Hillrom Gains Access to CAM Patch with Latest Acquisition
The Chicago, IL-based company is gearing up to acquire Bardy Diagnostics for $375 million with potential milestone payments. The deal is set to close in 2Q21.
January 19, 2021
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.
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