June 16, 2017
Free for publication on June 16, 2017 at 10.00am (CEST +1)
Bittium and Coronaria co-operate to further develop medical remote diagnostic services
Bittium sells its medical remote diagnostic services business to Coronaria Analyysipalvelut Oy and acquires 25 percent of the shares in Coronaria Analyysipalvelut Oy
Oulu, Finland, June 16, 2017 – Bittium Medanalytics Oy, part of Bittium group, and Coronaria Hoitoketju’s subsidiary Coronaria Analyysipalvelut Oy, have today signed agreements according to which Bittium Medanalytics Oy sells its remote diagnostic service business to Coronaria Asiakaspalvelut Oy. According to the agreement Bittium supplies its web-based service kardiolog.fi used in monitoring cardiac abnormalities to Cornaria’s use. Kardiolog.fi service is used by more than 70 Finnish health centers and private medical centers. The net sales of Bittium Medanalytics Ltd in 2016 was EUR 0.4 million.
Further, Bittium Technologies Ltd, part of Bittium group, has acquired 25 percent of the shares in Coronaria Analyysipalvelut Oy. Through this joint ownership Bittium and Coronaria aim at gaining synergies from Bittium’s device and system development and the interfaces formed by Coronaria’s clinical medicine and services.
“This co-operation agreement with Coronaria provides us with a large network of doctors and specialists to support our medical technology development. Bittium has over 30 years of experience in radio and biosignal measuring. We believe that through this cooperation we are able to improve the healthcare services by developing even more advanced systems and devices. Through this business transaction a significant amount of out-of-hospital biosignal measurements in Finland will use Bittium’s technology in the future” says Hannu Huttunen, CEO of Bittium Corporation.
Coronaria Analyysipalvelut Oy provides biosignal measurement and web-based remote diagnostic services in Finland and its customers are private medical centers, occupational healthcare doctors and hospitals. Coronaria provides approximately 25 000 diagnostic reports per year.
”Cooperation with Bittium is a significant step for Coronaria. We believe that by combining Bittium’s technology competence and Coronaria’s exceptionally wide industry knowhow we are together able to provide high-quality, easy-to-use and secure service solutions for our customers’ everyday life” says Ulla Näpänkangas, Managing Director of Coronaria Analyysipalvelut Oy.
The sale of the services business and share purchase agreement have no significant impact on Bittium Corporation’s operating result outlook for 2017 published in the Financial Statement Bulletin 2016 on February 20, 2017. The parties have agreed that the value of the transaction will not be published.
In its Medical Technologies product and services area Bittium provides among others Faros product family, focused on ECG recording and remote monitoring, NeurOne products focusing on measuring the electrical activity of the brain, and BrainStatus, a disposable quick EEG measuring headband used in emergency and intensive primary care to diagnose for example epileptic seizures and brain stroke, and other healthcare technology products. Bittium continues to develop these products further targeting to grow its product and service offering to healthcare and homecare markets.
Senior Vice President, Medical Technologies product and service area
Tel. +358 40 344 3507
Coronaria Analyysipalvelut Oy
tel. +358 40 748 0710
Bittium specializes in the development of reliable, secure communications and connectivity solutions, leveraging its 30 year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. From November 2016 onwards, Bittium offers its customers also healthcare technology products and services in biosignal measuring in the areas of cardiology, neurology, rehabilitation, occupational health and sports medicine. Net sales in 2016 was EUR 64.2 million and operating profit was EUR 2.5 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com .
Coronaria is a Finnish growth company focusing on health and wellness services. Its services stretch from basic to specialist health care that include early childhood education, rehabilitation, domestic care services, and homecare for customers with various different support needs. Coronaria is a 100% Finnish healthcare company with over 2,000 employees. Turnover in 2016 was approximately EUR 100 million. www.coronaria.fi