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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.
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.