California-Based CardioNet Broadens Remote Cardiac Monitoring With Florida Co. Acquisition
March 19, 2007 — CardioNet, Inc., a provider of wireless mobile cardiac outpatient monitoring solutions, has announced it has successfully completed its acquisition of Florida-based PDSHeart, Inc., a leading cardiac event monitoring company. The terms of the acquisition were not disclosed.
With the merger, CardioNet is now the largest U.S. company providing wireless, remote outpatient cardiac monitoring, event, Holter and pacer services.
A study published in the March 2007 issue of the Journal of Cardiovascular Electrophysiology indicates that the existing industry standard for heart monitoring systems, the loop event recorder, often fails to detect serious cardiac arrhythmias, particularly in those who are asymptomatic, resulting in a loss of opportunity for therapeutic intervention for patients who are at risk of stroke and sudden cardiac death. The study further found that CardioNet's new Mobile Cardiac Outpatient Telemetry (MCOT) technology is nearly three times more effective at detecting and diagnosing clinically significant arrhythmias than the existing industry standard.
PDSHeart, Inc. will operate as a subsidiary of CardioNet, with its corporate offices in West Palm Beach, Florida. CardioNet's corporate headquarters is located in San Diego, California. The combined company has monitoring centers in Pennsylvania, Minnesota, Florida, and Georgia.