MALVERN, Pa., Feb. 3, 2014 (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 a significant victory in the patent infringement case against Mednet Healthcare Technologies, Inc. and its subsidiaries, Heart-Care Corporation of America, Universal Medical Inc., and Universal Medical Laboratory, Inc. ("Mednet"), as well as other named defendants. Mednet entered into a consent judgment, declaring that the Mednet entities infringed on five patents owned by BioTelemetry and its subsidiary, Braemar Manufacturing, and that all five patents are valid.
The lawsuit, which was filed in the U.S. District Court for the Eastern District of Pennsylvania in May 2012, centered on patented technology used in BioTelemetry's Mobile Cardiac Outpatient Telemetry (MCOT TM). A litigation team from Ropes & Gray represented BioTelemetry in the case.
Following the entry of the consent judgment, BioTelemetry acquired all outstanding shares of Mednet for an aggregate purchase price of approximately $16.0 million, consisting of $5.5 million of cash, $0.8 million of BioTelemetry common stock and the assumption of $9.7 million of debt. Mednet's core competencies include outpatient cardiac monitoring and contract manufacturing of cardiac monitoring devices.Joseph H. Capper, President and Chief Executive Officer of BioTelemetry, commented, "I believe the acquisition of Mednet is the best possible outcome for all involved. While an unorthodox path to such a combination, the company will benefit from Mednet's more than $25 million in annual revenue and its reputation for world class customer service. We expect the acquisition to be accretive, adding $4.0 to $5.0 million of EBITDA post-integration. We are pleased to add the Mednet employees to the BioTelemetry team and look forward to continuing to provide superior service to their many loyal customers." Christopher Keane, President of Mednet, commented, "This merger is the perfect fit for the Mednet family. It will allow Mednet to continue to provide unparalleled service while allowing us to offer Biotelemetry's industry leading technology to our customers."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts