Gross profit for the first quarter 2011 increased to $20.3 million, or 59.8% of revenues, compared to $20.1 million, or 63.1% of revenues, in the first quarter 2010. The decline in gross profit is related to the addition of the lower margin Biotel business as well as lower average reimbursement.On a GAAP basis, operating expenses for the first quarter 2011 were $21.9 million, a decrease of 14.0% compared to $25.5 million in the first quarter 2010. Operating expenses on an adjusted basis declined by 9.5% compared to the prior year quarter, excluding $1.1 million in the first quarter 2011 and $2.4 million in the first quarter 2010 related to restructuring and other nonrecurring charges. The decrease in operating expenses was driven by a reduction in bad debt expense as well as the Company’s cost reduction initiatives that were implemented in early 2010. These reductions were partially offset by the addition of Biotel’s operating expenditures in the quarter.
CardioNet, Inc. Reports First Quarter 2011 Financial Results
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