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SEC
10-Q
BIOTELEMETRY, INC. filed this Form 10-Q on 10/31/2018
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Other Expense
 
Three Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
Interest expense
$
(2,408
)
 
$
(1,841
)
 
$
(567
)
 
30.8
 %
Loss on extinguishment of debt

 
(543
)
 
543

 
(100.0
)
Loss on equity method investment
(54
)
 
(106
)
 
52

 
(49.1
)%
Other non-operating income/(expense), net
(194
)
 
658

 
(852
)
 
(129.5
)%
Total other expense
$
(2,656
)
 
$
(1,832
)
 
$
(824
)
 
45.0
 %
Percentage of revenues
2.7
%
 
2.3
%
 
 
 
 
Total other expense for the three months ended September 30, 2018 was due primarily to $2.4 million of interest expense and the amortization of deferred financing fees related to the full-quarter impact of the SunTrust Credit Agreement entered into concurrent with the LifeWatch acquisition in mid-July 2017.
Total other expense for the three months ended September 30, 2017 was composed of $1.9 million of interest expense, $0.5 million for the loss on the extinguishment of debt related to write-off of the unamortized debt issuance costs as a result of the payoff of our previous credit agreement in mid-July 2017 and $0.4 million related to the write off of a derivative instrument premium, partially offset by a gain of $1.3 million for a settlement with the seller of Mednet Healthcare Technologies, Inc. and related companies, which the Company acquired in early 2014.
Income Taxes
 
Three Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
Benefit from income taxes
$
1,281

 
$
435

 
$
846

 
194.5
%
Effective tax rate
(8.7
)%
 
14.5
%
 
 
 
 
For the three months ended September 30, 2018, we recognized an income tax benefit due primarily to a discrete benefit recorded for equity compensation deductions. For the three months ended September 30, 2017, we also recorded an income tax benefit. After considering benefits from the exercise of stock options, we expect our 2018 annual effective tax rate to be in the range of 2% to 5%, absent changes in tax laws or significant changes in uncertain tax positions.

36

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