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CardioNet, Inc. Reports Second Quarter 2013 Financial Results

Stocks in this article: BEAT

CONSHOHOCKEN, Pa., July 30, 2013 (GLOBE NEWSWIRE) -- CardioNet, Inc. (Nasdaq:BEAT), the leading wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, today reported results for the second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Serviced record patient volume for the second consecutive quarter
  • Achieved profitability on an adjusted basis for the first time in four years
  • Generated positive adjusted EBITDA of $3.4 million, the highest quarterly EBITDA in four years
  • Creation of holding company structure to be finalized August 1, 2013
  • Announced agreement with UnitedHealthcare Insurance Company covering all monitoring services effective July 1, 2013
  • Launched MCOT os 2:1 TM, providing both MCOT TM and wEvent monitoring capability in a single device
  • Reduced consolidated DSO to 53 days, an 8 day improvement compared to year end 2012
  • $19.3 million in cash and no debt as of June 30, 2013

President and CEO Commentary

Joseph Capper, President and Chief Executive Officer of CardioNet, commented: "Our second quarter results were our strongest in four years, with positive adjusted net income, driven by the success of our strategic initiatives. For the second consecutive quarter, our patient services segment monitored a record number of patients, resulting in increased revenue both sequentially and year over year. This was due to the continued success of the CardioNet Comprehensive strategy, which was bolstered with the launch of our latest device, the MCOT os 2:1 TM. This system enables us to offer our physicians either MCOT TM or wEvent monitoring, on demand, in the convenience of a single device. Looking forward, while it did not have an impact on the quarter, we expect to see a positive impact on patient volume due to our recent agreement with UnitedHealthcare Insurance Company.

"The second quarter also benefitted from the acquisition of Cardiocore in the third quarter of last year, which enabled us to post strong gains in our research services business both year over year and sequentially. We continue to view research services as an avenue for significant future growth for the organization.

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