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SEC
10-Q
BIOTELEMETRY, INC. filed this Form 10-Q on 10/31/2018
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Results of Operations
Three Months Ended September 30, 2018 and September 30, 2017
Revenues
 
Three Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
Healthcare
$
84,196

 
$
69,528

 
$
14,668

 
21.1
%
Research
13,464

 
9,313

 
4,151

 
44.6
%
Other
2,353

 
2,182

 
171

 
7.8
%
Total revenues
$
100,013

 
$
81,023

 
$
18,990

 
23.4
%
Total revenues for the three months ended September 30, 2018 increased 23.4% driven by a 21.1% increase in Healthcare revenue and a 44.6% increase in Research revenue. On an organic basis, Healthcare revenue grew 15.1% due to an increase in patient volume driven by double-digit mobile cardiac telemetry (MCT) growth and triple-digit extended Holter growth. Healthcare revenue also benefited from a favorable payor mix. The Research revenue increase was driven by higher imaging volume from oncology studies as well as increased cardiac revenue from early phase studies. Other revenue increased 7.8% due to the timing of several large sales of diabetic products.
Gross Profit
 
Three Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
Gross profit
$
62,737

 
$
49,069

 
$
13,668

 
27.9
%
Percentage of revenues
62.7
%
 
60.6
%
 
 
 
 
Gross profit for the three months ended September 30, 2018 increased due to the increased revenue, as well as realized synergies from our acquisitions. The 210 basis point increase in gross margin percentage was due to the favorable payor mix, the impact of volume-related efficiencies and synergies resulting from the integration of LifeWatch.
General and Administrative Expense
 
Three Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
General and administrative expense
$
26,325

 
$
25,320

 
$
1,005

 
4.0
%
Percentage of revenues
26.3
%
 
31.3
%
 
 
 
 
General and administrative expense increased for the three months ended September 30, 2018 driven by $0.5 million of additional intangible asset amortization attributable to the full-quarter impact of the LifeWatch acquisition, $0.7 million of increased consulting and legal expenses and $0.4 million of increased information technology expense due to further investment in our business systems, partially offset by $1.1 million of additional synergies stemming from the full-quarter impact of the integration of LifeWatch.

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