$2.5 BILLION: ROYAL PHILIPS NV ACQUIRING BIOTELEMETRY
Philips expedites business strategy to advance in remote patient monitoring
Royal Philips NV or “Philips” (NYSE: PHG) is acquiring BioTelemetry (NASDAQ: BEAT) for $2.5 billion to accelerate its business plan to be a leader in home care patient monitoring. Philips recognizes the significant opportunities and escalating growth of telehealth (or telemedicine!) triggered by the COVID-19 pandemic and advanced capabilities of new technology and cloud computing.
There has been a gold rush of mergers and acquisitions, new product development and large-scale business development deals throughout the remote patient monitoring technology sector during 2020. Amazon, Apple, Google and Teladoc are just some of the companies developing wearable and remote monitoring technology used by consumers, patients and healthcare provider organizations. With the addition of BioTelemetry, Philips becomes an instant contender in the remote patient monitoring marketplace.
BioTelemetry is a renowned innovator in remote patient monitoring and medical device manufacturing
Founded in 1994 and based in Malvern, Pennsylvania, BioTelemetry is a medical technology leader that develops and supports an array of advanced products and programs in these and other patient care segments:
- Blood glucose monitoring
- Cardiac monitoring
- Centralized medical imaging
- Cloud computing and artificial intelligence (AI) driven patient medical data analytics and reporting
- Original equipment manufacturing (OEM) for healthcare and research organizations
BioTelemetry generated about $440 million in sales in 2019. It produces about 40,000 devices each month and monitors approximately 1.1 million patients annually.
The strategy behind the Philips and BioTelemetry deal
The acquisition of BioTelemetry enables Philips to offer a wider array of products and services to its existing clients with telehealth and remote patient monitoring needs as well as new ones. It also provides a crossover whereas Philips can share various technologies and other resources between its existing healthcare products and telemetry to enrich each of their offerings. Philips will capitalize on these cross-pollination opportunities to strengthen its worldwide competitive position.
Philips is a global medical equipment and technology leader
Founded in 1891 Philips generated about $24 billion in sales during 2019. Its U.S.-based operations are located in Cambridge, Massachusetts and its global headquarters in Amsterdam, The Netherlands. Philips is a well-respected worldwide healthcare leader in:
- Diagnostic imaging
- Healthcare informatics
- Image-guided therapy
- Patient monitoring
- Radiology
- Respiratory
- Telehealth
It develops and manufactures an array of products found in numerous healthcare settings including hospitals, health systems, medical group practices, surgical centers, specialty clinics and home care.
As a global conglomerate, Philips’ other business units include:
- Automotive
- Cloud-based voice technology
- Commercial and household lighting
- Consumer and professional dental care products
- Engineering and technical product development services
Philips generated 2019 sales of EUR 19.5 billion, employs over 80,000 staff members and does business in more than 100 countries.
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