Medtronic Announces Purchase of Cardiocom, Deal Valued at $200M
Medtronic, Inc. (NYSE: MDT) today announced the closing of the acquisition of Cardiocom, a privately held developer and provider of integrated telehealth and patient services for the management of chronic diseases, in an all cash transaction valued at $200 million. Medtronic expects the net impact from this transaction to be neutral to fiscal year 2014 earnings and for this transaction to be consistent with the company's disciplined focus on long-term returns.
This acquisition is in support of Medtronic's transition toward expanding the company's medical device product offerings to broader healthcare services and solutions, providing meaningful clinical and economic value for hospitals, physicians, patients and payers. The first area of focus for Medtronic will be in heart failure, where the addition of the Cardiocom technology and patient services to its product offerings will expand its reach to more patients across the heart failure care continuum.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.