BioTelemetry: Patent Litigation Victory, Acquisition Of Mednet Healthcare

(RTTNews) - Wireless medical technology company BioTelemetry Inc. (BEAT), formerly known as CardioNet, Monday announced a significant victory in the patent infringement case against Mednet Healthcare Technologies 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.

Following the entry of the consent judgment, BioTelemetry acquired all outstanding shares of Mednet for about $16 million, consisting of $5.5 million of cash, $0.8 million of BioTelemetry common stock and the assumption of $9.7 million of debt.

Joseph Capper, Chief Executive of BioTelemetry, said the company will benefit from Mednet's more than $25 million in annual revenue. The deal is expected to o be accretive, adding $4.0 to $5.0 million of EBITDA post-integration, Capper added.