BioTelemetry Inc., a Malvern-based maker of wireless heart and blood sugar monitors and imaging systems, says it has agreed to pay $45 million, with a promise of $20 million or more over time, for Geneva Healthcare Inc. of Pasadena, Calif.
Geneva describes itself as “the leading provider of remote monitoring for implantable cardiac devices.” The firm’s cloud-based software platform allows doctors to read multiple patients' pacemakers, defibrillators and monitors, from multiple makers, at a single location.
BioTelemetry, which employs around 1,600, had sales of more than $300 million last year and has reported rising profits. Its share price topped $70 for the first time in December, for a market cap of more than $2.3 billion, putting the company in a position to buy other device and software firms and exciting investors who hope BioTelemetry itself will be sold at a fat premium price.
Geneva, which raised $6.2 million in a private offering in 2016, reported sales of $6 million and a small profit last year. Despite its small size, “Geneva is transforming the way physician offices consolidate and manage the monitoring of implantable cardiac devices,” BioTelemetry chief executive Joseph H. Capper said in a statement.
Geneva Healthcare CEO Yuri Sudhakar said BioTelemetry will give Geneva “the necessary resources to significantly expand our reach in the over $1 billion domestic implantable cardiac device monitoring market.”
Both boards have approved the deal, pending confirmation by Geneva’s investors.