Philips Extends Leadership In Patient Monitoring By Buying BioTelemetry For $2.8Bn
Philips is already the leader in hospital patient monitoring and adding BioTelemetry will make it also the top provider of ambulatory cardiac diagnostics and monitoring systems.
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Frans van Houten has promised a summer update on Royal Philips’ medium-term outlook after the company was hit from all sides in late 2021. He expects the resulting headwinds to persist into early 2022.
Royal Philips closed out the first year of COVID-19 with 7% revenue growth in the fourth quarter. CEO Frans van Houten says low single digit growth is the target for fiscal 2021.
The deal is the fourth major acquisition in the remote monitoring market in the last five weeks after Philips acquired BioTelemetry and Capsule and Hillrom bought Bardy Diagnostics.