BioTelemetry, Inc. (NASDAQ:BEAT), the leading wireless medical
technology company focused on the delivery of health information to
improve quality of life and reduce cost of care, today reported
results for the fourth quarter and full year ended December 31,
2015.
Company Highlights
- Highest quarterly and annual EBITDA in Company’s history of
$10.1 million and $33.0 million, respectively
- Recorded $7.4 million GAAP net income for the full year 2015,
highest in the Company’s history
- Achieved fourteenth consecutive quarter of year over year
revenue growth
- Tripled CardioKey volume from the third to fourth quarter
2015
- Received 8% Medicare rate increase for MCT with release of
final 2016 physician fee schedule
- Expecting low double-digit revenue growth and 20% adjusted
EBITDA margin for 2016
President and CEO Commentary
Joseph Capper, President and Chief Executive Officer of
BioTelemetry, Inc., commented: “2015 was a record year for
BioTelemetry as we posted the highest revenue, patient and study
volumes, net income and EBITDA in the Company’s history.
These achievements are a direct result of the successful
implementation of our corporate strategy. We have adhered to
the same guiding principles over the past few years and they have
proven effective in growing the business. We will continue to apply
this model as we expand the business into complementary
opportunities.
“We are excited about the Company’s outlook as we enter
2016. Our Healthcare segment is benefitting from continued
volume strength as well as the 8% increase in the MCT Medicare rate
which will have an approximate $5 million impact on our top and
bottom lines. We are investing in and expanding our product
offerings in our Technology segment and we continue to experience
double-digit growth in our Research study volume. With the
strengthening trends in the overall business, coupled with the
impact of the Medicare rate increase and the launch of the next
generation MCT device, we expect 2016 to be another record year for
BioTelemetry with low double-digit revenue growth and 20% adjusted
EBITDA margin.”
Fourth Quarter Financial Results
Revenue for the fourth quarter 2015 was $46.8 million compared
to $43.7 million for the fourth quarter 2014, an increase of $3.1
million, or 7.1%. This increase was due to $4.0 million
higher Healthcare revenue, primarily driven by increased MCT
patient volume and favorable pricing as well as $0.6 million higher
Research revenue due to a 17% increase in study volume. These
increases were partially offset by a decline of $1.5 million in
Technology revenue due to lower sales resulting from customers
delaying purchases as they await the release of upgraded
devices. For the fourth quarter 2015, Healthcare revenue was
comprised of 39.6% Medicare and 60.4% commercial.
Gross profit for the fourth quarter 2015 increased to $28.3
million, or 60.4% of revenue, compared to $24.5 million, or 56.2%
of revenue, for the fourth quarter 2014. Gross profit for the
fourth quarter 2014 on an adjusted basis was $24.7 million, or
56.7% of revenue, excluding $0.2 million of duplicative labor costs
related to the integration of our 2014 acquisitions. The
increase in adjusted gross profit percentage was driven by a 250
basis point improvement primarily due to reductions in device
transportation and communication expense, as well as a 250 basis
point impact from higher Healthcare pricing and efficiencies
stemming from increased patient volume. These increases were
partially offset by reduced margins in our Research segment due to
investments made in the business during 2015 to support future
growth and lower Technology margins stemming from lower
revenue.
On a GAAP basis, operating expense for the fourth quarter 2015
was $24.8 million, compared to $25.2 million for the fourth quarter
2014. On an adjusted basis, operating expense for the fourth
quarter 2015 was flat at $23.2 million compared to the prior year
quarter. The adjusted operating expense excludes $1.6 million
for the fourth quarter 2015 primarily related to patent litigation
and $2.1 million for the fourth quarter 2014 primarily due to
patent litigation, integration activities and legal fees associated
with the Civil Investigative Demand. Higher headcount related
expense of $0.5 million in general and administrative and $0.3
million in sales and marketing, in combination with $0.5 million
higher research and development consulting expense, were completely
offset by $1.1 million lower bad debt expense and $0.2 million
lower research and development headcount related expense.
On a GAAP basis, interest and other loss, net for the fourth
quarter 2015 was $0.4 million, compared to $0.6 million in the
fourth quarter 2014. On an adjusted basis, interest and other
loss, net for the fourth quarter 2014 was $0.3 million, excluding
$0.4 million due to the early extinguishment of debt. The
increase on an adjusted basis is the result of the additional debt
secured in December 2014.
On a GAAP basis, net income for the fourth quarter 2015 was $2.8
million, or $0.10 per diluted share, compared to a net loss of $1.7
million for the fourth quarter 2014, or a loss of $0.06 per diluted
share. Excluding the $1.6 million of other charges, adjusted
net income for the fourth quarter 2015 was $4.4 million, or $0.15
per diluted share. This compares to adjusted net income of
$1.4 million, or $0.05 per diluted share, for the fourth quarter
2014, which excludes the impact of $2.1 million of other charges,
$0.2 million of duplicative labor costs, $0.4 million due to the
early extinguishment of debt and $0.4 million for the reduction of
the tax benefit recorded in relation to the Mednet acquisition.
Full Year 2015 Financial Results
Revenue for the twelve months ended December 31, 2015 was $178.5
million compared to $166.6 million for the prior year, an increase
of $11.9 million, or 7.2%. Healthcare revenue increased $12.8
million driven by favorable pricing as well as higher patient
volume. In addition, Research revenue increased $2.1 million
due to an approximate 14% increase in study volume. These
increases were partially offset by a decrease in the Technology
segment of $3.0 million due to lower device and repair sales
resulting from customers delaying purchases as they await the
release of upgraded devices, as well as several large one-time
sales in 2014. For the twelve months ended December 31, 2015,
patient revenue was comprised of 41.1% Medicare and 58.9%
commercial.
Gross profit for the twelve months ended December 31, 2015 was
$106.6 million, or 59.7% of revenue, compared to $93.5 million, or
56.1% of revenue, for the prior year. Gross profit for the
twelve months ended December 31, 2014 on an adjusted basis was
$94.6 million, or 56.8% of revenue, which excludes $1.1 million
related to the integration of the 2014 acquisitions. The
increase in the adjusted gross profit percentage was primarily due
to a 280 basis point improvement due to reductions in device
transportation and communication expense and the favorable
Healthcare pricing which had a 130 basis point impact. These
increases were partially offset by reduced margins in our Research
segment due to investments made in the business during 2015 to
support future growth and lower Technology margins stemming from
lower revenue.
On a GAAP basis, operating expense for the twelve months ended
December 31, 2015 was $97.0 million compared to $97.8 million in
the prior year, a decrease of $0.8 million, or 0.8%. On an
adjusted basis, operating expense for the full year 2015 was $91.0
million, a slight increase compared to $90.7 million for the prior
year. These adjusted operating expenses exclude $6.1 million
of other charges for the full year 2015 primarily due to patent
litigation and other legal fees, and $7.1 million for the full year
2014 primarily due to patent litigation, integration activities and
legal fees associated with the Civil Investigative Demand.
Increased general and administrative headcount expense of $1.0
million, $1.0 million higher infrastructure expense, $0.3 million
higher depreciation and amortization and $0.2 million higher legal
expense were offset by $1.3 million lower bad debt due to improved
collections, $0.9 million lower sales and marketing primarily due
to lower headcount and $0.3 million lower research and development
consulting expense related to the next generation
device.
On a GAAP basis, interest and other loss, net for the twelve
months ended December 31, 2015 was $1.6 million, compared to $7.8
million for the twelve months ended December 31, 2014. On an
adjusted basis, interest and other loss, net for the twelve months
ended December 31, 2014 was $1.0 million, excluding the $6.4
million settlement with the Department of Justice and $0.4 million
due to the early extinguishment of debt. The increase on an
adjusted basis is the result of the additional debt secured in
December 2014.
On a GAAP basis, net income for the twelve months ended December
31, 2015 was $7.4 million, or $0.26 per diluted share, compared to
a net loss of $9.8 million, or a loss of $0.37 per diluted share,
for the twelve months ended December 31, 2014. Excluding $6.1
million of other charges, adjusted net income for the twelve months
ended December 31, 2015 was $13.5 million, or $0.46 per diluted
share. This compares to adjusted net income of $2.7 million,
or $0.10 per diluted share, for the twelve months ended December
31, 2014, which excludes $12.5 million of other charges inclusive
of the $6.4 million settlement with the Department of Justice and
$0.4 million for the early extinguishment of debt which was
partially offset by a $2.5 million tax benefit related to the
Mednet acquisition.
Liquidity
As of December 31, 2015, total cash was $19.0 million, a
decrease of $1.0 million compared to December 31, 2014. The
significant cash uses during the year ended December 31, 2015
include the $6.4 million settlement with the Department of Justice
and $13.6 million for capital expenditures, primarily medical
devices. These uses were substantially offset by cash
generated from operations. Consolidated days sales
outstanding decreased to 47 days as of December 31, 2015, down from
51 days in the prior year.
As of December 31, 2015, the Company had outstanding debt of
$23.6 million. The Company also has access to a $15.0 million
revolving credit facility which remains undrawn.
Conference Call
BioTelemetry, Inc. will host an earnings conference call on
Wednesday, February 17, 2016 at 5:00 PM Eastern Time. The
call will be simultaneously webcast on the investor information
page of our website, www.gobio.com. The call will be archived
on our website for two weeks.
About BioTelemetry
BioTelemetry, Inc., formerly known as CardioNet, Inc., is the
leading wireless medical technology company focused on the delivery
of health information to improve quality of life and reduce cost of
care. The Company currently provides cardiac monitoring
services, original equipment manufacturing with a primary focus on
cardiac monitoring devices and centralized cardiac core laboratory
services. More information can be found at www.gobio.com.
Cautionary Statement Regarding Forward-Looking
Statements
This document includes certain forward-looking statements within
the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These statements
may be identified by words such as “expect,” “anticipate,”
“estimate,” “intend,” “plan,” “believe,” “promises” and other words
and terms of similar meaning. Such forward-looking statements
are based on current expectations and involve inherent risks and
uncertainties, including important factors that could delay,
divert, or change any of these expectations, and could cause actual
outcomes and results to differ materially from current
expectations. These factors include, among other things, our
ability to successfully integrate acquisitions into our business
and the effect such acquisitions will have on our results of
operation, effectiveness of our cost savings initiatives,
relationships with our government and commercial payors, changes to
insurance coverage and reimbursement levels for our products, the
success of our sales and marketing initiatives, our ability to
attract and retain talented executive management and sales
personnel, our ability to identify acquisition candidates, acquire
them on attractive terms and integrate their operations into our
business, the commercialization of new products, market factors,
internal research and development initiatives, partnered research
and development initiatives, competitive product development,
changes in governmental regulations and legislation, the continued
consolidation of payors, acceptance of our new products and
services, patent protection, adverse regulatory action, and
litigation success. For further details and a discussion of
these and other risks and uncertainties, please see our public
filings with the Securities and Exchange Commission, including our
latest periodic reports on Form 10-K and 10-Q. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
|
|
|
Three Months Ended |
Consolidated Statements of Operations |
(unaudited) |
(In
Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
|
|
|
Revenues |
$ |
46,774 |
|
|
$ |
43,653 |
|
Cost of
revenues |
|
18,510 |
|
|
|
19,124 |
|
Gross
profit |
|
28,264 |
|
|
|
24,529 |
|
Gross
profit % |
|
60.4 |
% |
|
|
56.2 |
% |
|
|
|
|
Operating
expenses: |
|
|
|
General and
administrative |
|
12,782 |
|
|
|
12,233 |
|
Sales and
marketing |
|
7,195 |
|
|
|
6,894 |
|
Bad debt expense |
|
1,278 |
|
|
|
2,375 |
|
Research and
development |
|
1,950 |
|
|
|
1,656 |
|
Other charges |
|
1,601 |
|
|
|
2,073 |
|
Total
operating expenses |
|
24,806 |
|
|
|
25,231 |
|
|
|
|
|
|
Income
(loss) from operations |
|
3,458 |
|
|
|
(702 |
) |
Interest
and other loss, net |
|
(402 |
) |
|
|
(642 |
) |
|
|
|
|
|
Income
(loss) before income taxes |
|
3,056 |
|
|
|
(1,344 |
) |
Provision
for income taxes |
|
(208 |
) |
|
|
(310 |
) |
Net Income
(loss) |
$ |
2,848 |
|
|
$ |
(1,654 |
) |
|
|
|
|
|
Net income
(loss) per share (a): |
|
|
|
Basic |
$ |
0.10 |
|
|
$ |
(0.06 |
) |
Diluted |
$ |
0.10 |
|
|
$ |
(0.06 |
) |
|
|
|
|
Weighted
average number of common shares outstanding (a): |
|
|
|
Basic |
|
27,227 |
|
|
|
26,719 |
|
Diluted |
|
29,299 |
|
|
|
26,719 |
|
(a) Basic net income
(loss) per share is computed by dividing net income (loss) by the
weighted average number of common shares outstanding during the
period. Diluted net income (loss) per share is computed by
giving effect to all potential dilutive common shares, including
stock options, and restricted stock units (“RSUs”). If the
outstanding options or RSUs were exercised or converted into common
stock, the result would be anti‑dilutive for the quarter ended
December 31, 2014. Accordingly, basic and diluted net loss
per share is the same for the quarter ended December 31,
2014. Please refer to the reconciliation of Non-GAAP
Financial Measures for diluted share count information for the
quarter ended December 31, 2014. |
|
|
|
Twelve Months Ended |
Consolidated Statements of Operations |
(unaudited) |
(In
Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
|
|
|
Revenues |
$ |
178,513 |
|
|
$ |
166,578 |
|
Cost of
revenues |
|
71,956 |
|
|
|
73,114 |
|
Gross
profit |
|
106,557 |
|
|
|
93,464 |
|
Gross
profit % |
|
59.7 |
% |
|
|
56.1 |
% |
|
|
|
|
Operating
expenses: |
|
|
|
General and
administrative |
|
47,882 |
|
|
|
45,131 |
|
Sales and
marketing |
|
27,936 |
|
|
|
28,805 |
|
Bad debt expense |
|
8,047 |
|
|
|
9,347 |
|
Research and
development |
|
7,111 |
|
|
|
7,396 |
|
Other charges |
|
6,063 |
|
|
|
7,098 |
|
Total
operating expenses |
|
97,039 |
|
|
|
97,777 |
|
|
|
|
|
|
Income
(loss) from operations |
|
9,518 |
|
|
|
(4,313 |
) |
Interest
and other loss, net |
|
(1,622 |
) |
|
|
(7,793 |
) |
|
|
|
|
|
Income
(loss) before income taxes |
|
7,896 |
|
|
|
(12,106 |
) |
(Provision)
benefit from income taxes |
|
(468 |
) |
|
|
2,313 |
|
Net Income
(loss) |
$ |
7,428 |
|
|
$ |
(9,793 |
) |
|
|
|
|
|
Net income
(loss) per share (a): |
|
|
|
Basic |
$ |
0.27 |
|
|
$ |
(0.37 |
) |
Diluted |
$ |
0.26 |
|
|
$ |
(0.37 |
) |
|
|
|
|
Weighted
average number of common shares outstanding (a): |
|
|
|
Basic |
|
27,116 |
|
|
|
26,445 |
|
Diluted |
|
29,089 |
|
|
|
26,445 |
|
(a) Basic net income
(loss) per share is computed by dividing net income (loss) by the
weighted average number of common shares outstanding during the
period. Diluted net income (loss) per share is computed by
giving effect to all potential dilutive common shares, including
stock options, and restricted stock units (“RSUs”). If the
outstanding options or RSUs were exercised or converted into common
stock, the result would be anti‑dilutive for the twelve months
ended December 31, 2014. Accordingly, basic and diluted net
loss per share is the same for the twelve months ended December 31,
2014. Please refer to the reconciliation of Non-GAAP
Financial Measures for diluted share count information for the
twelve months ended December 31, 2014. |
Summary Financial Data |
|
(In
Thousands) |
|
|
|
|
|
|
December 31,2015 |
|
December 31, 2014 |
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
18,986 |
|
|
$ |
20,007 |
|
|
Patient
accounts receivable, net |
|
15,179 |
|
|
|
15,184 |
|
|
Other
accounts receivable, net |
|
8,997 |
|
|
|
9,362 |
|
|
Days sales
outstanding |
|
47 |
|
|
|
51 |
|
|
Working
capital (a) |
|
23,157 |
|
|
|
13,879 |
|
|
Total
assets (b) |
|
124,143 |
|
|
|
124,372 |
|
|
Total
debt |
|
23,582 |
|
|
|
24,741 |
|
|
Total
shareholders’ equity |
|
75,926 |
|
|
|
63,676 |
|
|
(a) In November 2015, the
Financial Accounting Standards Board (“FASB”) issued Accounting
Standards Update (“ASU”) 2015-17, Income Taxes: Balance Sheet
Classification of Deferred Taxes. The standard requires that
deferred tax assets and liabilities be classified as noncurrent on
the balance sheet. Previously, deferred taxes have been separated
into current and noncurrent. The Company has elected to early adopt
this standard at December 31, 2015 and has applied this change in
accounting principle retrospectively. As a result of this
retrospective adoption, $271 of deferred tax assets have been
reclassified from Prepaid and other current assets to Deferred tax
liability on the December 31, 2014 Consolidated Balance Sheet.
|
|
(b) In April 2015,
the FASB issued ASU 2015-03, Simplifying the Presentation of Debt
Issuance Costs. The standard requires debt issuance costs to
be presented on the balance sheet as a direct reduction of the
carrying value of the associated debt liability, consistent with
the presentation of debt discounts. Previously, debt issuance costs
have been presented as a deferred asset. The recognition and
measurement requirements will not change as a result of this
guidance. The Company has elected to early adopt this standard at
December 31, 2015 and has applied this change in accounting
principle retrospectively. As a result of the retrospective
adoption, $135 of debt issuance costs have been reclassified from
Other assets to Long term debt on the December 31, 2014
Consolidated Balance Sheet. |
|
Reconciliation of Non-GAAP Financial Measures (In
Thousands, Except Per Share Amounts)
In accordance with Regulation G of the Securities and Exchange
Commission, the table set forth below reconciles certain financial
measures used in this press release that were not calculated in
accordance with generally accepted accounting principles, or GAAP,
with the most directly comparable financial measure calculated in
accordance with GAAP.
|
Three Months
Ended(unaudited) |
|
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
Income (loss) from
operations – GAAP |
$ |
3,458 |
|
|
$ |
(702 |
) |
|
|
Other charges (a) |
|
1,601 |
|
|
|
2,293 |
|
|
|
Adjusted income
from operations |
$ |
5,059 |
|
|
$ |
1,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) –
GAAP |
$ |
2,848 |
|
|
$ |
(1,654 |
) |
|
|
Other charges (b) |
|
1,601 |
|
|
|
3,036 |
|
|
|
Adjusted net
income |
$ |
4,449 |
|
|
$ |
1,382 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted share – GAAP |
$ |
0.10 |
|
|
$ |
(0.06 |
) |
|
|
Other charges per
diluted share (b) |
|
0.05 |
|
|
|
0.11 |
|
|
|
Adjusted net
income per diluted share |
$ |
0.15 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares |
|
|
|
|
|
outstanding –
diluted |
|
29,299 |
|
|
|
28,505 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
(unaudited) |
|
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
|
|
|
|
Cash provided by
operating activities |
$ |
7,197 |
|
|
$ |
4,239 |
|
|
Capital
expenditures |
|
(3,290 |
) |
|
|
(2,804 |
) |
|
Free cash flow |
$ |
3,907 |
|
|
$ |
1,435 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
(unaudited) |
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
|
|
|
|
Income (loss) from
operations – GAAP |
$ |
3,458 |
|
|
$ |
(702 |
) |
|
Other charges (a) |
|
1,601 |
|
|
|
2,293 |
|
|
Depreciation and
amortization expense |
|
3,364 |
|
|
|
3,307 |
|
|
Stock compensation
expense |
|
1,631 |
|
|
|
1,375 |
|
|
Adjusted EBITDA |
$ |
10,054 |
|
|
$ |
6,273 |
|
|
(a) In the fourth quarter
2015, the Company incurred $1.6 million of other charges primarily
due to patent litigation. In the fourth quarter 2014, the
Company incurred $2.1 million of other charges primarily related to
legal fees for patent litigation, as well as costs associated with
the integration of the Mednet and BMS acquisitions and legal fees
associated with the Civil Investigative Demand. The Company
also incurred $0.2 million of expense for duplicative labor due to
the relocation of certain business functions in relation to the
integration of the 2014 acquisitions. |
|
(b) In addition to the
$2.3 million of other charges incurred for the fourth quarter 2014,
the Company recorded $0.4 million for the extinguishment of debt
and $0.4 million for the reduction of the tax benefit recorded in
relation to the Mednet acquisition. |
|
Reconciliation of Non-GAAP Financial Measures (In
Thousands, Except Per Share Amounts)
In accordance with Regulation G of the Securities and Exchange
Commission, the table set forth below reconciles certain financial
measures used in this press release that were not calculated in
accordance with generally accepted accounting principles, or GAAP,
with the most directly comparable financial measure calculated in
accordance with GAAP.
|
Twelve Months
Ended(unaudited) |
|
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
Income (loss) from
operations – GAAP |
$ |
9,518 |
|
|
$ |
(4,313 |
) |
|
|
Other charges (a) |
|
6,063 |
|
|
|
8,208 |
|
|
|
Adjusted income
from operations |
$ |
15,581 |
|
|
$ |
3,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) –
GAAP |
$ |
7,428 |
|
|
$ |
(9,793 |
) |
|
|
Other charges (b) |
|
6,063 |
|
|
|
12,481 |
|
|
|
Adjusted net
income |
$ |
13,491 |
|
|
$ |
2,688 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted share – GAAP |
$ |
0.26 |
|
|
$ |
(0.37 |
) |
|
|
Other charges per
diluted share (b) |
|
0.20 |
|
|
|
0.47 |
|
|
|
Adjusted net
income per diluted share |
$ |
0.46 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares |
|
|
|
|
|
outstanding –
diluted |
|
29,089 |
|
|
|
28,279 |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
(unaudited) |
|
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
|
|
|
|
Cash provided by
operating activities |
$ |
14,350 |
|
|
$ |
8,811 |
|
|
Capital
expenditures |
|
(13,600 |
) |
|
|
(12,781 |
) |
|
Free cash flow |
$ |
750 |
|
|
$ |
(3,970 |
) |
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
(unaudited) |
|
|
|
|
|
|
December
31,2015 |
|
December
31,2014 |
|
|
|
|
|
|
Income (loss) from
operations – GAAP |
$ |
9,518 |
|
|
$ |
(4,313 |
) |
|
Other charges (a) |
|
6,063 |
|
|
|
8,208 |
|
|
Depreciation and
amortization expense |
|
12,488 |
|
|
|
12,550 |
|
|
Stock compensation
expense |
|
4,952 |
|
|
|
4,037 |
|
|
Adjusted EBITDA |
$ |
33,021 |
|
|
$ |
20,482 |
|
|
(a) For the year ended
December 31, 2015, the Company incurred $6.1 million of other
charges primarily due to patent litigation. For the year
ended December 31, 2014, the Company incurred $7.1 million of other
charges primarily due to legal fees related to patent litigation
and the Civil Investigative Demand as well as costs associated with
the integration of the Mednet and BMS acquisitions. The
Company also incurred $1.1 million of expense for duplicative labor
due to the relocation of certain business functions in relation to
the integration of the 2014 acquisitions. |
|
(b) In addition to the
$8.2 million of other charges incurred for the year ended December
31, 2014, the Company recorded a non-operating charge of $6.4
million for the settlement with the Department of Justice as well
as $0.4 million for the extinguishment of debt. This was
partially offset by a $2.5 million tax benefit related to the
acquisition of Mednet. |
Contact:
BioTelemetry, Inc.
Heather C. Getz
Investor Relations
800-908-7103
investorrelations@biotelinc.com
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