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

Stocks in this article: BEAT

On a GAAP basis, net loss for the fourth quarter 2010 was $4.8 million, or a loss of $0.20 per diluted share, compared to net loss of $15.9 million, or a loss of $0.67 per diluted share, for the fourth quarter 2009. Excluding expenses related to restructuring and other charges, adjusted net loss for the fourth quarter 2010 was $3.2 million, or a loss of $0.13 per diluted share. This compares to an adjusted net loss of $5.8 million, or a loss of $0.24 per diluted share, for the fourth quarter 2009, which also excludes the impact of restructuring and other nonrecurring charges.

Full Year 2010 Financial Results

Revenues for the twelve months ended December 31, 2010 were $119.9 million, a decrease of 14.7% compared to $140.6 million reported in the prior year. The decrease in revenues was driven primarily by lower reimbursement rates in 2010 partially offset by an increase in MCOT TM volume. For the twelve months ended December 31, 2010, payor revenue was comprised of 35% Medicare and 65% commercial, and patient volume was comprised of 44% Medicare and 56% commercial.

Gross profit for the twelve months ended December 31, 2010 decreased to $72.4 million, or 60.4% of revenues, compared to $91.9 million, or 65.4% of revenues, in the prior year. For the full year 2010, gross profit margin was impacted by the rate reductions partially offset by the MCOT TM patient volume growth.

On a GAAP basis, operating expenses for the twelve months ended December 31, 2010 were $92.1 million, a decrease of 18.2% compared to $112.6 million in the prior year. Operating expenses on an adjusted basis declined by 13.2% compared to the prior year, excluding $7.1 million for the twelve months ended December 31, 2010 and $14.6 million for the twelve months ended December 31, 2009 related to restructuring and other nonrecurring charges. The decrease in operating expenses was driven by the Company’s cost reduction initiatives in response to the 2009 Medicare rate reduction.

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