Patient Home Monitoring Corp. (
TSX: V.PHM,
Stock Forum) shares rose 2.7% to $1.52. The company said it has executed a non-binding letter of intent to acquire a regional company in the U.S. Midwest with a large patient database and management-adjusted unaudited revenues in excess of $18.5 million.
The regional business has achieved year-over-year revenue growth in excess of 50%, providing home-based respiratory products and services in several states across the Midwest U.S.,
the company said in a press release.
According to the LOI, PHM will acquire the business for a total consideration of approximately $24 million.
Patient Home Monitoring is focused on rolling-up annuity-based healthcare service companies in the U.S. and Canada.
FULL DISCLOSURE: Patient Home Monitoring is a client of Stockhouse Publishing.