Philips Extends Leadership In Patient Monitoring By Buying BioTelemetry For $2.8Bn
Philips is already the leader in hospital patient monitoring and adding BioTelemetry will make it also the top provider of ambulatory cardiac diagnostics and monitoring systems.
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Royal Philips closed out the first year of COVID-19 with 7% revenue growth in the fourth quarter. CEO Frans van Houten says low single digit growth is the target for fiscal 2021.
The deal is the fourth major acquisition in the remote monitoring market in the last five weeks after Philips acquired BioTelemetry and Capsule and Hillrom bought Bardy Diagnostics.
Philips will pay $635m for the Massachusetts-based developer of a platform that connects medical devices and electronic medical records in hospitals.