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 third quarter ended September 30, 2012.
Third Quarter 2012 Highlights
- Completed acquisition of Cardiocore Lab, Inc., a leading research services business
- Introduced CardioNet’s new wireless event device, wEvent
- Generated positive adjusted EBITDA of $0.3 million in the third quarter 2012
- Experienced increased patient volume year over year
- Reduced DSO to 67 days, an 8 day improvement compared to year end 2011
- $17.9 million in cash as of September 30, 2012
President and CEO Commentary
Joseph Capper, President and Chief Executive Officer of CardioNet, commented: “In August, we completed the acquisition of Cardiocore Lab, Inc. (“Cardiocore”), a leading cardiac core lab. This acquisition will enable us to leverage our strength in cardiac monitoring and the clinical superiority of our technology in a research setting. We believe the research market represents a significant growth opportunity for CardioNet and we are excited about the future potential.“Also in the quarter, we introduced the wEvent to a select group of practices. This new wireless event monitor expands CardioNet’s portfolio by offering physicians an alternative to the traditional event monitor. With the full market release of the wEvent expected later this quarter, CardioNet now offers the most comprehensive suite of cardiac outpatient monitoring solutions in the industry. “The progress that we have made on our strategic initiatives has had a positive impact on our third quarter results. For the quarter, we experienced positive adjusted EBITDA of $0.3 million, an improvement of $2.6 million over the prior year despite a challenging healthcare environment. This reflects our continued optimization of the patient services business in addition to an EBITDA benefit from the acquisition of Cardiocore.