MALVERN, PA — BioTelemetry, Inc. (NASDAQ: BEAT), the leading remote medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, recently reported results for the fourth quarter ended December 31, 2018.
- Recognized quarterly revenue of $103.6 million
- Reached 12.9% year-over-year revenue growth
- Achieved 26th consecutive quarter of year-over-year revenue growth
- Reported GAAP net income of $10.4 million, or $0.29 per diluted share
- Realized record quarterly adjusted EBITDA of $30.5 million, or 29.4% of revenue
President and CEO Commentary
Joseph H. Capper, President and Chief Executive Officer of BioTelemetry, Inc., commented: “I am pleased to report another outstanding growth quarter, with the highest revenue and adjusted EBITDA in the Company’s history. The success of our fourth quarter was driven by our continued significant MCT and extended-wear Holter patient volume growth as well as 26% year-over-year growth in Research revenue. This top line growth, coupled with our more efficient operating structure resulting from the successful integration of LifeWatch, drove our fourth quarter adjusted EBITDA higher and enabled us to exceed expectations for the quarter.
“2018 was a tremendous year for BioTelemetry. During the year, we fully integrated LifeWatch, achieving all major milestones well ahead of schedule. We also successfully managed the commercial launches of our next generation MCT and extended-wear Holter patch devices as well as our new wireless blood glucose monitor. Furthermore, we forged strategic partnerships with consumer technology and population health management companies seeking to improve the current healthcare delivery system. All of these accomplishments helped us achieve 14% organic revenue growth for the year, deliver significant improvement to our adjusted EBITDA margin and position the Company for continued growth.
“In 2019, we will remain focused on advancing our core strategy, as evidenced by the pending acquisition of Geneva Healthcare. This addition will extend our monitoring expertise into the implantable cardiac device market and further secure our leadership position as the most accurate and comprehensive source of remote cardiac monitoring. We believe the successful execution of our operating plan, coupled with this new service offering, will lead to another record year for the Company.”
Fourth Quarter Financial Results
Revenue for the fourth quarter 2018 was $103.6 million compared to $91.7 million for the fourth quarter 2017, an increase of $11.9 million, or 12.9%.
Gross profit for the fourth quarter 2018 was $63.9 million, or 61.7% of revenue, compared to $54.4 million, or 59.3% of revenue, for the fourth quarter 2017.
On a GAAP basis, net income attributable to BioTelemetry, Inc. for the fourth quarter 2018 was $10.4 million, or $0.29 per diluted share, compared to a net loss attributable to BioTelemetry, Inc. of $15.6 million, or a loss of $0.48 per diluted share, for the fourth quarter 2017.
On an adjusted basis1, net income attributable to BioTelemetry, Inc. for the fourth quarter 2018 was $20.1 million, or $0.56 per diluted share. This compares to adjusted net income attributable to BioTelemetry, Inc. of $11.3 million, or $0.32 per diluted share, for the fourth quarter 2017. This increase was driven by the revenue growth as well as synergies gained from the integration of LifeWatch. The details regarding adjusted net income are included in the reconciliation tables included in this release.
1 The Company believes that providing non-GAAP financial measures offers a meaningful representation of our performance, as they exclude expenses that are not necessary to support our ongoing business. The Company also made adjustments to facilitate year over year comparisons. Please refer to our “Reconciliation of GAAP to Non-GAAP Financial Measures” in this release for additional information.
Source: BioTelemetry, Inc., 1000 Cedar Hollow Rd Ste 210, Malvern PA 19355
Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.