Philips to expand its cardiac diagnostics and monitoring portfolio with the acquisition of Cardiologs
08 Novembre 2021 - 8:00AM
Philips to expand its cardiac diagnostics and monitoring portfolio
with the acquisition of Cardiologs
November 8, 2021
Amsterdam, the Netherlands – Royal Philips
(NYSE: PHG; AEX: PHIA), a global leader in health technology, today
announced that it has signed an agreement to acquire Cardiologs, a
France-based medical technology company focused on transforming
cardiac diagnostics using artificial intelligence (AI) and cloud
technology. Cardiologs will further strengthen Philips’ cardiac
monitoring and diagnostics offering with innovative software
technology, electrocardiogram (ECG) analysis and reporting
services. The transaction, which is subject to customary closing
conditions, is expected to be completed in the coming months.
Financial details of the transaction were not disclosed.
The acquisition of Cardiologs is a strong fit with Philips’
existing portfolio of cardiac care solutions. This includes
real-time patient monitoring, therapeutic devices, telehealth and
informatics for the hospital, as well as ambulatory cardiac
diagnostics and monitoring solutions, that were added through the
recent acquisition of BioTelemetry, Inc.
Cardiologs will complement this offering with a vendor-neutral
heart disorder screener and ECG analysis applications, based on
machine learning algorithms. Developed in partnership with leading
physicians, Cardiologs’ technology accelerates diagnostic
reporting, decreases the occurrence of reporting errors and
streamlines clinician workflow and patient care, empowering
clinicians to deliver expert cardiac care faster and more
efficiently. CE-marked and FDA cleared for detection of cardiac
arrhythmias, Cardiologs’ technology is built on a growing database
of more than 20 million ECG recordings and supported by a number of
clinical publications.
“Offering superb clinical insights, as well as automated
clinical reporting, Cardiologs’ medical-grade AI technology and
data scientists will be a strong addition to our growing portfolio
of cardiac solutions for hospital and ambulatory settings,” said
Roy Jakobs, Chief Business Leader Connected Care at Royal Philips.
“Philips’ global footprint can accelerate the availability of
Cardiologs’ technology to patients all over the world and further
deliver on the quadruple aim of an improved patient care
experience, better health outcomes, improved staff experience, and
lower cost of care.”
“We are delighted to become part of Philips and continue
innovating together to provide solutions that empower clinicians
all around the world,” said Yann Fleureau, Co-Founder and CEO of
Cardiologs. “We look forward to the opportunity to expand the
business as part of Philips, maintaining vendor neutrality and
continuing to work with third party vendors to drive further
adoption of digital health solutions globally.”
Cardiologs was founded in 2014 and is headquartered in Paris,
France. Its approximately 70 employees, largely comprising software
engineers and data scientists with expertise in AI and deep
learning algorithms, will join Philips and will expand the
company’s continued AI-focused innovation activities together with
the company’s R&D lab in Paris. Philips has a strong presence
in France, consisting of research and development activities, as
well as sales, marketing and distribution at multiple sites.
For further information, please contact:
Steve KlinkPhilips Global Press OfficeTel.: +31 6
10888824E-mail: steve.klink@philips.com
Derya GuzelPhilips Investor RelationsTel.: +31 20 59
77055E-mail: derya.guzel@philips.com
About Royal PhilipsRoyal Philips (NYSE: PHG,
AEX: PHIA) is a leading health technology company focused on
improving people's health and well-being, and enabling better
outcomes across the health continuum – from healthy living and
prevention, to diagnosis, treatment and home care. Philips
leverages advanced technology and deep clinical and consumer
insights to deliver integrated solutions. Headquartered in the
Netherlands, the company is a leader in diagnostic imaging,
image-guided therapy, patient monitoring and health informatics, as
well as in consumer health and home care. Philips generated 2020
sales of EUR 17.3 billion and employs approximately 78,000
employees with sales and services in more than 100 countries. News
about Philips can be found at www.philips.com/newscenter.
Forward-looking statements This release
contains certain forward-looking statements with respect to the
financial condition, results of operations and business of Philips
and certain of the plans and objectives of Philips with respect to
these items. Examples of forward-looking statements include
statements made about the strategy, estimates of sales growth,
future EBITA, future developments in Philips’ organic business and
the completion of acquisitions and divestments. By their nature,
these statements involve risk and uncertainty because they relate
to future events and circumstances and there are many factors that
could cause actual results and developments to differ materially
from those expressed or implied by these statements.
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