EarlySense to Accelerate Growth in Remote Patient Monitoring Sector With Sale of Contact-Free Monitoring Technology To Hillrom
On February 1, 2021, EarlySense announced the sale of its contact-free continuous monitoring technology to Hillrom (NYSE: HRC) for $30 million in cash, along with potential milestone payments and equity stakes. This agreement grants Hillrom licensing for all technology outside hospital applications. EarlySense's technology has already monitored over one million patients and aims to enhance remote patient care, especially in light of the COVID-19 pandemic. Hillrom seeks to leverage this technology to improve patient health outcomes globally.
- EarlySense technology has monitored over one million patients, aiding in early detection of deteriorating health.
- The $30 million upfront payment enhances EarlySense's financial position and growth prospects in the remote patient monitoring sector.
- Potential milestone payments could further bolster EarlySense's revenue and market presence.
- None.
WOBURN, Mass., Feb. 1, 2021 /PRNewswire/ -- EarlySense, the global leader in contact-free, continuous monitoring solutions across the healthcare continuum, announced today that it has sold proprietary contact-free continuous monitoring technology to Hillrom (NYSE: HRC). Under terms of the agreement, EarlySense will receive licensing for all intellectual property and technology sold to Hillrom for use outside the hospital, as well as a cash consideration of
"We set out to save lives and improve care by implementing AI-based contact-free patient monitoring in healthcare facilities across the globe," said Matt Johnson, CEO of EarlySense. "We made great progress by becoming the standard of care in Hillrom's flagship Centrella® Smart+ hospital bed. Our technology has already monitored more than one million patients and helped clinicians save tens of thousands of lives, and we expect to accelerate this significant impact as a result of this technology sale to Hillrom.
"The COVID-19 pandemic has created historic opportunities for smart health technologies outside the hospital, and this transaction will allow us to continue serving our global customer base and apply our clinically proven technology to this high-growth sector. Our more than one hundred million patient-monitored hours uniquely position us to deliver intelligent, predictive, and patented solutions that elevate remote patient care without increasing the risk of harmful infection," added Johnson.
EarlySense technology allows for the continuous (more than 100 times per minute) monitoring of patient heart and respiratory rates without ever touching the patient. The technology also alerts clinicians to potential patient deterioration events much earlier than traditional monitoring methods. This technology serves as the engine for EarlySense remote patient monitoring devices, helping bring hospital-grade patient analytics to care settings outside the hospital.
"EarlySense's contact-free continuous monitoring technology provides caregivers with a full picture of patient health, allowing for intervention at the earliest signs of patient deterioration," said Hillrom President and CEO John Groetelaars. "We look forward to bringing this critical technology to additional customers around the world as we deliver on our vision of Advancing Connected Care™."
Wells Fargo Securities served as exclusive financial advisor to EarlySense and Goldfarb & Seligman and Polsinelli served as legal counsel.
About EarlySense
EarlySense® is the global leader in contact-free, continuous monitoring solutions for the healthcare continuum. Used worldwide in hospitals, post-acute care facilities and patients' homes, the EarlySense System assists caregivers in early detection of potential patient adverse events, including code blue events resulting from cardiac or respiratory arrest, patient falls, pressure ulcers, preventable ICU transfers and hospital readmissions. The EarlySense System captures critical information from the patient, providing an early warning to caregivers of potentially adverse events. EarlySense is based in Ramat Gan, Israel, and Woburn, Massachusetts.
For more information, visit www.earlysense.com.
Follow EarlySense on LinkedIn, Twitter and Facebook.
About Hillrom
Hillrom is a global medical technology leader whose 10,000 employees have a single purpose: enhancing outcomes for patients and their caregivers by Advancing Connected Care™. Around the world, our innovations touch over 7 million patients each day. They help enable earlier diagnosis and treatment, optimize surgical efficiency and accelerate patient recovery while simplifying clinical communication and shifting care closer to home. We make these outcomes possible through digital and connected care solutions and collaboration tools, including smart bed systems, patient monitoring and diagnostic technologies, respiratory health devices, advanced equipment for the surgical space and more, delivering actionable, real-time insights at the point of care. Learn more at hillrom.com.
Media Contact:
Ellie Hanson
Finn Partners
+1-929-222-8006
ellie.hanson@finnpartners.com
EarlySense Contact:
Jaime Donahue
T: 781-373-3228 ext. 212
Jaime.Donahue@earlysense.com
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SOURCE EarlySense
FAQ
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