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BioTelemetry (BEAT) Tops Q1 EPS by 2c; Withdraws Guidance

May 6, 2020 4:29 PM

BioTelemetry (NASDAQ: BEAT) reported Q1 EPS of $0.45, $0.02 better than the analyst estimate of $0.43. Revenue for the quarter came in at $113 million versus the consensus estimate of $113.11 million.

Joseph H. Capper, President and Chief Executive Officer of BioTelemetry, Inc., commented:

“I would like to first express my sincere gratitude to the entire BioTelemetry team and to our many customers, suppliers and partners for their unwavering commitment in providing continuous service as we navigate this crisis.

“In spite of the current challenges, we had an excellent first quarter, during which we grew revenue to a record high of $113.0 million and recorded $29.5 million of adjusted EBITDA. All segments of the business grew and contributed to our 31st consecutive quarter with year-over-year revenue growth.

“When the crisis hit, we made the necessary adjustments to scale back our operating cost structure without dramatically changing our capabilities. Our focus now is to guide the Company through this crisis as efficiently and effectively as possible, while remaining well positioned to meet demand in the event of a rapid recovery. Our excellent financial position will also enable us to continue advancing our business development opportunities.

“In a post-COVID healthcare environment, there will certainly be a greater acceptance of tele-health and remote monitoring solutions. As one of the largest, fastest growing and most profitable connected health companies, we are fortunate to be well ahead of the demand curve and perfectly positioned to capitalize on this opportunity.”

GUIDANCE:

In view of the COVID-19 pandemic, BioTelemetry is withdrawing its previous financial guidance issued on February 26, 2020. Given the uncertain scope and duration of the pandemic, BioTelemetry is unable to estimate the impact of the COVID-19 outbreak on its operations and financial results.

For earnings history and earnings-related data on BioTelemetry (BEAT) click here.

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