Visicu soars to year high after being bought by Philips

Visicu, Inc. (Nasdaq: EICU) shares are soaring after the healthcare technology company announced before the opening bell that Philips Electronics (NYSE: PHG) will buy the company for about $430 million in cash. Philips will pay approximately $12 per share, which represents about a 35% premium over Visicu’s closing price on December 17.

Baltimore, Md.-based Visicu, which makes patient monitoring equipment, expects the transaction to close during the first three months of 2008.

“At Visicu, we have a successful track record of developing innovative solutions to enhance the delivery of patient care within the ICU resulting in significant improvements in clinical outcomes and saving more lives,” Visicu CEO Frank Sample said in a statement. “We’re excited to be teaming up with Philips – a global leader in patient monitoring.”

During the recent third quarter, Visicu reported net income of $2.9 million, or $0.08 per share, up 16% from $2.5 million, or $0.07 per share, a year earlier. The firm’s revenue during the three months ended Sept. 30 climbed 23% to $10.1 million, from $8.2 million in the year-ago period.

For the fourth quarter ending Dec. 31, Visicu expects revenue in the range of $9.6 million to $9.7 million, compared with analyst estimates of $9.7 million.

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