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:
Philips Global Press Office
Tel.: +31 6 10888824
Philips Investor Relations
Tel.: +31 20 59 77055
About Royal Philips
Royal 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.
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.