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Telemedicine and “home diagnostics” company eMed will pay $38 million to decentralized clinical trial contractor Science 37.
The deal, announced late last week, will add Science 37’s DCT capabilities to eMed’s testing network and diagnostic technology. As a result of the acquisition, Science 37 will be delisted from the Nasdaq Exchange and become a privately held company once it closes later this quarter.
David Coman, CEO of Science 37, said the acquisition was made after a review and said, “eMed provides the greatest value to our shareholders, customers, patients and employees.
“Shareholders receive a premium, trial sponsors gain greater access to patients, faster enrollment, and confidence in the company’s capital position, and employees can continue to pursue the company’s existing mission.” “Yes,” he added.
Financial updates
News of the deal was also accompanied by a business update from Science 37, in which 2023 revenue is expected to decline from $70.1 million in 2022 and from the most recently announced guidance of $58 million. He said it would be in the $59 million range.
Science 37’s update also revealed that bookings, net of cancellations and negative range changes, were $15.7 million and $18.7 million for the ended quarter and full year.
The company also said that “the $32.2 million realized adjustment in the fourth quarter was the result of three large-scale studies that were discontinued due to effectiveness and client portfolio prioritization.”
Cancellations aside, Science 37 stated that “total backlog as of December 31, 2023 was $132.2 million, of which approximately $40.1 million is expected to be converted into revenue in 2024.” I am.
“Based on historical booking and backlog conversion performance, our target revenue range for the full year ending December 31, 2024 is approximately $50 million to $60 million.”
For eMed, this acquisition comes just months after it acquired Babylon Healthcare Services Limited and certain assets belonging to Babylon Group Holdings Limited and Babylon Partners Limited.
Unsplash/JpValery
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