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ResMed Completes $225 Million Acquisition of Propeller Health
ResMed (NYSE: RMD) (ASX: RMD), a leader in cloud-connected medical devices and out-of-hospital software-as-a-service (SaaS) business solutions, today announced it has completed its acquisition of Propeller Health, a digital therapeutics company providing connected health solutions for people living with chronic obstructive pulmonary disease (COPD) and asthma.
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Propeller will continue to operate as a standalone business out of its Madison, Wisc., and San Francisco offices, working with leading pharmaceutical partners and other healthcare organizations to provide digital therapeutics and actionable insights to people who use inhalers, helping improve their medication adherence, increase their number of symptom-free days, and reduce emergency room visits.
“I’m excited to welcome Propeller, a fellow digital health innovator and high-performing company, into the ResMed family,” said ResMed CEO Mick Farrell. “Propeller’s digital solutions and partnerships strengthen ResMed’s larger suite of products that can treat millions of people at various stages of their COPD and other chronic diseases, all aimed at improving people’s quality of life, while reducing the effects of these diseases, hospitalizations, and the overall cost of healthcare.”
Propeller will operate within ResMed’s Respiratory Care portfolio; Propeller CEO David Van Sickle remains in his role, reporting to ResMed Respiratory Care President Richie McHale.
As ResMed first reported on December 3, 2018, the addition of Propeller’s business is expected to have a dilutive impact on ResMed’s non-GAAP earnings per share in the range of $0.01 to $0.02 per quarter during the remainder of Fiscal Year 2019.
At ResMed (NYSE: RMD) (ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our cloud-connected medical devices transform care for people with sleep apnea, COPD and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease and lower costs for consumers and healthcare systems in more than 120 countries. To learn more, visit ResMed.com and follow @ResMed.
About Propeller Health
Propeller Health is a leading digital therapeutics company dedicated to the development and commercialization of measurably better medicines. Propeller creates products to more effectively treat chronic respiratory disease and improve clinical outcomes for patients through connectivity, analytics, and companion digital experiences. The Propeller platform is used by patients, physicians and healthcare organizations in the United States, Europe and Asia. For more information, visit www.propellerhealth.com.
Statements contained in this news release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed's projections of future revenue or earnings, expenses, new product development, new product launches and new markets for its products and the integration of acquisitions – are subject to risks and uncertainties that could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed's periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.