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CardioNet, Inc. Reports Second Quarter 2011 Financial Results

In accordance with Regulation G of the Securities and Exchange Commission, the table set forth below reconciles certain financial measures used in this press release that were not calculated in accordance with generally accepted accounting principles, or GAAP, with the most directly comparable financial measure calculated in accordance with GAAP.

 

Three Months Ended

 
(unaudited)
 
June 30, 2011 June 30, 2010
Operating loss – GAAP $ (3,038) $ (2,162)
Nonrecurring charges (a)   1,816   1,726

Adjusted operating loss

$ (1,222) $ (436)
 
Net loss – GAAP $ (3,006) $ (2,142)
 
Nonrecurring charges (net of income taxes of $0 and $0, respectively) (a)   1,816   1,726
Adjusted net loss $ (1,190) $ (416)
 

 

Loss per diluted share – GAAP $ (0.12) $ (0.09)
 
Nonrecurring charges per share (a)   0.07   0.07
Adjusted loss per diluted share $ (0.05) $ (0.02)
 
(a)   In the second quarter of 2011, we incurred $1.5 million of nonrecurring charges largely related to the integration of Biotel’s operations, as well as $0.3 million for the forfeiture and acceleration of certain options. In the second quarter of 2010, we incurred $1.1 million of severance and other exit costs related to the restructuring of our sales and service organizations, as well as $0.6 million of other nonrecurring charges.
 

Three Months Ended

 
June 30, 2011   June 30, 2010
 
Cash provided by operating activities $ 3,389 $ 5,624
Capital expenditures   (1,280)   (1,248)
Free cash flow   2,109   4,376
 

Three Months Ended

 
June 30, 2011   June 30, 2010
 
Operating loss – GAAP $ (3,038) $ (2,162)
Depreciation and amortization expense   3,310   3,185
EBITDA   272   1,023
 

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

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