This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BioTelemetry, Inc. Reports Third Quarter 2013 Financial Results

CONSHOHOCKEN, Pa., Nov. 5, 2013 (GLOBE NEWSWIRE) -- BioTelemetry, 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 third quarter ended September 30, 2013.

Operational Highlights:

  • 18% revenue growth as compared to the third quarter of 2012
  • Achieved profitability on an adjusted basis for the second consecutive quarter
  • Generated positive adjusted EBITDA of $3.6 million, the highest quarterly EBITDA in four years
  • Reduced consolidated DSO to 51 days, a 10 day improvement compared to year end 2012
  • $21.0 million in cash and no debt as of September 30, 2013
  • Signed exclusive agreement to service Kaiser Permanente covering 6 million lives
  • Received FDA clearance of CardioKey, a low cost 14 day Holter
  • Finalized the holding company structure as BioTelemetry, Inc., effective August 1, 2013

President and CEO Commentary

Joseph Capper, President and Chief Executive Officer of BioTelemetry, commented: "We are extremely pleased that our first quarter as BioTelemetry, Inc. was a successful one. We posted an 18% increase in revenue to $32 million which produced $3.6 million of adjusted EBITDA, up $3.3 million over the third quarter of 2012. These results were largely due to strong volume growth in our patient services segment as a result of the United Healthcare agreement as well as our newly launched MCOT os 2:1 and wireless event products. Also contributing was increased revenue from our research services segment driven by the acquisition of Cardiocore which was acquired a year ago on August 31, 2012.

"I am also pleased to announce two significant achievements for the company. The first is an exclusive three year agreement with KPS Select, Inc., to provide ambulatory remote monitoring services to the Kaiser Foundation Hospitals and Permanente Medical groups' six million members. The second is the FDA clearance of CardioKey, a new low cost 14-day Holter we plan to launch in the near future in a patch format. We expect this system to substantially reduce the time and cost of processing a long term Holter.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs