Third Quarter Financial Results
Revenue for the third quarter 2018 was $100.0 million compared to $81.0 million for the third quarter 2017, an increase of $19.0 million, or 23.4%.
Gross profit for the third quarter 2018 was $62.7 million, or 62.7% of revenue, compared to $49.1 million, or 60.6% of revenue, for the third quarter 2017.
On a GAAP basis, net income attributable to BioTelemetry, Inc. for the third quarter 2018 was $16.0 million, or $0.45 per diluted share, compared to a net loss of $2.3 million, or $(0.07) per diluted share, for the third quarter 2017.
On an adjusted basis1, net income attributable to BioTelemetry, Inc. for the third quarter 2018 was $19.2 million, or $0.53 per diluted share. This compares to adjusted net income of $8.5 million, or $0.24 per diluted share, for the third quarter 2017. This increase was attributable to the organic revenue growth, the full-quarter impact of the LifeWatch acquisition 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 we exclude expenses that are not necessary to support our ongoing business. We also make 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.
BioTelemetry, Inc. will host an earnings conference call on Tuesday, October 30, 2018, at 5:00 PM Eastern Time. The call will be webcast on the investor information page of our website, www.gobio.com/investors/events. The call will be archived on our website for two weeks.
BioTelemetry, Inc. is the leading remote and wireless medical technology company focused on delivery of health information to improve quality of life and reduce cost of care. We provide cardiac monitoring, mobile blood glucose monitoring, centralized medical imaging, and original equipment manufacturing that serves both the Healthcare and Clinical Research industries. More information can be found at www.gobio.com.
Cautionary Statement Regarding Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth prospects, the prospects for our products and our confidence in our future. These statements may be identified by words such as “expect,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” “promises” and other words and terms of similar meaning. Examples of forward-looking statements include statements we make regarding our ability to increase demand for our products and services, to leverage our Mobile Cardiac Outpatient Telemetry platform to expand into new markets, to grow our market share, our expectations regarding revenue trends in our segments and the achievement of cost efficiencies through process improvements. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert or change any of these expectations, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things: our ability to identify acquisition candidates, acquire them on attractive terms