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CardioNet, Inc. Reports Fourth Quarter And Full Year 2010 Financial Results

CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical technology company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, today reported results for the fourth quarter and full year-ended December 31, 2010.

2010 Highlights

  • Received national reimbursement rate from CMS for MCT technology
  • Completed acquisition of Biotel Inc.
  • Reduced quarter-end DSO to 78 days, a reduction of 47 days compared to the third quarter 2010 and a reduction of 33 days compared to the fourth quarter 2009
  • Implemented $15 million of annualized cost reductions
  • Signed 58 new payor contracts covering over 12 million lives
  • Monitored over 400,000 patients nationally since inception
  • Granted motion to dismiss the consolidated class action lawsuit filed in August 2009
  • $45 million in cash and investments with no outstanding debt as of December 31, 2010

President and CEO Commentary

Joseph Capper, President and Chief Executive Officer of CardioNet, commented: “Our fourth quarter 2010 operations ended strong with a sequential increase in MCOT TM volume and revenues, which increased to $29 million compared to $27 million in the third quarter 2010. Additionally, we experienced an increase in cash collections in the fourth quarter 2010, resulting from the successful completion of a prepayment review of the Company’s Medicare claims. This enabled us to end the year with a strong cash and investment position of $45 million despite the outlay of approximately $10 million of cash used to acquire Biotel. This also had a positive effect on our DSO, which on a quarter-end basis, decreased 47 days from 125 days for the third quarter 2010 to 78 days at year end.

“Looking back on 2010, it was a pivotal year for CardioNet, marked by several key accomplishments for the Company including: the establishment of a national Medicare reimbursement rate, the realization of $15 million in cost reductions, the completion of the Biotel acquisition and the strengthening of the management team with several key hires. These achievements provide a foundation from which we can grow the Company and further strengthen our position as the world leader in wireless medicine.

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