|Corventis' Nuvant device--Courtesy of Corventis|
Fresh off its heart valve patent settlement, Medtronic ($MDT) is said to be in the final stages of acquiring medical sensor company Corventis for more than $150 million.
The two companies have not commented publicly on the deal, but the acquisition is expected to be officially announced sometime in the next few weeks, MobiHealthNews reports. San Jose, CA-based Corventis keeps a low profile, but boasts two FDA-cleared products in its arsenal: Nuvant mobile cardiac telemetry system and the AVIVO Mobile Patient Management System. AVIVO uses the company's peel-and-stick PiiX sensor to collect data, and measures vital signs including fluid status, heart rate, HRV, respiratory rate, activity and posture. Nuvant detects nonlethal arrhythmias including atrial fibrillation, and transmits data to a wireless receiver worn on a clip or belt.
Corventis already secured approval for its monitoring facility from the Centers for Medicaid and Medicare (CMS) in 2010, and can bill for services provided to patients with Medicare. In a tough reimbursement economy, such approvals could go a long way in helping Medtronic turn a profit. Corventis also has a presence in emerging markets, as it introduced its Nuvant system in India in 2012.
With its acquisition of Corventis, Medtronic could boost revenue for its sluggish cardiac rhythm management unit and expand its current portfolio. The Minneapolis-based device giant won a CE mark and FDA 510(k) clearance for its super-small wireless cardiac monitoring implant in February, and planned to pursue a global rollout of the product. In its latest earnings report, Medtronic posted $2.4 billion in sales for its cardiac and vascular units--an increase of 1%. The promising numbers could be attributed to the launch of the devicemaker's MRI-comptible ICD in Europe, and its patent settlement with Edwards Lifesciences ($EW) over the companies' competing transcatheter heart valve products.
Medtronic is not the only company eyeing the wireless cardiac monitoring market. In January, San Francisco's iRhythm Technologies won coverage from Aetna for its ZIO arrhythmia monitoring patch. The company's water-resistant technology captures and analyzes heart data, and includes monitors that are worn over the neck. Philips Healthcare ($PHG) also closed a patient telemonitoring tech deal in February with Partners HealthCare, one of the nation's most influential providers. Last year, Sorin won an FDA nod for its SmartView remote monitoring system, which allows physicians to keep track patients with implanted cardiac devices while they're at home.