Print
Email
CardioNet Inc. (BEAT) filed Quarterly Report for the period ended 2011-09-30.
Cardionet Inc. has a market cap of $72.4 million; its shares were traded at around $2.97 with and P/S ratio of 0.6.
This is the annual revenues and earnings per share of BEAT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BEAT.
Highlight of Business Operations:
Revenues. Total revenues for the three months ended September 30, 2011 decreased to $26.6 million from $27.5 million for the three months ended September 30, 2010, a decrease of $0.9 million or 3.2%. The decrease in MCOT™ revenue of $4.9 million was primarily due to lower MCOT™ volume resulting from lower patient census at physician and clinic offices. The decline in MCOT™ revenue was partially offset by Biotel revenue of $3.0 million, as well as an increase in other patient revenue of $1.0 million for the three months ended September 30, 2011 compared to the three months ended September 30, 2010.Revenues. Total revenues for the nine months ended September 30, 2011 increased to $92.2 million from $91.2 million for the nine months ended September 30, 2010, an increase of $1.0 million, or 1.1%. The increase was primarily due to $10.2 million generated from product sales, product repairs and contract research services related to the Biotel acquisition, and due to an increase in event and Holter revenue of $2.1 million related to higher volume. The increase was offset by a decrease in MCOT™ patient service revenue of $11.3 million, due primarily to lower patient census at physician and clinic offices.
General and Administrative Expense. General and administrative expense was $27.3 million for the nine months ended September 30, 2011 compared to $26.9 million for the nine months ended September 30, 2010. The increase of $0.4 million, or 1.4%, was due primarily to higher payroll and other employee related expenses of $2.1 million, of which $1.0 million was related to acquired Biotel operations. The increase was offset by lower legal expenses of $0.8 million, lower professional fees of $0.4 million, and a decrease in other miscellaneous expenses of $0.5 million related to CardioNet operations. As a percent of total revenues, general and administrative expense was 29.6% for the nine months ended September 30, 2011 compared to 29.5% for the nine months ended September 30, 2010.
Sales and Marketing Expense. Sales and marketing expense was $22.1 million for the nine months ended September 30, 2011 compared to $22.2 million for the nine months ended September 30, 2010. The decrease of $0.1 million, or 0.4%, was due primarily to a decrease in outside consulting services of $0.6 million offset by higher employee related expenses of $0.5 million related to the acquisition of Biotel. As a percent of total revenues, sales and marketing expense was 23.9% for the nine months ended September 30, 2011 compared to 24.3% for the nine months ended September 30, 2010.
Research and Development Expense. Research and development expense was $4.4 million for the nine months ended September 30, 2011 compared to $3.7 million for the nine months ended September 30, 2010. The increase of $0.7 million, or 17.8%, was primarily due to the inclusion of Biotel’s expenses of $1.1 million, offset by $0.4 million of miscellaneous CardioNet related costs. As a percent of total revenues, research and development expense was 4.7% for the nine months ended September 30, 2011 compared to 4.1% for the nine months ended September 30, 2010.
Subscribe RSS
