January 28, 2021

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Philips buys 2.3 billion profitable heart monitoring businesses

Philips buys 2.3 billion profitable heart monitoring businesses

Philips makes another major acquisition in the healthcare sector. The company buys the American company BioTelemetry, which supplies heart monitoring devices, for 2.3 billion euros.

More than 1 million people wear devices from this company that keep an eye on their hearts. The data is sent over the Internet and analyzed by the company.

The company is very profitable. This year a turnover of 260 million euros was achieved, of which more than 60 percent remained as profit.

Less consumer electronics

The acquisition of the American company is one of the largest by Philips, which has been focusing more and more on the healthcare market in recent years, selling less and less electronics to consumers.

The company previously bought a US manufacturer of respiratory protective equipment Respironics for 3.6 billion euros and American Spectranetics for 1.9 billion euros. The company manufactures devices and software for vascular surgery.