Healthcare Industry News: cardiac monitor
News Release - March 13, 2007
CardioNet Mobile Cardiac Monitoring Innovator Completes Acquisition of PDSHeartMerger Creates Largest Wireless Outpatient cardiac monitoring Company in U.S.
SAN DIEGO & WEST PALM BEACH, Fla.--(HSMN NewsFeed)--San Diego-based CardioNet, Inc., a leading provider of wireless mobile cardiac outpatient monitoring solutions, announced today that it has successfully completed its acquisition of Florida-based PDSHeart, Inc., a leading cardiac event monitoring company. The terms of the acquisition were not disclosed.
With the merger, CardioNet is now the largest U.S. company providing wireless, remote outpatient cardiac monitoring, event, Holter and pacer services.
CardioNet Chairman and CEO James M. Sweeney said, "We believe that patients and their doctors stand to benefit the most from this merger. We now provide the most comprehensive range of arrhythmia-monitoring products and services in the nation.
"With our expanded sales force, increased distribution channel and heightened industry expertise, coupled with our advanced MCOT service--the only FDA cleared and Medicare reimbursed wireless ECG arrhythmia detection and alarm system--we are poised for significant growth," Sweeney added.
A study published in the March 2007 issue of the Journal of Cardiovascular Electrophysiology indicates that the existing industry standard for heart monitoring systems, the loop event recorder, often fails to detect serious cardiac arrhythmias, particularly those who are asymptomatic, resulting in a loss of opportunity for therapeutic intervention for patients who are at risk of stroke and sudden cardiac death. The study further found that CardioNet's new Mobile Cardiac Outpatient Telemetry (MCOT) technology is nearly three times more effective at detecting and diagnosing clinically significant arrhythmias than the existing industry standard.
PDSHeart, Inc. will operate as a subsidiary of CardioNet, with its corporate offices in West Palm Beach, Florida. CardioNet's corporate headquarters is located in San Diego, California. The combined company has monitoring centers in Pennsylvania, Minnesota, Florida, and Georgia.
CardioNet is a leading provider of ambulatory, wireless, real-time arrhythmia monitoring, having provided services to more than 65,000 patients. The company has invested more than $84 million and seven years developing its medical devices and 24-hour monitoring service center. Of that amount, it has invested over $40 million developing its proprietary integrated patient-monitoring platform that incorporates a wireless data transmission network, internally developed software, and FDA-cleared algorithms. CardioNet was recently named one of "50 medical companies to watch" by Medical Device and Diagnostic Industry magazine. For more information, visit www.cardionet.com.
Founded in 2000, PDSHeart is a leading provider of cardiac monitoring services. It provides physician-prescribed remote and ambulatory care monitoring of asymptomatic and symptomatic arrhythmia detection via landline, cellular telephone and the Internet. PDSHeart's WebHolter® is the industry's first Web-based digital Holter monitoring system. PDSHeart provides monitoring services to approximately 150,000 patients in 49 U.S. states. For more information, visit www.pdsheart.com.
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