Philips strengthens sleep diagnostic portfolio through the acquisition of auto-scoring business of the Siesta Group in Austria
Amsterdam, The Netherlands and Vienna, Austria – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today that it has acquired the Somnolyzer 24 x 7 automated scoring solutions business of the Siesta Group in Vienna. This FDA-cleared solution will help improve the productivity of sleep centers and is based on the most advanced and clinically validated automated-scoring technology on the market. The Siesta Group is a research and clinical software company specializing in polysomnography scoring* solutions for sleep centers. The acquired business will become part of the sleep diagnostics business within Philips Home Healthcare Solutions. Financial details of the agreement were not disclosed.
“With increasing demand for sleep disorder tests, sleep centers, physicians and technicians need tools and services that offer improved scoring consistency and efficiency; enabling them to focus on those parts of the sleep study and other activities that require their professional expertise,“ said Don Spence, CEO of Philips Home Healthcare Solutions. “The Somnolyzer 24 x 7 solution is a strategically valuable addition to Philips’ sleep diagnostic portfolio which will enable us to offer improved sleep lab productivity and further drive growth of sleep diagnostics for our customers and our business.”
Sleep diagnostic testing is expected to continue to grow in the next few years with increasing global awareness of sleep disorders such as Obstructive Sleep Apnea (OSA). In developed markets, automated scoring technology represents an opportunity to improve the productivity of sleep centers. This automated scoring technology can also enable sleep centers in emerging markets to cope with the challenges of increasing demand for sleep diagnostic testing and the scarcity of sleep specialists.
The acquisition of the auto-scoring business of the Siesta Group will further reinforce Philips’ leadership in the strategic growth area of home healthcare, sustaining Philips’ expansion in the sleep diagnostics and OSA therapy markets globally.
The research and clinical trial services business, which are not part of the acquisition, will be retained and continue under the Siesta Group based in Vienna.
* Polysomnography (PSG), also known as a sleep study, is a comprehensive recording of brain waves, eye movements, muscle activity, heart rhythm and breathing during sleep, used as a diagnostic tool in sleep medicine.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 116,000 employees in more than 60 countries worldwide. With sales of EUR 23 billion in 2009, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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