Medical technology company Zynex has acquired Kestrel Labs a laser-based, noninvasive patient monitoring technology company.

Kestrel Labs’ laser-based products include the NiCO CO-Oximeter, a multi-parameter pulse oximeter, and HemeOx, a total hemoglobin oximeter that enables continuous arterial blood monitoring. Both NiCO and HemeOx are yet to be presented to the FDA for market clearance.

The transaction closed on Dec. 22, 2021 at an approximate value of $31 million.

Kestrel Labs’ proprietary NiCO CO-Oximeter laser-based photoplethysmography patient monitoring technology identifies, measures, and monitors four crucial species of hemoglobin, which include O2Hb (oxygenated hemoglobin), RHb (reduced hemoglobin), COHb (carboxyhemoglobin), and metHb (methemoglobin).

In addition, Kestrel Labs’ technology is designed to measure O2Hb regardless of skin pigmentation or COHb level, and with unprecedented accuracy. HemeOx measures total hemoglobin (tHb) and oxygen saturation, two critical parameters that typically require invasive arterial blood sampling for measurement. Total hemoglobin is a very commonly ordered blood test in healthcare, and HemeOx measures it with the continuous and noninvasive ease of a pulse oximeter at the patient bedside.

“I am very excited to add several laser-based pulse oximetry monitoring products to our portfolio of noninvasive blood, fluid, and sepsis monitors,” says Thomas Sandgaard, founder, chairman, and CEO of Zynex. “We will begin integrating Kestrel Labs’ two main products into our existing monitoring portfolio and seek regulatory clearance. Kestrel Labs’ laser-based technology allows it to measure distinct parameters, including for the first time the ability to distinguish between hemoglobin bound to carbon monoxide (COHb) rather than to oxygen, which would lead to better quality of care.”