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February 3, 2014
08:15 EDTBEATBioTelemetry acquires all outstanding shares of Mednet for $16M
BioTelemetry announced a significant victory in the patent infringement case against Mednet Healthcare Technologies and its subsidiaries, Heart-Care Corporation of America, Universal Medical, and Universal Medical Laboratory, as well as other named defendants. Mednet entered into a consent judgment, declaring that the Mednet entities infringed on five patents owned by BioTelemetry and its subsidiary, Braemar Manufacturing, and that all five patents are valid. The lawsuit, which was filed in the U.S. District Court for the Eastern District of Pennsylvania in May 2012, centered on patented technology used in BioTelemetry's Mobile Cardiac Outpatient Telemetry. Following the entry of the consent judgment, BioTelemetry acquired all outstanding shares of Mednet for an aggregate purchase price of approximately $16M, consisting of $5.5M of cash, $0.8M of BioTelemetry common stock and the assumption of $9.7M of debt. Mednet's core competencies include outpatient cardiac monitoring and contract manufacturing of cardiac monitoring devices. Expects the acquisition to be accretive, adding $4M-$5M of EBITDA post-integration.
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March 25, 2015
17:34 EDTBEATBioTelemetry announces finalization of settlement with DOJ
BioTelemetry announced the completion of the Department of Justice investigation with the signing of a settlement agreement between the two parties. Per the agreement, BioTelemetry will pay $6.4M to the Department of Justice, which was reflected in the company's 2014 financial statements. The settlement relates to allegations that BioTelemetry encouraged physicians to use two non-specified diagnosis codes to ensure coverage of mobile cardiac telemetry between November 2008 and June 2011. It is the company's belief that physicians utilized these non-specified codes for palpitations, a diagnosis that was permitted under the local coverage determination but for which no corresponding diagnosis code was provided. On June 29, 2011, Medicare eliminated this ambiguity by adding a specific diagnosis code for palpitations and removing the two non-specified diagnosis codes.
March 19, 2015
13:32 EDTBEATBioTelemetry to pay $6.4M in settlement with Justice Department
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