CHICAGO, March 1, 2021 /PRNewswire/ -- Hillrom (NYSE: HRC) today provided an update on its planned acquisition of Bardy Diagnostics, Inc. (BardyDx), which it previously announced on January 19, 2021.
On January 29, 2021, a Medicare Administrative Contractor, Novitas Solutions, published new Category 1 reimbursement rates applicable to the Current Procedural Terminology (CPT) codes for the long-term cardiac monitoring category, including CPT codes 93241, 93243, 93245 and 93247. As a result of the unexpected Novitas reimbursement rate reduction, Hillrom has asserted that a "Company Material Adverse Effect" has occurred, and therefore the closing conditions have not been satisfied.
BardyDx has advised Hillrom that it has filed a complaint against Hillrom in the Delaware Court of Chancery. Hillrom remains committed to creating long-term shareholder value and will provide further updates as appropriate.
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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.