BioTelemetry to Acquire Geneva Healthcare for $45 Million to Expand Remote Cardiac Monitoring Leadership

Recently, VCBeat (WeChat Official Account: vcbeat) learned that BioTelemetry, a remote wireless company specializing in health information, has announced the acquisition of Geneva Healthcare, a manufacturer of remote monitoring systems for implantable cardiac devices, for an upfront payment of $45 million. As the acquisition progresses, BioTelemetry will invest an additional amount of no less than $20 million.

Currently, the acquisition has been approved by the boards of directors of both companies and is expected to be formally completed by the end of the first quarter of 2019. Upon completion of the acquisition, the original shareholders of Geneva Healthcare will still be able to receive proceeds through cash and stock.

It is understood that this is not BioTelemetry’s first acquisition in the digital health sector. In 2016, BioTelemetry acquired TelCare, a diabetes management technology company that developed the first FDA-cleared blood glucose meter. Additionally, in 2017, BioTelemetry participated in the Apple Heart Study. If patients were identified as potentially having atrial fibrillation, they would wear an ePatch, an electrocardiogram (ECG) monitoring patch provided by BioTelemetry, to synchronize heart rate and ECG data with the Apple Watch.

“Cardiologists are all seeking strategic solutions to improve patient care and workflow,” said Yuri Sudhakar, CEO of Geneva Healthcare. “Our company is backed by robust data, while BioTelemetry possesses cutting-edge technology. Our deep collaboration will not only expand the nationwide coverage of implantable cardiac device monitors in the United States but also provide cardiologists with rigorous technology and first-class services for clinical practice, patient care, and monitoring.”

Joseph H. Capper, President and Chief Executive Officer of BioTelemetry, also stated, “Just as we revolutionized remote cardiac monitoring through our MCOT service, Geneva is transforming the way implantable cardiac devices are monitored. We believe this acquisition will deliver a better service experience for patients and further solidify our leadership position in the field of remote cardiac monitoring.”

BioTelemetry is a Pennsylvania-based remote monitoring technology company that developed the world’s first mobile cardiac outpatient telemetry system, monitoring more than one million patients annually. In addition to providing technical support for cardiac monitoring, mobile glucose monitoring, centralized medical imaging, and original equipment manufacturing (OEM), the company is committed to building the world’s largest cardiac data network to make care more accurate, comprehensive, and efficient.

Geneva Healthcare, also known as Geneva Health Solutions, is a company that manufactures remote monitoring systems for implantable cardiac devices. The company’s enterprise cloud platform enables remote tracking of all patients with implantable cardiac devices—such as pacemakers, defibrillators, and loop recorders—providing physicians with results from routine checks and monitoring.

(Compiled by: Feng Yutong)