GLEN ALLEN, Va. - Hamilton Beach Brands Holding Company (NYSE: HBB) announced today that it has acquired HealthBeacon PLC, a medical technology company specializing in connected devices for home-based medication management. The acquisition is part of Hamilton Beach's strategic initiative to grow in the home health and wellness market.
HealthBeacon, known for its development of tools that assist patients with chronic conditions in managing their injectable medications, operates in multiple regions including the United Kingdom, Europe, North America, and Australia. The company employs a team of approximately 50, including engineers and data scientists, and holds over 30 patents.
Gregory H. Trepp, president and CEO of Hamilton Beach Brands, stated that the acquisition would leverage HealthBeacon's digital capabilities and patented technologies to enhance their position in the home medical category. Trepp emphasized the potential for shareholder value growth through this investment.
Rob George has been appointed as Global General Manager of Hamilton Beach Health to lead the expansion of the business. Kieran Daly, HealthBeacon's co-founder, will continue to oversee day-to-day operations, reporting to George.
The financial terms of the acquisition were not disclosed. However, HealthBeacon's revenue model is based on subscription services, offering products like the Smart Sharps Bin™ and digital risk management platforms for oncology patients.
This acquisition follows Hamilton Beach's previous partnership with HealthBeacon, established in 2021, to market and distribute HealthBeacon's products in the U.S. The company's focus remains on improving patient outcomes and exploring further collaborations in the home medical market.
Hamilton Beach Brands Holding Company is known for its array of small household and commercial appliances under various brand names, including Hamilton Beach®, Proctor Silex®, and Hamilton Beach Commercial®.
The information in this article is based on a press release statement from Hamilton Beach Brands Holding Company.
InvestingPro Insights
In light of Hamilton Beach Brands Holding Company's (NYSE: HBB) recent acquisition of HealthBeacon PLC, investors may find the following InvestingPro data and tips particularly valuable. The company's Market Cap stands at a moderate 256.08M USD, and it boasts a P/E Ratio of 17.67 for the last twelve months as of Q3 2023, indicating a potentially reasonable valuation in the market. The Revenue for the same period was 615.22M USD, which, despite a slight decline of 4.24%, shows the company's significant scale of operations.
Notably, Hamilton Beach has demonstrated a strong shareholder commitment, having raised its dividend for 7 consecutive years, with a current Dividend Yield of 2.4%. This, combined with a robust 1 Year Price Total Return of 49.44%, underscores the company's capacity to generate value for its investors. Moreover, a substantial 3 Month Price Total Return of 46.17% reflects recent positive market sentiment, potentially linked to strategic moves such as the HealthBeacon acquisition.
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