IRhythm Secures License From BioIntelliSense For Multiparameter Sensor Technology For Use In ACM

(RTTNews) - iRhythm Technologies, Inc. (IRTC), a digital health care company, Wednesday said it has signed an agreement with BioIntelliSense, Inc., a continuous health monitoring and clinical intelligence company, to develop and sell certain patented technology assets within ambulatory cardiac monitoring (ACM).

Under the agreement, iRhythm has secured license to develop and sell BioIntelliSense's patented pulse oximetry, accelerometry, and trending non-invasive blood pressure technologies for use within iRhythm's ACM products and services.

"We believe that the licensed technology from BioIntelliSense can advance our premium positioning within ACM and further enables us to enter other adjacent indications such as obstructive sleep apnea over time," said Quentin Blackford, iRhythm's President and CEO.

BioIntelliSense will receive an upfront payment, and will also be eligible for deferred, milestone payments. BioIntelliSense is also entitled to receive royalties on annual sales of products and services that include licensed rights in the home sleep testing field of use.

Additionally, iRhythm has reaffirmed its 2024 annual outlook for revenue, gross margin, and adjusted EBITDA excluding this transaction. The company does not expect to incur any material incremental development expenses in 2024, other than the acquired in-process research and development expense, associated with this transaction.