MALVERN, Pa., May 11, 2016 (GLOBE NEWSWIRE) -- 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.
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.
Heather C. Getz