Hillrom is gaining greater access into the ambulatory cardiac monitoring space with some new M&A. The Chicago, IL-based company is set to acquire Bardy Diagnostics (BardyDx) for $375 million with future potential payments based on the achievement of commercial milestones. The deal is set to close in 2Q21.
Seattle, WA-based BardyDx was founded in 2013 and has an annualized revenue of $30 million.
"This acquisition provides Hillrom with a highly strategic and differentiated diagnostic cardiology platform aligned with our vision of Advancing Connected Care, as well as an attractive recurring, high-growth revenue stream and gross margin profile," Hillrom President and CEO John Groetelaars said in a release. "BardyDx brings a talented team with significant commercial, clinical and scientific expertise, and dedicated independent diagnostic testing facilities.”
BardyDX has developed the Carnation Ambulatory Monitor (CAM) patch a device designed to promote patient compliance, streamline clinical workflow, and yield clinically actionable data in a report. The device uses a circuit design and uses advanced compression algorithms to process the signal, ensuring P-wave recording and accuracy, a significant attribute for cardiologists and electrophysiologists.
BardyDX’s CAM Patch was one of 16 COVID-19 innovations spotlighted by MD+DI in a special report in May of 2020. The company received CE mark for a 14-day version of the patch before MD+DI’s report. The patch won a nod from FDA in 2019 and a Health Canada clearance in February 2020.