CardioNet, one of the oldest companies in the mobile cardiac arrhythmia monitoring space, announced the launch of a new product last week, the wEvent wireless event monitor.
“This new wireless device provides physicians a much improved replacement to their traditional event monitor,” CEO Joseph Capper said in a statement. “The wEvent, unlike existing event monitors, offers wireless transmission of symptom and activity reporting, providing a higher level of patient convenience and better quality of information.”
Capper said in a recent investor call that the new device would share a monitoring platform with CardioNet’s flagship product, the Mobile Cardiac Outpatient Telemetry, or MCOT. CardioNet rolled out the MCOTos, the newest update of the MCOT system, earlier this year.
“The integration of multiple products into a highly scalable common processing platform will contribute to an enhanced customer experience and improved back office efficiencies,” Capper said in the call.
Over the past few years, CardioNet has seen many more companies enter the heart monitoring space, and dealt with management changes and lawsuits on the corporate side. After several years of losses, the company has focused on diversification, acquiring cardioCORE lab for $23.5 million earlier this year, and ECG Scanning prior to that. According to Capper, the wEvent marks the start of an expanding suite of heart-monitoring products, not just the MCOT system that has been CardioNet’s primary focus up until now.
“To illustrate, two years ago 90 percent plus of our revenue came from MCOT, in the third quarter of 2012, 65 percent of our revenue came from MCOT, and in the fourth quarter we expect it to be 60 percent,” Capper said in the investor call. “To be overly reliant on a single product and a single CPT code in today’s environment does not make good business sense.”