BioTelemetry, Inc. Announces the Completion of Its Acquisition of VirtualScopics, Inc.
May 11 2016 - 9:25AM
BioTelemetry, Inc. (NASDAQ:BEAT), the leading wireless medical
technology company focused on the delivery of health information to
improve quality of life and reduce cost of care, announced today
that it has completed its acquisition of VirtualScopics, Inc.
(NASDAQ:VSCP), a leading provider of clinical trial imaging
solutions. The acquisition comes after the successful
completion of the all cash tender offer for all outstanding common
and preferred shares of VirtualScopics. The total purchase
consideration was approximately $15.0 million, net of cash and debt
acquired.
Joseph H. Capper, President and Chief Executive Officer
of BioTelemetry, commented: “We are excited to welcome
VirtualScopics to the BioTelemetry family. The addition of
VirtualScopics’ imaging capabilities expands our clinical research
offerings and further demonstrates our commitment to growing this
important portion of our business. As I have mentioned in the
past, an integrated cardiac and imaging testing platform will
deliver much greater value to our customers and makes us a far more
formidable competitor in this market. We are also thrilled to
add a strong operational leadership team and look forward to
building upon their longstanding customer relationships.”
The Company will provide additional information on the impact
the acquisition will have on 2016 results during its normally
scheduled second quarter earnings call which is expected to occur
in late July.
About BioTelemetry
BioTelemetry, Inc., formerly known as CardioNet, Inc., is the
leading wireless medical technology company focused on the delivery
of health information to improve quality of life and reduce cost of
care. The company currently provides cardiac monitoring
services, original equipment manufacturing with a primary focus on
cardiac monitoring devices and centralized cardiac core laboratory
services. More information can be found at
www.biotelinc.com.
Cautionary Statement Regarding Forward-Looking
Statements
This document includes certain forward-looking statements within
the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, statements about BioTelemetry’s and VirtualScopics’ beliefs
and expectations, statements about expectations regarding the
growth and success of the combined entity. These statements
may be identified by words such as “expect,” “anticipate,”
“estimate,” “intend,” “plan,” “believe,” “promises”, “projects,”
and other words and terms of similar meaning. Such
forward-looking statements are based on current expectations and
involve inherent risks and uncertainties, including important
factors that could delay, divert, or change any of these
expectations, and could cause actual outcomes and results to differ
materially from current expectations. Factors that may
materially affect such forward-looking statements include:
BioTelemetry’s ability to successfully integrate the VirtualScopics
business or realize the anticipated benefits of the
transaction. For further details and a discussion of these
and other risks and uncertainties, please see BioTelemetry’s and
VirtualScopics’ public filings with the Securities and Exchange
Commission, including the companies’ latest periodic reports on
Form 10-K and 10-Q. BioTelemetry and VirtualScopics do not
undertake, and specifically disclaim, any obligation to publicly
update or amend any forward-looking statement, whether as a result
of new information, future events, or otherwise.
Contact:
BioTelemetry, Inc.
Heather C. Getz
Investor Relations
800-908-7103
investorrelations@biotelinc.com
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