BioTelemetry, Inc. of Malvern said July 31 it purchased two businesses and saw revenue increase by 33 percent – the highest quarterly revenue in the company’s history – during the second quarter of 2014.
BioTelemetry provides cardiac monitoring, manufactures cardiac monitoring devices, and offers centralized cardiac laboratory services.
Revenue was up to $42.7 million and the firm serviced more than 135,000 patients in the quarter – doubling its prior year volume. Positive adjusted net income was $5.1 million. The firm acquired Biomedical Systems Corp., a cardiac patient services business, and the imaging core lab Radcore Lab, LLC. The firm also reached a potential settlement agreement with the Department of Justice.
Joseph Capper, president and CEO, attributed the results to strong organic volume growth and to its acquisitions. Earlier in the year BioTelemetry purchased Mednet, which Capper said gives the firm broader access to established physician relationships. He said the firm’s research services business also continues to gain momentum.
“We also continue to make progress with our product development, highlighted by the expected launch of our new low-cost Holter device in the fourth quarter of this year and our cutting edge next generation MCOTTM device in 2015,” Capper said.
“We also reached an agreement in principle for a settlement of $6.4 million with the U.S. Department of Justice in connection with the Civil Investigative Demand that we received in 2011, subject to negotiation of a final agreement,” he said.
Capper said BioTelemetry is solidifying its leadership position in cardiac monitoring, establishing a leading research services business and leveraging its existing infrastructure in new markets.
The full financial picture is here.