This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CardioNet, Inc. Reports Second Quarter 2011 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 second quarter ended June 30, 2011.

Second Quarter 2011 Highlights
  • Generated positive EBITDA for the second consecutive quarter
  • Achieved positive cash flow for the quarter
  • Completed Biotel integration and generated positive EBITDA contribution
  • $45 million in cash and investments as of June 30, 2011, with no outstanding debt
  • Secured 15 new payor contracts during the quarter

President and CEO Commentary

Joseph Capper, President and Chief Executive Officer of CardioNet, commented: “Our second quarter results demonstrate continued progress toward our goals of improving operational efficiency and positioning the Company for long-term success. We generated our second consecutive quarter of positive EBITDA, added 15 new payor contracts and completed the integration of Biotel. While we had an increase in the aggregate number of patients monitored in the quarter across MCOT TM, event and Holter services, we saw a modest shift in our product mix from MCOT TM to event and Holter monitoring. This shift was driven by our active efforts to no longer service patients without appropriate insurance coverage for MCOT TM as well as overall challenges in the healthcare environment due to lower patient census and ongoing reimbursement pressures. Our efforts have resulted in improved profitability through higher event and Holter revenue and lower cost of sales.

“The results of operations from our Biotel subsidiary have exceeded our expectations to date and contributed to our initiative to diversify. Furthermore, with $45 million in cash and no debt, we are poised to make additional acquisitions that would complement our platform and diversify our revenue base. We have substantially accelerated our business development activity over the last quarter and are currently evaluating several potential opportunities.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs