CHICAGO, April 11, 2021 / PRNewswire / – Hillrom (NYSE: HRC) previously announced its intention to acquire Bardy Diagnostics, Inc. (BardyDx). At April 10, 2021, Medicare Administrative Contractor (MAC), Novitas Solutions, has released updated reimbursement rates applicable to Current Procedural Terminology (CPT) codes 93241, 93243, 93245 and 93247 for the Extended Holter Cardiac Monitoring category applicable to all BardyDx products and services. The initial decision on Novitas tariffs was published on January 29, 2021.
Following the update of the Novitas pricing decision, Hillrom confirms its position that a “material adverse effect on the company” has occurred in connection with the acquisition agreement with BardyDx and, therefore, the closing conditions were not met. Hillrom will not comment further due to the ongoing litigation with BardyDx, which is ongoing in the Delaware Court of the Chancellery with opening of the trial May 5, 2021.
Hillrom remains committed to creating long-term shareholder value and, as previously reported, will host its Fiscal 2021 Second Quarter Results Conference Call and Webcast Friday April 30, 2021, starting at 7:30 a.m. (CT) / 8:30 a.m. (ET).
Hillrom is a global leader in medical technology whose 10,000 employees have one goal: to improve outcomes for patients and their caregivers by advancing connected care. Around the world, our innovations reach more than 7 million patients every day. They allow earlier diagnosis and treatment, optimize surgical efficiency and speed patient recovery while simplifying clinical communication and moving care closer to home. We make these results 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 patient. surgical space and more, delivering actionable insights in real time to the point of care. Learn more at hillrom.com.
Disclosure Regarding Forward-Looking Statements
Certain statements in this release regarding Hillrom’s future plans, goals, beliefs, expectations, representations and projections, including, but not limited to, the BardyDx transaction and CPT coding decisions, Hillrom’s expectations regarding adoption by government and third party payers CPT coding decisions and timing and other statements relating to reimbursement coverage, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. It is important to note that forward-looking statements involve significant risks and uncertainties and are not guarantees of future performance, and that Hillrom’s actual results could differ materially from those stated in forward-looking statements. For a further discussion of factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under “Risk Factors” in Hillrom’s latest annual report filed on Form 10-K and The following. Quarterly reports on Form 10-Q. Hillrom assumes no obligation to update or revise forward-looking statements, except as required by law.
Mary Kay Ladone, Senior Vice President
Lorna Williams, Executive Director,
Howard Karesh, Vice-President, Corporate Communications