BioTelemetry, Inc. Completes Acquisition of Geneva Healthcare, Inc.
March 04 2019 - 8:30AM
BioTelemetry, Inc. (NASDAQ:BEAT), the leading remote medical
technology company focused on the delivery of health information to
improve quality of life and reduce cost of care, announced today
that the Company has completed its acquisition of Geneva
Healthcare, Inc., the leading provider of remote monitoring for
implantable cardiac devices.
Joseph H. Capper, President and Chief Executive Officer of
BioTelemetry, Inc., commented: “We are excited to welcome the
Geneva team to BioTelemetry. This talented group of individuals has
significantly transformed the way physician offices consolidate and
manage data from implantable cardiac devices, giving precious time
back to the staff to focus on patient care. Geneva’s market-leading
platform and service, along with our scale and resources, make a
formidable combination that will provide substantial benefits to
the thousands of practices we serve. We look forward to working
with the Geneva team to further solidify our leadership position in
remote cardiac monitoring.
“Looking forward, for 2019 we expect Geneva to contribute at
least $10 million of revenue with gross margin in excess of 60%. In
the near term, our focus for Geneva will be on customer acquisition
and top-line growth. As an early stage company, we will need to
make investments in the business to support this goal. As such, we
do not anticipate Geneva to be accretive to earnings in the first
year post-acquisition.”
About BioTelemetry
BioTelemetry, Inc. is the leading remote medical technology
company focused on delivery of health information to improve
quality of life and reduce cost of care. We provide remote cardiac
monitoring, remote blood glucose monitoring, centralized core lab
services for clinical trials and original equipment manufacturing
that serves both healthcare and clinical research customers. More
information can be found at www.gobio.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 regarding, among other
things, statements about both our beliefs and expectations
regarding Geneva’s actual and expected annualized revenue and
profitability and the growth and success of the combined entity.
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. For further details and a discussion of risks and
uncertainties, please see our public filings with
the Securities and Exchange Commission, including the
company’s latest periodic reports on Forms 10-K and 10-Q. Readers
are cautioned not to put undue reliance on forward-looking
statements, which reflect only opinions as of the date of this
press release.
We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
Contact: |
|
BioTelemetry, Inc.Heather C. GetzInvestor
RelationsExecutive Vice President, Chief Financial
Officer800-908-7103investorrelations@biotelinc.com |
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