On a GAAP basis, net loss for the fourth quarter 2011 was $49.8 million, or a loss of $2.03 per diluted share, compared to a net loss of $4.8 million, or a loss of $0.20 per diluted share, for the fourth quarter 2010. Excluding expenses related to restructuring and other nonrecurring charges, adjusted net loss for the fourth quarter 2011 was $1.1 million, or a loss of $0.04 per diluted share. This compares to an adjusted net loss of $3.2 million, or a loss of $0.13 per diluted share, for the fourth quarter 2010, which also excludes the impact of restructuring and other nonrecurring charges.
Full Year 2011 Financial Results
Revenue for the twelve months ended December 31, 2011 was $119.0 million, a decrease of 0.8% compared to $119.9 million reported in the prior year. Patient revenue decreased $13.1 million due to slightly lower MCOT TM volume in the second half due to lower patient census in physicians’ offices as well as lower reimbursement rates, partially offset by an increase in event and Holter volumes. Substantially offsetting the patient revenue decline was the addition of Biotel, which generated revenue of $12.2 million. For the twelve months ended December 31, 2011, patient revenue was comprised of 36% Medicare and 64% commercial, and patient volume was comprised of 51% Medicare and 49% commercial.
Gross profit for the twelve months ended December 31, 2011 decreased to $69.9 million, or 58.8% of revenue, compared to $72.4 million, or 60.4% of revenue, in the prior year. The decline in gross profit percentage was related to the addition of the lower margin Biotel business.On a GAAP basis, operating expenses for the twelve months ended December 31, 2011 were $131.3 million, an increase of 42.5% compared to $92.1 million in the prior year. This increase was driven by a goodwill impairment charge of $46.0 million. Operating expenses on an adjusted basis declined by 8.6% compared to the prior year, excluding $53.5 million for the twelve months ended December 31, 2011 and $7.1 million for the twelve months ended December 31, 2010 related to restructuring and other nonrecurring charges. The decrease in operating expenses was substantially driven by a reduction in bad debt expense, as well as a reduction in outside services and professional fees. These reductions were partially offset by the addition of Biotel’s operating expenditures.
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