Medtronic (NYSE:MDT) has confirmed its plan to acquire wearable sensor maker Corventis, telling analysts last week that it expects to close the deal this month but declining to confirm a report that the buyout is worth more than $150 million.
Mike Coyle, president of Medtronic’s cardiac & vascular group, confirmed the Corventis buyout, 1st reported by Mobihealthnews in May, at the medical device company’s semi-annual analyst meeting in New York June 5.
Corventis makes peel-and-stick sensors that can monitor a range of biological parameters, including heart and respiratory rates, posture, activity and more. The devices can be worn for up to 30 days, are water-resistant and provide continuous monitoring and automatic arrhythmia detection, according to the company’s website. The "staged" acquisition is slated to be complete this month, Coyle said, predicting a U.S. launch of the SeeQ device in mid-fiscal 2015.
Corventis’ flagship PiiX sensor has been on the market since 2009 and the company in 2010 landed FDA clearance for its Nuvant line of wearable telemetry systems, which also won coverage under Medicare.
The SeeQ patch, which has a 7-day life per device, transmits data via cellular, according to Coyle.
