BioTelemetry, Inc. Announces Acquisition of Telcare’s Remote Diabetes Management Platform
December 01 2016 - 9:14AM
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, is pleased to
announce the acquisition of Telcare Medical Supply, Inc. and
associated assets (“Telcare”), increasing the Company’s presence in
the large and rapidly growing digital population health management
market. As an early stage technology-enabled service platform,
Telcare was the first company to receive FDA clearance for a
cellular-enabled Blood Glucose Monitoring (“BGM”) system. This
wireless BGM system transmits real-time results to a cloud-based
analytical engine, which synthesizes the data, monitors trends and
provides caregivers with critical information about the patients’
health status and the potential need to intervene.
BioTelemetry acquired Telcare Medical Supply, Inc. and
associated assets for upfront consideration of $7.0 million in cash
with the potential for additional performance-based earn-outs of up
to $5.0 million in cash. Telcare is expected to generate over $5.0
million in revenue on an annualized basis and be near breakeven by
the end of 2017.
Joseph H. Capper, President and Chief Executive Officer
of BioTelemetry, Inc., commented: “BioTelemetry is one of the
few companies to successfully scale a profitable digital health
business. We have a tremendous core competency in real-time remote
data collection, analysis, storage and distribution. As we detailed
on our last earnings call, we see digital population health
management as a natural fit to leverage our expertise and existing
partnerships to improve outcomes and reduce costs in some of the
more widespread chronic conditions. We chose the diabetes market as
our first major digital population health initiative because of its
significant overall burden on the healthcare system, with estimated
direct annual costs in the U.S. of over $245 billion.
“Having spent a large portion of my career leading companies
focused on diabetes, I understand the complexities and challenges
for patients, payors and providers of care. I have seen firsthand
the positive effect robust care management programs can have on the
lives of people living with this condition. Furthermore, by
incorporating the latest advancements in remote digital technology,
we will provide the “critical missing ingredient” necessary to
close the time and distance gaps endemic in traditional care
management programs. Given our clear leadership position in the
analysis and transmission of complex digital health information, we
are uniquely positioned to accelerate the market penetration of
Telcare’s digital population health management solution. Telcare,
fueled by its wireless BGM system and highly sophisticated,
cloud-based population analytics, provides us with a powerful
platform from which to build. We are confident this business will
provide a meaningful contribution to our growth over
time.”
About BioTelemetryBioTelemetry, 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.gobio.com.
About Telcare Telcare is a leading
digital-health company whose pioneering work includes development
of the first FDA-cleared cellular enabled blood glucometer and
cloud-based diabetes data repository system. Following this initial
success, the Company has focused on providing a comprehensive suite
of offerings to support diabetes management, combining a connected
glucometer, cloud-based analytics and care management tools that
enhance care relative to the status quo. Ziegler’s Healthcare
Investment Banking team advised Telcare in the transaction. For
more information, visit www.telcare.com
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. 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, our
ability to defend our patent portfolio and obtain favorable
results, 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.
Contact:
BioTelemetry, Inc.
Heather C. Getz
Investor Relations
800-908-7103
investorrelations@biotelinc.com
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