This Day On The Street
Continue to site
ADVERTISEMENT
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

BioTelemetry, Inc. Reports Fourth Quarter And Full Year 2013 Financial Results

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.

Company Highlights
  • 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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs