BioTelemetry, Inc. (NASDAQ:BEAT) Reports 11 Percent Increase In Revenue
BioTelemetry, Inc. (NASDAQ:BEAT) which is a specialized health services provider reported strong results from its fourth quarter and full year operations on 26th February after close of business. The sixth straight year of growth accomplished by the $256 million market capped firm drove its stock upwards by 13.6 percent during trading on 27th February.
Highlights Of 4Q
Revenue for the fourth quarter came in at $33.1 million which was an 11 percent increase over 4Q12, while its earnings before tax were $5.2 million for the reporting period. This translates into a 16 percent increase in revenue for the year in comparison to FY12. The firm also reported holding $22.2 million in cash and also highlighted that it was debt free for the reporting period ending 31st December.
These gains were driven by the strong demand for its patient services which recorded highest volume till date in 2013 by posting a 7 percent increase over the previous year’s compare. The jump in patient volume has been credited to the “CardioNet Comprehensive sales” program which the firm has been pursuing for past year. The firm also went through an unsettling corporate restructuring process which involved rebranding the firm and setting up a holding firm under the BioTelemetry tag line. In spite of the uncertainty surrounding the corporate structure, the firm went on to achieve double digit growth in all its KPA.
Long Term Strategic Road Map
Laying out the long term road map for his firm, BioTelemetry, Inc. (NASDAQ:BEAT) Chief Executive Officer and President Joseph Capper has been quoted to have said that, “First, we seek to solidify our leadership position in cardiac monitoring. Second, we want to establish a leading research services business around Cardiocore brand and platform; and third, we look to identify diagnostic markets that would benefit from the application of our wireless platform and proprietary technology”.