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Home » Hillrom to buy Bardy Diagnostics for $375M

Hillrom to buy Bardy Diagnostics for $375M

January 19, 2021 By Chris Newmarker

Hillrom Bardy Diagnostics BardyDxHillrom (NYSE:HRC) has agreed to spend $375 million to acquire Bardy Diagnostics and its Carnation Ambulatory Monitor, or CAM patch.

Analysts at Baird described the CAM patch as a long-term Holter wearable biosensor. Hillrom said in a news release out today that the BardyDx purchase complements Hillrom’s present cardiology portfolio of cardiac stress exercise, Holter and resting electrocardiography devices.

“This acquisition provides Hillrom with a highly strategic and differentiated diagnostic cardiology platform aligned with our vision of advancing connected care, as well as an attractive recurring, high-growth revenue stream and gross margin profile,” said Hillrom CEO John Groetelaars. “BardyDx brings a talented team with significant commercial, clinical and scientific expertise, and dedicated independent diagnostic testing facilities. We look forward to welcoming the 230 employees who will join us in our mission of enhancing outcomes for patients and their caregivers.”

Hillrom expects to close the transaction in the fiscal second quarter of 2021, subject to customary closing conditions.

Baird analyst Mike Polark said the deal appeared to be a “home run” — all things considered. “Certainly it continues to shift Hillrom’s portfolio toward higher-growth categories, but this specific bite comes with significant upfront cost. Execution on the integration will therefore need to be crisp to make this math work.”

 

Filed Under: Business/Financial News, Cardiovascular, Diagnostics, Digital Health, Featured, Mergers & Acquisitions Tagged With: Bardy Diagnostics, Hillrom

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About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at [email protected].

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