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Spacelabs Sold for Third Time in Two Years
Originally Published MDDI March 2004NEWSTRENDS
March 1, 2004
2 Min Read
Originally Published MDDI March 2004
A major player in patient monitoring systems is changing hands again.
OSI Systems Inc. (Hawthorne, CA) announced in January that it plans to acquire Spacelabs Medical (Issaquah, WA) from GE Medical Systems (Waukesha, WI) for approximately $57 million.
Spacelabs makes patient monitoring systems, network and connectivity systems, and ambulatory blood pressure monitors. It also provides medical data services. It was founded in 1958 to develop systems to monitor the vital signs of astronauts in space. By 1968 it shifted its focus to hospital monitoring systems.
This is the third sale of Spacelabs in less than two years. Instrumentarium Corp., a Finnish hospital supplier, bought the company in July 2002. Then, in October 2003, GE Medical Systems purchased all of Instrumentarium. As part of that deal, GE agreed to regulators' demands to divest itself of Spacelabs and to allow its buyer to distribute and market certain GE products.
Spacelabs has about 100,000 patient monitoring units installed worldwide, and sells disposable and replaceable supplies and services to support its products. The company has 720 employees and in 2003 earned about $150 million in revenues. It will operate as a wholly owned subsidiary of OSI, and its current management team will stay in place.
“By adding a successful and innovative company like Spacelabs to our organization, we are able to significantly strengthen our presence in medical monitoring, which will now join security and manufacturing as a key platform to drive our company's growth,” said Deepak Chopra, OSI's chairman and CEO.
Copyright ©2004 Medical Device & Diagnostic Industry
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