BioTelemetry (BEAT) Tops Q3 EPS by 7c

October 29, 2020 4:38 PM

BioTelemetry (NASDAQ: BEAT) reported Q3 EPS of $0.45, $0.07 better than the analyst estimate of $0.38. Revenue for the quarter came in at $114.7 million versus the consensus estimate of $105.1 million.

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

“We are pleased to announce that we achieved solid third quarter results with record revenue of $114.7 million and EBITDA of $30.6 million despite the external challenges facing the market at large. This is a testament to the dedication and commitment of the entire BioTelemetry team. All segments of the business contributed to this excellent Q3 rebound, posting 15.7% sequential growth. Cardiac monitoring volumes exited the quarter above pre-COVID levels, and our recurring cardiac revenue increased as a percentage of total revenue. Our Population Health business grew nicely as well, driven by the launch of the Centene partnership.

“Despite the numerous challenges posed by the pandemic, we remained focused on executing our strategy. We continued to augment our Artificial Intelligence capabilities, which are enhancing scalability and improving efficiencies across the enterprise. Telehealth and remote monitoring will continue to play an integral role in a post-COVID-19 marketplace. As one of the largest, fastest growing and most profitable connected health companies, we are perfectly positioned to capitalize on these opportunities. As such, we expect to outperform the market for years to come, with top-line growth of over 15% in 2021.”

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

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