Preventice Solutions Group, a leading maker of wearable cardiac monitors, is building out new Rochester offices for its development team and other staffers on the former IBM campus.
Preventice makes the wireless BodyGuardian Remote Monitoring System to track nonlethal arrhythmia, or irregular heartbeats, in patients. The device is prescribed by a physician, who then can analyze the large amounts of data with Preventice software.
BodyGuardian was developed from research licensed from Mayo Clinic, who also uses the FDA-approved devices on its patients.
Construction is underway in Building 003 of what is now known as the Rochester Technology Campus to prepare for Preventice to move from its current home in the 41st Street Professional Campus at the end of the year.
Mayo Clinic purchased the 41st Street buildings, also known locally as the White Buildings, for $10 million in 2016.
While this move is driven by the changes in the Mayo Clinic-owned 41st Street campus, leaders of Preventice say the company is definitely in growth mode.
"We are very fortunate. We have great employees, and we have very happy shareholders as we grow," said Chief Executive Officer Jon Otterstatter. "I’m very optimistic."
Preventice has seen a lot of growth and change, since it was first founded as Boost Information Services as a developer of a medical information phone app. It was founded in Rochester in 2007 by Otterstatter, Greg Wobig, Dan Spors and Scott Burrichter. At that time, the company only employed the four founders.
The U.S. Food and Drug Administration approved BodyGuardian monitor to be prescribed to track nonlethal arrhythmia in 2012.
In 2013, Preventice began shipping out its BodyGuardian systems to feed what Otterstatter described then as the health care industry’s growing "fever" for remote medical monitoring. That year, it grew to about 100 employees, with about half in Preventice’s Rochester offices.
Preventice merged with Houston, Texas-based eCardio Diagnostics in 2014, under the holding company of Preventice Inc. Boston Scientific purchased a controlling interest in Preventice in 2015.
"Now we have 15 times the number of employees as we had at the start. We’re one of the leaders in our industry," said Otterstatter. "We process 3.3 billion ECG strips a year, and we’re growing."
And they are competing in a growing market with major industry players, such as Minnesota’s Medtronic.
Analysts predict the cardiac monitoring and cardiac rhythm management devices market will be worth $25.12 billion by 2022, from $20.67 billion in 2017.
Millions of patients are using some type of wearable monitors as more doctors prescribe them and the technology improves. Preventice now tracks thousands of patients a day.
While Preventice is now based in Houston, Texas, Rochester remains its primary development center. For competitive reasons, the company declined to release how many employees it has based here.
Emily Benner, Preventice’s executive vice president of technology, did emphasize that the Rochester office is key to the company. Her team manages the BodyGuardian data network and creates the software doctors use to identify problems in a patient’s readings.
"The development team write the algorithms that help interpret or clarify the search for arrhythmias and weed out the noise," she explained.