Financial Situation at the Present Time

  • BestBuy Co. , Inc.  announced that it has reached an agreement to acquire Current Health in an announcement announcing its agreement to acquire Current HealthIn Best Buy's fiscal 2022 fourth quarter forecast, the transaction involving the patient monitor is expected to be completed by the end of the fourth quarter of that year.

    An upper-arm wearable powered by artificial intelligence (AI) and a related software platform developed by Current Health can measure a patient's respiration, pulse, oxygen saturation, temperature, and movement, among other things.  According to the FDA, the real-time measurement device can be used in post-acute care settings and has been granted Class II clearance.  This is the first time that an end-to-end, passive RPM wearable and platform has been approved by the agency for use in this setting.

    The following is what Christopher McCann, CEO of Current Health, had to say in response to a question about the agreement between Best Buy and Current Health:

    Over the next decade, patient monitor is expected that a significant increase in the amount of healthcare delivered in the home will occur.  In order to make that exciting transition for healthcare providers to achieve patient monitoring a radically easier process, we founded Current Health. . . We are able to deliver a high-touch, scalable consumer experience to consumers thanks to our unrivaled geographic reach, world-class supply chain logistics, and trusted support services, all of which are provided by Best Buy.  People all over the world will benefit from our collaboration with Best Buy Health, which will bring safe and effective healthcare into their homes and workplaces.

     

     

    As a result of this acquisition, Best Buy will be able to increase its investment in consumer-facing health care technologies.  Examine the acquisitions made by Best Buy in the last year: in 2018, the company paid $800 million for GreatCall Inc.  (now Lively Inc. ), which provides a personal emergency response subscription service; and in 2019, it paid $125 million for Critical Signal Technologies, Inc. , which is a remote patient monitoring provider specializing in the senior market.  It has been determined that there is a considerable growth opportunity in the healthcare technology space, which has led to a significant investment by Best Buy in patient monitors in the healthcare technology space, according to the corporation.  When asked about future plans for the company during the company's earnings call in March 2021, Corie Berry, CEO of Best Buys, stated that the company intends to invest in people, portable patient monitor product development and the ongoing development of its health technology platform, as well as its data analytics and intelligence engines.  Additional clarification was provided by Deborah Di Sanzo, President of Best Buy Health, who stated the following:

    If you look at the future of consumer technology, it is inextricably linked to the future of healthcare.  As a result of integrating Current Health's remote care management platform with our existing health products and services, we can create a holistic care ecosystem that shows up for someone across the continuum of their healthcare needs, including mental health.  We have a unique set of skills in assisting customers in making technology work for their specific needs.