BioTelemetry, Inc. Reports Third Quarter 2018 Financial Results
Company’s Results Exceed Expectations
Company Raises Full-Year Guidance
Malvern, PA – October 30, 2018 – BioTelemetry, Inc. (NASDAQ:BEAT), the leading remote and 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, 2018.
Recognized quarterly revenue of $100.0 million, exceeding expectations
Exceeded 23% year over year revenue growth
Achieved 25th consecutive quarter of year over year revenue growth
Realized GAAP net income attributable to BioTelemetry, Inc. of $16.0 million, or 16.0% of revenue
Realized record quarterly adjusted EBITDA of $30.1 million, or 30.1% of revenue
Raising full-year revenue guidance to $397 to $400 million with an approximate 28% adjusted EBITDA margin
President and CEO Commentary
Joseph H. Capper, President and Chief Executive Officer of BioTelemetry, Inc., commented: “I am pleased to report that we had an exceptional third quarter with revenue and adjusted EBITDA exceeding
expectations. Revenue grew 23% versus the prior year, driven by patient volume growth highlighted by double-digit MCT and triple-digit extended Holter growth. Our next generation MCT and extended Holter products in multiple form factors have been extremely well received in the market and are successfully broadening our existing customer relationships. In addition to the continued volume strength, a favorable payor and product mix also had a positive impact on our revenue in the quarter. Not to be outdone, our Research division delivered exceptional revenue growth of 45% over the prior year.
“In addition to our strong revenue growth, our adjusted EBITDA reached new highs in the third quarter, growing more than 70% year over year. The combination of the favorable payor and product mix and the benefit from the $30 million of annualized synergies resulting from the integration of LifeWatch helped to drive tremendous EBITDA margin expansion, with an over 800 basis point improvement versus the prior year.
“The Company has established a track record of consistently delivering excellent results, with the third quarter representing our 25th consecutive quarter of year over year revenue growth. Given our many competitive advantages, numerous opportunities for growth and strong financial position, we are extremely well-positioned for continued success. As a result, we are raising our full-year revenue outlook to $397 to $400 million with an adjusted EBITDA margin of approximately 28%.”