BioTelemetry Company With a Warehouse in Linwood, Sells for $2.4 Billion

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Image via Biotelemetry Inc.

A Netherlands-based medical equipment maker is paying $2.4 billion for Malvern-based BioTelemetry Inc., with warehouses in Linwood, because of it its stay-at-home heart monitors, writes Josephn N. DiStefano for The Philadelphia Inquirer.

Royal Philips, 50 times the size of BioTelemetry,  sees a big future in the wearable Holter heart sensors, BioTel monitors and other devises that track patients and alert doctors of problems.

Total worth of the deal is $2.8 billion if debt and cash are included in the share price.

BioTelemetry was founded as an independent company in 1994 as CardioNet.

In 2010 Joseph H. Capper, a former Bayer executive became CEO, renaming and reorganizing the company as BioTelemetry, acquiring device manufacturing and technology companies.

BioTelemetry is  ”the world’s largest remote cardiac monitoring services network,” according to Capper, predicting its purchase will help Phillips focus from hospital-based care to better “address the rising demand for telehealth and remote monitoring solutions.”

BioTelemetry employs 1,900 at its Malvern offices, Linwood warehouse, assembly plant in Eagan, Minn and other locations. It went public in 2008.

Sales totaled $440 million last year. BioTelemetry has been profitable each year since 2017.

Read more about the Royal Phillips purchase of BioTelemetry at The Philadelphia Inquirer.

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