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CardioNet, Inc. Reports Second Quarter 2012 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

 
(unaudited)
June 30,

2012

    June 30,

2011

Operating loss – GAAP $ (5,249 ) $ (4,627 )
Nonrecurring charges (a)   2,417     2,869  

Adjusted operating loss

$ (2,832 ) $ (1,758 )
Net loss – GAAP $ (4,732 ) $ (4,558 )

Nonrecurring charges (net of income tax benefit of $431 and $0, respectively) (a)

  1,986     2,869  
Adjusted net loss $ (2,746 ) $ (1,689 )
 
Loss per diluted share – GAAP $ (0.19 ) $ (0.19 )
Nonrecurring charges per share (a)   0.08     0.12  
Adjusted loss per diluted share $ (0.11 ) $ (0.07 )
 
 
(a) In the first six months of 2012, we incurred $1.2 million related to restructuring and other nonrecurring charges, $0.8 million of legal fees related to litigation and $0.4 million for the forfeiture and acceleration of certain options. These charges were partially offset by a $0.4 million tax benefit related to the acquisition of ECG Scanning. 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.
 
     

Six Months Ended

(unaudited)
     
June 30,

2012

June 30,

2011

 
Cash used by operating activities $ (3,864 ) $

1,149

Capital expenditures   (2,748 )   (1,676 )
Free cash flow $ (6,612 ) $ (527 )
 
 
 

Six Months Ended

(unaudited)
 
June 30,

2012

June 30,

2011

 
Operating loss – GAAP $ (5,249 ) $ (4,627 )
Nonrecurring charges 2,417 2,869
Depreciation and amortization expense   4,131     6,373  
Adjusted EBITDA $ 1,299   $ 4,615  
 




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