CardioNet Inc. (BEAT, Financial) filed Quarterly Report for the period ended 2012-06-30.
Cardionet Inc has a market cap of $48.2 million; its shares were traded at around $1.97 with and P/S ratio of 0.4.
Revenues. Total revenues for the three months ended June 30, 2012 were $27.5 million compared to $31.6 million for the three months ended June 30, 2011, a decrease of $4.1 million, or 13.2%. While total patient volume increased, patient services revenue declined $3.4 million primarily due to a shift in product mix to our event and Holter products which carry a lower reimbursement rate. Additionally, product revenue declined $0.7 million for the three months ended June 30, 2012 compared to the three months ended June 30, 2011 due to volume declines related to unusually high sales in the first half of 2011 following the acquisition of Biotel.
General and Administrative Expense. General and administrative expense was $7.6 million for the three months ended June 30, 2012 compared to $9.0 million for the three months ended June 30, 2011. The decrease of $1.4 million, or 15.0%, was due primarily to lower payroll and other employee related costs of $1.6 million, partially offset by the inclusion of expenses related to the ECG Scanning acquisition. As a percent of total revenue, general and administrative expense was 27.8% for the three months ended June 30, 2012 compared to 28.4% for the three months ended June 30, 2011.
Sales and Marketing Expense. Sales and marketing expense was $6.0 million for the three months ended June 30, 2012 compared to $7.4 million for the three months ended June 30, 2011. The decrease of $1.4 million, or 18.5%, was primarily due to lower payroll and other employee related expenses. As a percent of total revenue, sales and marketing expense was 22.0% for the three months ended June 30, 2012 compared to 23.4% for the three months ended June 30, 2011.
Sales and Marketing Expense. Sales and marketing expense was $12.2 million for the six months ended June 30, 2012 compared to $15.5 million for the six months ended June 30, 2011. The decrease of $3.3 million, or 21.2%, was due primarily to lower payroll and other employee related expenses, lower outside consulting services and lower meeting expenses, offset by the inclusion of sales and marketing expenses related to the ECG Scanning acquisition. As a percent of total revenue, sales and marketing expense was 22.3% for the six months ended June 30, 2012 compared to 23.6% for the six months ended June 30, 2011.
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Cardionet Inc has a market cap of $48.2 million; its shares were traded at around $1.97 with and P/S ratio of 0.4.
Highlight of Business Operations:
Net unrealized gains on available-for-sale investments are included as a component of stockholders equity and comprehensive loss until realized from a sale or other-than-temporary impairment. The Company recorded net unrealized gains for the six months ended June 30, 2012 of $12 and net unrealized losses for the six months ended June 30, 2011 of $13. Realized gains and losses from the sale of securities are determined on a specific identification basis. Purchases and sales of investments are recorded on their trade dates. The Company recorded realized gains for the six months ended June 30, 2012 and 2011 of $0 and $1, respectively. Dividend and interest income are recognized when earned. Interest income from available-for-sale investments for the six months ended June 30, 2012 and 2011 was $315 and $335, respectively, which were partially offset by $229 and $261, respectively, of amortization of investment premiums.Revenues. Total revenues for the three months ended June 30, 2012 were $27.5 million compared to $31.6 million for the three months ended June 30, 2011, a decrease of $4.1 million, or 13.2%. While total patient volume increased, patient services revenue declined $3.4 million primarily due to a shift in product mix to our event and Holter products which carry a lower reimbursement rate. Additionally, product revenue declined $0.7 million for the three months ended June 30, 2012 compared to the three months ended June 30, 2011 due to volume declines related to unusually high sales in the first half of 2011 following the acquisition of Biotel.
General and Administrative Expense. General and administrative expense was $7.6 million for the three months ended June 30, 2012 compared to $9.0 million for the three months ended June 30, 2011. The decrease of $1.4 million, or 15.0%, was due primarily to lower payroll and other employee related costs of $1.6 million, partially offset by the inclusion of expenses related to the ECG Scanning acquisition. As a percent of total revenue, general and administrative expense was 27.8% for the three months ended June 30, 2012 compared to 28.4% for the three months ended June 30, 2011.
Sales and Marketing Expense. Sales and marketing expense was $6.0 million for the three months ended June 30, 2012 compared to $7.4 million for the three months ended June 30, 2011. The decrease of $1.4 million, or 18.5%, was primarily due to lower payroll and other employee related expenses. As a percent of total revenue, sales and marketing expense was 22.0% for the three months ended June 30, 2012 compared to 23.4% for the three months ended June 30, 2011.
Sales and Marketing Expense. Sales and marketing expense was $12.2 million for the six months ended June 30, 2012 compared to $15.5 million for the six months ended June 30, 2011. The decrease of $3.3 million, or 21.2%, was due primarily to lower payroll and other employee related expenses, lower outside consulting services and lower meeting expenses, offset by the inclusion of sales and marketing expenses related to the ECG Scanning acquisition. As a percent of total revenue, sales and marketing expense was 22.3% for the six months ended June 30, 2012 compared to 23.6% for the six months ended June 30, 2011.
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