Stock Exchange Release
Bittium Biosignals Ltd, a subsidiary of Bittium Corporation, and Preventice Solutions, a wholly owned subsidiary of Boston Scientific, have today signed an agreement by which Bittium will extend its supply of BodyGuardianŽ MINI devices for monitoring cardiac arrhythmias to Preventice Solutions. In addition, according to the agreement the parties will continue to cooperate in the development of new tailored ECG technology for Preventice Solutions.
When the minimum volumes required for the exclusive rights under the agreement are met, the total value of the agreement signed today is approximately USD 40-45 million (approximately EUR 35-40 million based on an exchange rate of February 1, 2022), with revenues accruing during 2022, 2023, 2024 and 2025. The final total value is mainly affected by the purchase volumes of different product models.
The cooperation between Bittium and Preventice Solutions began in February 2018 regarding the development and delivery of wireless ECG measurement devices. The cooperation resulted in the development of the world's first IP67-classified BodyGuardianŽ MINI EL Holter monitor capable of 16-day recording, with excellent wearability for ease of use and convenience. The cooperation was announced on February 13, 2018, and the continuation of the cooperation was announced on September 10, 2020. The agreement signed today replaces the extension agreement signed in September 2020 for the supply of ECG measuring devices for the years 2021-2024.
"We are happy to strengthen this strategic relationship with this agreement. Preventice is a market leader specializing in remote cardiac monitoring services, and together with Bittium's nearly 40 years of experience in biosignal processing and wireless technologies, we can offer leading electronic cardiac monitoring solutions to the markets," said Hannu Huttunen, president and CEO of Bittium.
Under these agreements, Bittium has provided Preventice Solutions with customized wireless ECG measurement and monitoring equipment for the last four years. Bittium offers state-of-the-art ECG technology, which, together with Preventice Solutions, has been customized and further developed to improve the physician and patient experience in remote cardiac monitoring. Preventice Solutions has the exclusive right to use, resell and market tailored BodyGuardian MINI EL ECG devices as part of its own remote diagnostic services offering globally, and the exclusive right to use, resell and market the BodyGuardian MINI SL ECG devices in the United States. The BodyGuardian MINI product family of ECG sensors continuously records electrocardiographic waveforms and provides multiple uses on the same device, including short- and long-term Holter measurements, Cardiac Event Monitoring (CEM) and Mobile Cardiac Telemetry (MCT).
"We are pleased to extend the agreement with Bittium to ensure healthcare professionals and their patients continue to have access to the BodyGuardian MINI devices, which enable clinicians to make timely, data-driven decisions," said Scott Olson, senior vice president and president, Cardiac Rhythm Management and Diagnostics, Boston Scientific.
In Oulu, Finland, and Minneapolis, US,
On February 2, 2022
CEO, Bittium Corporation
Tel. +358 40 344 3507
Nasdaq Helsinki Oy
Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its over 35-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. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology, neurology, rehabilitation, occupational health and sports medicine. Net sales in 2020 were EUR 78.4 million and operating profit was EUR 2.1 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com
Preventice Solutions is a leading developer of mobile health solutions and remote monitoring services that connect patients threatened by cardiac arrhythmias. Using insights to create revolutionary monitoring technologies, this tech-enabled, service-based approach can ultimately reduce the cost of care and improve health outcomes. The Preventice wearable portfolio includes the PatientCare Platform and BodyGuardianŽ family of monitors. For more information, please visit www.preventicesolutions.com .