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MALVERN, Pa., Feb. 26, 2014 (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 fourth quarter and full year-ended December 31, 2013.
Finished the year with fourth quarter revenue of $33.1 million and $5.2 million of adjusted EBITDA
16% revenue growth for the full year 2013 as compared to 2012
Achieved profitability on an adjusted basis for the full year 2013
Generated positive adjusted EBITDA of $16.9 million for the year
$22.2 million in cash and no debt as of December 31, 2013
Serviced record patient volume in 2013
Reduced consolidated DSO to 47 days, a 14 day improvement compared to year-end 2012
Successfully created holding company structure under the BioTelemetry name to support future growth initiatives
Signed agreement with UnitedHealthcare Insurance Company covering all monitoring services
Launched MCOT os 2:1, providing both MCOT TM and wEvent monitoring capability in a single device
Announced the patent litigation victory and acquisition of Mednet Healthcare Technologies, Inc.
President and CEO Commentary
Joseph Capper, President and Chief Executive Officer of BioTelemetry, commented: "2013 was an outstanding and transformational year for BioTelemetry. We posted strong year over year top line growth while continuing to drive down operating expenses. Patient volume hit a record high, growing 7% year over year and generating a $7 million increase in patient revenue. The patient volume growth stemmed from the ongoing success of the CardioNet Comprehensive sales initiative, the addition of several new payor contracts and the growing market acceptance of the MCOT
os 2:1 and
wEvent devices. The increased patient revenue, in combination with the full year impact of the Cardiocore acquisition, resulted in total revenue of $130 million, a 16% increase versus the prior year. Furthermore, while driving strong top line growth, we remained focused on improving and streamlining our operations. As a result, we achieved adjusted EBITDA of $17 million for the year, our highest EBITDA since 2008.
"In addition to our financial and operational successes, we are also excited by our recent patent litigation victory, which ultimately culminated in the acquisition of Mednet Healthcare Technologies, Inc. While the acquisition did not impact our 2013 results, we expect it to be accretive, adding $4 to $5 million in EBITDA on an annualized basis. We are looking forward to welcoming Mednet's customers and employees to our team.