technology, light, optics, acoustics and vibration.
Further information on DELTA can be found at
www.madebydelta.com.
About BioTelemetry
BioTelemetry, Inc., formerly known as CardioNet, Inc., is the
leading wireless medical technology company focused on the delivery
of health information to improve quality of life and reduce cost of
care. The company currently provides cardiac monitoring
services, original equipment manufacturing with a primary focus on
cardiac monitoring devices and centralized cardiac core laboratory
services. More information can be found at
www.biotelinc.com.
BioTelemetry's Cautionary Statement Regarding
Forward-Looking Statements
This document 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, our expectations regarding the success of the DELTA
transaction and related effect on the Company's operations. These
statements may be identified by words such as "expect,"
"anticipate," "estimate," "intend," "plan," "believe," "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 these expectations, and could cause
actual outcomes and results to differ materially from current
expectations. These factors include, among other things, effects of
changes in health care legislation, effectiveness of our cost
savings initiatives, relationships with our government and
commercial payors, changes to insurance coverage and 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, patent protection,
adverse regulatory action, litigation success, our ability to
successfully create a new holding company structure and to
anticipate the benefits of such structure. 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.
BioTelemetry, Inc.
Heather C. Getz
Investor Relations
800-908-7103
investorrelations@biotelinc.com
HeartBeam (NASDAQ:BEAT)
Historical Stock Chart
From Jun 2024 to Jul 2024
HeartBeam (NASDAQ:BEAT)
Historical Stock Chart
From Jul 2023 to Jul 2024