Zynex, a medical technology company, has acquired Kestrel Labs, a laser-based, noninvasive patient monitoring technology company, for a sum of around $31 million.

The products of Kestrel Labs include a multi-parameter pulse oximeter called NiCO CO-Oximeter and a total hemoglobin oximeter called HemeOx that enables continuous monitoring of arterial blood. NiCO, as well as HemeOx, are yet to be presented to the US Food and Drug Administration (FDA) for market clearance.

The laser-based photoplethysmography patient monitoring technology of NiCO CO-Oximeter is said to identify, measure, and monitor four crucial species of hemoglobin, which include oxygenated hemoglobin (O2Hb), reduced hemoglobin (RHb), carboxyhemoglobin (COHb), and methemoglobin (metHb).

In addition, Kestrel Labs’ technology is designed to measure O2Hb regardless of skin pigmentation or COHb level, and with unprecedented accuracy. HemeOx measures total hemoglobin (tHb) and oxygen saturation, two critical parameters that typically require invasive arterial blood sampling for measurement.

Thomas Sandgaard — Founder, Chairman, and CEO of Zynex said: “I am very excited to add several laser-based pulse oximetry monitoring products to our portfolio of noninvasive blood, fluid, and sepsis monitors.

“We will begin integrating Kestrel Labs’ two main products into our existing monitoring portfolio and seek regulatory clearance. Kestrel Labs’ laser-based technology allows it to measure distinct parameters, including for the first time the ability to distinguish between hemoglobin bound to carbon monoxide (COHb) rather than to oxygen, which would lead to better quality of care.”

The consideration for acquiring the patient monitoring technology provider is made up of $16 million in cash and around $15 million worth Zynex’ shares.

Zynex is engaged in manufacturing and selling noninvasive medical devices for pain management, patient monitoring, and rehabilitation.

Jonas Pologe — Co-Founder and former CEO of Kestrel Labs said: “Our proprietary laser-based technology will complement Zynex’s current patient monitoring portfolio.

“We are thrilled about the potential synergies and believe the combination of our technologies will advance the future of patient monitoring. Zynex’s proven ability to commercialize products and grow profitably, combined with Zynex Monitoring Solutions’ portfolio of hospital monitoring products, create a clear road map for success.”

  HemeOx, Jonas Pologe, Kestrel Labs, NiCO CO-Oximeter, patient monitoring, Thomas Sandgaard, USA, Zynex