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Hillrom (NYSE: HRC) provided an update on its acquisition of Bardy Diagnostics, Inc., initially announced on January 19, 2021. A recent reimbursement rate reduction by Novitas Solutions, effective January 29, 2021, led Hillrom to assert a "Company Material Adverse Effect," causing the closing conditions for the acquisition to remain unmet. BardyDx has filed a complaint against Hillrom in the Delaware Court of Chancery. Hillrom remains focused on long-term shareholder value and will offer further updates as necessary.
Hillrom (NYSE: HRC) will present at the Barclays Global Healthcare Conference on March 11, 2021. CEO John Groetelaars will engage in a fireside chat starting at 9:45 a.m. Eastern Time and will conduct virtual one-on-one meetings afterwards. Investors can access the live webcast at hillrom.com, with a recorded replay available for 90 days post-event. Hillrom is a leader in medical technology, touching over 7 million patients daily with innovative solutions aimed at enhancing healthcare outcomes.
Hillrom (HRC) reported strong financial results for Q1 FY 2021, with GAAP earnings of $0.88 per diluted share, up from $0.59 YoY. Adjusted earnings surged 35% to $1.53 per diluted share, exceeding guidance. Revenue reached $741 million, marking an 8% increase, driven by robust demand for critical care products amid the pandemic, generating $40 million in one-time COVID revenue. The company raised its full-year guidance, now forecasting adjusted earnings of $5.70 to $5.90 per diluted share, supported by product innovation and strategic partnerships.
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.
Hillrom (NYSE: HRC) announced the acquisition of contact-free continuous monitoring technology from EarlySense for $30 million. This purchase includes potential milestone payments and equity from Hillrom's investment in EarlySense. The acquisition aims to enhance patient outcomes through advanced monitoring capabilities. Hillrom does not expect this to significantly impact its fiscal 2021 financial guidance. EarlySense's technology has reportedly saved tens of thousands of lives and will be integrated into Hillrom's Centrella® Smart+ med-surg bed system, improving clinical monitoring.
Hillrom (NYSE: HRC) announced its plans to acquire Bardy Diagnostics, a leader in ambulatory cardiac monitoring. On January 29, 2021, Novitas Solutions released new reimbursement rates for CPT codes related to extended holter cardiac monitoring. Hillrom is evaluating these changes but has not made further comments. The company emphasizes its commitment to long-term shareholder value and will update stakeholders as more information becomes available.
Hillrom (NYSE: HRC) announced a definitive agreement to acquire Bardy Diagnostics, Inc. for $375 million plus potential future milestone payments. The acquisition includes net operating losses over $20 million for potential tax benefits. BardyDx, known for its innovative Carnation Ambulatory Monitor (CAM™ patch), reported $30 million in annualized revenue. This strategic move aims to enhance Hillrom's cardiology portfolio, boosting high-growth revenue streams while maintaining fiscal 2021 guidance, though it may dilute earnings by $0.10 per share initially.
Hillrom (HRC) will hold its fiscal Q1 2021 earnings conference call on February 5, 2021, at 7:30 a.m. CT. Investors can participate via a dial-in number, with a link to a live webcast on the company's website. A supplementary presentation will be made available prior to the call. An audio replay will be accessible for 7 days post-conference. Hillrom is focused on enhancing patient care through connected solutions, impacting over 7 million patients daily.
Hillrom (NYSE: HRC) will present at the 3rd Annual Evercore ISI HealthCONx Virtual Conference on December 1, 2020. CEO John Groetelaars is scheduled to participate in a fireside chat at 9:40 a.m. ET and will conduct virtual one-on-one meetings afterwards. Interested parties can access the live webcast at www.hillrom.com, with a recorded replay available for 90 days post-event. Hillrom is dedicated to enhancing patient and caregiver outcomes through innovative medical technologies, impacting over 7 million patients daily.
Hillrom (NYSE: HRC) reported its fiscal 2020 results with GAAP earnings of $3.32 per diluted share, up from $2.25 in fiscal 2019. Adjusted earnings increased 9% year-over-year to $5.53. However, fourth-quarter adjusted earnings dropped 31%. Worldwide revenue for fiscal 2020 was $2.88 billion, down 1%. The company anticipates a revenue decline of 3-5% in fiscal 2021, with adjusted earnings projected between $5.25 and $5.45 per diluted share.
