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CardioNet, Inc. Reports First Quarter 2011 Financial Results

Conference Call

CardioNet, Inc. will host an earnings conference call on Tuesday, May 3, 2011, at 5:00 PM Eastern Time. The call will be simultaneously webcast on the investor information page of our website, The call will be archived on our website and will also be available for two weeks via phone at 888-286-8010, access code 81630268.

About CardioNet

CardioNet is a leading provider of ambulatory, continuous, real-time outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health. CardioNet’s initial efforts are focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders, with a solution that it markets as Mobile Cardiac Outpatient Telemetry TM (MCOT TM). More information can be found at

Forward-Looking Statements

This document includes certain forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth prospects, the prospects for our products and our confidence in the Company’s future. These statements may be identified by words such as “expect,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” “promises” and other words and terms of similar meaning. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert, or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, our ability to complete the integration of Biotel and its operations into our business, the effect of the acquisition on our business operations and financial results, effectiveness of our efforts to address operational initiatives, including cost savings initiatives that affect our business, changes to insurance coverage and reimbursement levels for our products, the success of our sales and marketing initiatives, our ability to attract and retain talented executive management and sales personnel, our ability to identify acquisition candidates, acquire them on attractive terms and integrate their operations into our business, the commercialization of new products, market factors, internal research and development initiatives, partnered research and development initiatives, competitive product development, changes in governmental regulations and legislation, the continued consolidation of payors, acceptance of our new products and services and patent protection and litigation. For further details and a discussion of these and other risks and uncertainties, please see our public filings with the Securities and Exchange Commission, including our latest periodic reports on Form 10-K and 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Three Months Ended
Consolidated Statements of Operations (unaudited)
(In Thousands, Except Per Share Amounts)  
March 31, March 31,
2011 2010
Revenue $ 33,999 $ 31,816
Cost of revenue   13,652     11,749  
Gross profit 20,347 20,067
Gross profit % 59.8 % 63.1 %
Operating expenses:
General and administrative expense 9,675 9,677
Sales and marketing expense 8,065 7,997
Bad debt expense 2,390 4,640
Research and development expense 1,682 1,243
Integration, restructuring and other charges   124     1,945  
Total operating expenses 21,936 25,502
Loss from operations   (1,589 )   (5,435 )
Interest and other income, net 37 4
Loss before income taxes (1,552 ) (5,431 )
Provision for income taxes   -     -  
Net loss $ (1,552 ) $ (5,431 )

Loss per Share:
Basic $ (0.06 ) $ (0.23 )
Diluted $ (0.06 ) $ (0.23 )
Weighted Average Shares Outstanding:
Basic 24,299 23,893
Diluted 24,299 23,893
Summary Financial Data
(In Thousands)  
March 31, December 31,
2011 2010
Cash and investments $ 43,011 $ 45,484
Accounts receivable, net 26,808 24,978
Other receivables, net 2,721 3,041
Days sales outstanding 77 78
Working capital 62,863 60,634
Total assets 153,912 156,692
Total debt - -
Total shareholders’ equity 134,808 134,928

Three Months Ended
March 31, March 31,
2011 2010
Stock compensation expense $ 1,149 $ 918

Reconciliation of Non-GAAP Financial Measures(In Thousands, Except Per Share Amounts)

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