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SEC
8-K
BIOTELEMETRY, INC. filed this Form 8-K on 10/30/2018
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GAAP financial reporting purposes the Company is reporting a tax benefit of 8.7% for the third quarter 2018 and 14.5% for the third quarter 2017. After giving effect to taxes at the estimated annual effective tax rate on the adjustments, the Company is excluding a $1.3 million benefit from discrete items in the third quarter 2018. For the third quarter 2017, the utilization of net operating loss carryforwards had a $3.0 million positive impact
e)
In the third quarter 2017, the Company incurred $0.4 million of expense for a foreign currency option related to the acquisition of LifeWatch which is included in Other non-operating income/(expense), net.
f)
In the third quarter 2017, in connection with the acquisition of LifeWatch, the Company entered into a credit agreement with SunTrust Bank, as a lender and an agent for the lenders. This credit agreement provided the Company a term loan for $205.0 million and a $50.0 million revolving credit facility which remains undrawn. A portion of the proceeds from the term loan were used to pay off the Company’s previous credit agreement. As a result, the Company had a loss of $0.5 million on the extinguishment of the debt.
g)
In the third quarter 2017, the Company reached a settlement with the seller of Mednet Healthcare Technologies, Inc. and related companies, which the Company acquired in early 2014. The Company sought indemnification for alleged breaches of certain representations and warranties. As part of the settlement, common stock with a fair value of $2.7 million was returned to the Company. The value of the stock exceeded the indemnification asset of $1.4 million previously recorded by the Company, resulting in a gain of $1.3 million which is included in Other non-operating income/(expense), net.
 
 
Nine Months Ended
(Unaudited)
 
September 30, 2018
(in thousands, except per share data)
 
Income from operations
 
Income before income taxes
 
Net income attributable to BioTelemetry, Inc.
 
Net income per diluted share attributable to BioTelemetry, Inc.*
GAAP
 
$
35,235

 
$
28,558

 
$
32,427

 
$
0.91

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
Other charges (h)
 
11,623

 
11,623

 
11,623

 
0.33

LifeWatch amortization (i)
 
9,852

 
9,852

 
9,852

 
0.28

Other expense adjustment (j)
 

 
(748
)
 
(748
)
 
(0.02
)
Income tax effect of adjustments (k)
 

 

 
(464
)
 
(0.01
)
Benefit of discrete items/NOL utilization (l)
 

 

 
(3,341
)
 
(0.09
)
Non-GAAP Adjusted
 
$
56,710

 
$
49,285

 
$
52,690

 
$
1.39

Weighted average number of common shares outstanding - diluted
 
 
 
 
 
35,566

* total does not add due to rounding
 
 
 
 
 
 
 
 




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