Acquisition: CardioNet nabs cardiac testing lab for $23.5M

Wireless medical devices maker CardioNet (NSDQ:BEAT) dropped $23.5 million on cardiac testing laboratory cardioCORE Lab.

CardioNet expects the merger to add between $19-$20 million in revenue and $3.5-$4 million in profit for the full year of 2012, according to a press release.

"We are now in an excellent position to leverage our current technology and monitoring infrastructure into a large and growing adjacent market," CardioNet president & CEO Joseph Capper said in prepared remarks. "We are truly becoming a full-service cardiac monitoring company."

"The acquisition of cardioCORE is an important step toward achieving our previously announced strategic objectives," Capper added. "Additionally, this acquisition goes a long way in mitigating some of our revenue concentration and reimbursement risk."

CardioNet develops ambulatory patient tracking devices for diagnosing and monitoring heart rhythm disorders. CardioCORE provides centralized cardiac testing services supported by advanced data management systems.

BEAT shares were up 1% to $1.95 as of about 12:00 p.m. today.