BioTelemetry (BEAT) Acquires Telcare Medical Supply
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
BioTelemetry, Inc. (Nasdaq: BEAT) announces 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.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Teva Pharma (TEVA) Appoints New Global Generic Medicines Group CEO; FY16 Guidance Affirmed
- Brixmor Property Group (BRX) Names New Board Member
- Hertz Global (HTZ), Localiza to Form Strategic Partnership
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!