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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.


Six Months Ended
June 30, 2011 June 30, 2010
Operating loss – GAAP $ (4,627) $ (7,597)
Nonrecurring charges (a)   2,869   4,147

Adjusted operating loss
$ (1,758) $ (3,450)
Net loss – GAAP $ (4,558) $ (7,573)
Nonrecurring charges (net of income taxes of $0 and $0, respectively) (a)   2,869   4,147
Adjusted net loss $ (1,689) $ (3,426)

Loss per diluted share – GAAP $ (0.19) $ (0.32)
Nonrecurring charges per share (a)   0.12   0.18
Adjusted loss per diluted share $ (0.07) $ (0.14)
(a) In the first six months of 2011, we incurred $2.3 million of nonrecurring charges largely related to the integration of Biotel’s operations, as well as $0.6 million for the forfeiture and acceleration of certain options. In the first six months of 2010, we incurred $2.7 million of severance and other exit costs related to the restructuring of our sales and service organizations and management changes, as well as $1.4 million of other charges largely related to our class action and Biotel law suits.

Six Months Ended
June 30, 2011   June 30, 2010
Cash provided by operating activities $ 1,149 $ 2,672
Capital expenditures   (1,676)   (2,726)
Free cash flow   (527)   (54)

Six Months Ended
June 30, 2011   June 30, 2010
Operating loss – GAAP $ (4,627) $ (7,597)
Depreciation and amortization expense   6,723   6,382
EBITDA   2,096   (1,215)

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