INDIANAPOLIS, July 21, 2016 (GLOBE NEWSWIRE) -- PTS Diagnostics, the US-based manufacturer of point-of-care biometric testing devices, has been acquired by Sinocare, a biosensor technology company that enables both medical professionals and individuals across the globe to identify, monitor and diagnose chronic diseases at the point of care.
Sinocare paid $110 million in cash for PTS Diagnostics with additional contingent consideration of up to $90 million upon the successful accomplishment of certain milestones over the next 18 months.
PTS Diagnostics will continue to manufacture in the United States and market globally its signature products including the CardioChek® family of lipid analyzers, A1CNow® systems and PTS Detect™ cotinine systems. In addition, the company is actively marketing its PTS Connect™ solution, a connectivity and information management platform that increases healthcare professionals’ productivity, and offers population health management capabilities that engage participants to improve their health.
“We are innovators within the point-of-care testing market,” said Robert Huffstodt, President and CEO of PTS Diagnostics. “The acquisition of PTS Diagnostics by Sinocare will further position the company for future growth. Sinocare has created a family of companies that are uniquely positioned to enlarge its customer base, drive action and connect more people to improved outcomes.”
In the last year, Sinocare also acquired Fort Lauderdale based Trividia Health, a leading developer, manufacturer and marketer of advanced performance products for people with diabetes. With products sold under TRUE and store brand labels, the company is the exclusive partner and supplier of affordable, high-quality blood glucose monitoring and health and wellness solutions for the world’s leading retail pharmacies, distributors and mail service providers.
“PTS Diagnostics brings its leading cholesterol and A1C testing systems under the same umbrella as Sinocare’s pre-eminent glucose testing devices sold in China and Trividia’s market-leading, store- and private-label glucose testing products sold in the United States,” said Sinocare Chairman and CEO Shaobo Li. “Together, our three individual companies will become recognized as the leading global customer needs-driven preferred partner for providing innovative point-of-care and related diagnostics solutions for preventative healthcare and disease management. Our combined goal is to empower our customers to have the right information at the right time to make the right decisions.”
Screening companies, hospital groups and healthcare professionals are increasingly demanding connectivity options for biometric devices. The PTS Connect platform is leading the industry with flexible data capture options and a simple information management system. “Our digital data capture, with easy transfer and access to a wellness portal for wellness participants and patients, solves the significant information management problem facing many healthcare professionals,” said Huffstodt. “This is just one example of our creative approach to the point-of-care testing industry and how it helps our customers become more efficient and engaged with more individuals to improve their health while improving population health management.”
Sinocare will further advance PTS Diagnostics’ product portfolio in China while PTS Diagnostics will use its extensive United States and international distribution network to expand Sinocare’s footprint around the globe.
“Sinocare, Trividia and PTS Diagnostics have a shared vision and mission to improve the quality of life for our users. We will continue to grow our business and explore opportunities globally and we will provide more innovative and systematic solutions to fight chronic diseases which allow people with diabetes, heart disease and other chronic diseases to live better and healthier lives,” said Li. “In addition, we will continue to bring new fingerstick blood testing products to the US and international markets.”
J.P. Morgan Securities LLC was the exclusive advisor to PTS Diagnostics. Evercore was the exclusive financial advisor to Sinocare.
About PTS Diagnostics
PTS Diagnostics is an innovative, global, point-of-care diagnostics solutions provider that partners with patients and healthcare professionals to provide the right information at the right time to make the right decisions. The company’s name represents the three pillars upon which it has built its long-term success: People, Technology and Service. Headquartered in Indianapolis, Indiana, PTS Diagnostics designs, manufactures, distributes and markets products for distribution in more than 135 countries around the world. PTS Diagnostics joins Trividia Health to become a member of Sinocare, a biosensor technology company that enables both medical professionals and individuals across the globe identify, monitor and diagnose chronic diseases at the point of care. For more information, visit www.ptsdiagnostics.com or contact Tom Wiser at 317-870-5610 or twiser@ptsdiagnostics.com.