Natus Medical Inc. agreed to sell its Peloton business to Pediatrix Medical Group of Tennessee P.C.
The Pleasanton, Calif.-based Natus' Peloton business provides hearing screeners to hospitals for identification of hearing loss in infants.
Under the terms of the agreement, Natus will provide Pediatrix with supplies to support Pediatrix's hearing screening business. This includes installation of Natus' Algo screeners at the Pediatrix hospitals, which will be completed in 2020.
Upon completion of the agreement, Pediatrix will provide and manage hearing screening services at over 500 hospitals in the U.S.
The transition of the Peloton business is expected to close by the end of the fourth quarter.
Financial details of the agreement were not disclosed.
Natus provides medical device solutions for the diagnosis and treatment of central nervous and sensory system disorders.