NTEC member company True Health Diagnostics, announced last week that it had acquired Richmond, Virginia-based Health Diagnostics Laboratory, Inc.
True Health came to NTEC in late 2014 as three-person operation and now employs over 100 people. The company specializes in advanced methods for identifying and reversing the progression of health risks, including early stage cardiovascular disease, diabetes and other chronic diseases.
“HDL’s culture of innovation and scientific excellence and commitment to compliance with healthcare regulatory requirements aligns perfectly with ours. We are very pleased to bring aboard hundreds of employees whose talents will play a significant role in the success of our company. Together, we will have the scale and talent we need to pursue new market opportunities,” said Chris Grottenthaler, CEO of True Health. “While HDL, Inc., has encountered financial challenges, I have no doubt its best days are ahead.”
The acquisition is further evidence of True Health’s commitment to improving patient outcomes by offering healthcare providers innovative assays and diagnostics that aid in early detection of hidden risk; which in-turn reduces avoidable, costly events and saves lives. It is also a significant opportunity for the Frisco firm to establish itself as the premier diabetes and cardiovascular advanced clinical diagnostics laboratory in the U.S.
True Health agreed to pay $37.1 million to acquire HDL’s business assets, which was $5.1 million more than its initial bid.