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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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