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SEC
10-Q
BIOTELEMETRY, INC. filed this Form 10-Q on 10/31/2018
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Nine Months Ended September 30, 2018 and September 30, 2017
Revenues
 
Nine Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
Healthcare
$
251,470

 
$
156,109

 
$
95,361

 
61.1
 %
Research
37,254

 
28,199

 
9,055

 
32.1
 %
Other
7,145

 
10,725

 
(3,580
)
 
(33.4
)%
Total revenues
$
295,869

 
$
195,033

 
$
100,836

 
51.7
 %
Total revenues for the nine months ended September 30, 2018 increased 51.7%, driven by a 61.1% increase in Healthcare revenue and a 32.1% increase in Research revenue. The Healthcare revenue increase was due to an increase in Healthcare patient volume due primarily to the full-period impact of the LifeWatch acquisition. On an organic basis, Healthcare revenue grew 14.6% due to an increase in patient volume driven by double-digit MCT growth and triple-digit extended Holter growth, as well as a favorable payor mix. The Research revenue increase was driven by higher volume in oncology, early phase and atrial fibrillation studies. The strength in Healthcare and Research revenue was partially offset by lower Other revenue due to the timing of several large product sales during the nine months ended September 30, 2017.
Gross Profit
 
Nine Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
Gross profit
$
186,540

 
$
117,945

 
$
68,595

 
58.2
%
Percentage of revenues
63.0
%
 
60.5
%
 
 
 
 
Gross profit for the nine months ended September 30, 2018 increased due primarily to the full-period impact of the LifeWatch acquisition, the organic revenue growth and realized synergies from our acquisitions. The 250 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
 
Nine Months Ended
 
Change
(in thousands, except percentages)
September 30,
2018
 
September 30,
2017
 
$
 
%
General and administrative expense
$
81,785

 
$
55,603

 
$
26,182

 
47.1
%
Percentage of revenues
27.6
%
 
28.5
%
 
 
 
 
General and administrative expense increased for the nine months ended September 30, 2018 due primarily to the $16.8 million full-period impact of the LifeWatch acquisition in mid-July 2017, $7.1 million of intangible asset amortization attributable to LifeWatch, and $6.5 million of additional headcount-related expense, partially offset by $5.3 million of additional synergies stemming from the full-period impact of the integration of LifeWatch.

37

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