Partnership will enable company to broaden its remote cardiac monitoring portfolio and positions the organization for accelerated growth
MOUNT LAUREL, NJ – February 7, 2024 – RhythMedix (or the “Company”), a leader in remote cardiac monitoring, today announced solid 2023 performance marked by 17.6% year-over-year growth and strong continued adoption of its RhythmStar® platform by cardiologists, electrophysiologists, and healthcare systems across the United States. Additionally, the company announced a majority investment partnership with Pharos Capital Group, LLC (“Pharos”), a middle-market private equity firm based in Dallas and Nashville.
“We are pleased with the strong close to 2023 and look forward to building on this momentum as we head full steam into 2024,” stated Brian Pike, President of RhythMedix. “Pharos has a tremendous track record of success and is well aligned with RhythMedix’s mission to lower the cost of care and improve patient outcomes through better remote cardiac monitoring. I am confident this partnership will further our ability to deliver on these goals. Together, we will make RhythMedix a stronger, more capable, and faster growing organization.”
RhythMedix’s flagship technology, RhythmStar, is the first wearable cardiac monitor with built-in cellular connectivity for faster, more comfortable, and better arrhythmia detection without the need for additional, bulky communication devices. The system enables 24/7 monitoring with customizable notifications and daily compliance checks, resulting in an improved remote cardiac monitoring experience for both patients and physicians.
Heart arrhythmias are a major health concern and double the risk of death in an estimated 37.5 million people worldwide. Atrial fibrillation (AFib) is the most frequent cardiac arrhythmia and a major risk factor for ischemic stroke.1,2 While remote cardiac monitoring has improved arrhythmia detection, patient compliance and timely access to heart activity remain a challenge with competitive monitoring technologies.
“RhythMedix’s differentiated remote cardiac monitoring solution is an ideal addition to the Pharos portfolio,” commented Joel Goldberg, Partner at Pharos. “RhythmStar addresses many limitations associated with alternative monitoring technologies. We see significant opportunity to expand this further and look forward to working with the team to realize this potential.”
RhythMedix®, a medical device manufacturer and wireless medical technology company, provides innovative technology to transform the cardiac monitoring industry and improve patient outcomes. RhythmStar® is the first wearable cardiac monitor with built-in cellular connectivity, allowing physicians and their patients to remain continuously and comfortably connected for faster arrhythmia detection. Powerful proprietary algorithms alongside the RhythMedix Independent Diagnostic Testing Facility (IDTF) evaluate every heartbeat providing actionable reporting for healthcare providers. Learn more at www.rhythmedix.com.
About Pharos Capital Group:
Based in Dallas and Nashville, Pharos Capital Group is a physician-founded investment firm focused on growing healthcare companies that aim to lower the total cost of care, improve patient outcomes, and expand access to care in underserved markets. Since inception, Pharos has invested in 59 companies and has $1 billion of private equity assets under management as of September 30, 2023. Pharos typically invests $25-50 million in rapidly growing middle market companies seeking later stage funding for internal growth, acquisitions, leveraging buyouts, management buyouts, or recapitalizations, predominantly across healthcare sectors. For more information on Pharos, please visit www.pharosfunds.com or visit us on LinkedIn at https://www.linkedin.com/company/pharos-capital-group.