Medical technology company BioTelemetry, Inc. (NASDAQ: BEAT) reported higher earnings and revenues for the June quarter. Earnings topped expectations, while revenues came in line with the forecast. The company’s stock gained about 10% following the announcement.
Adjusted earnings, excluding special items, moved up to $0.53 per share from $0.46 per share in the second quarter of 2018. Analysts had forecast a lower number. Reported profit was $8.3 million or $0.23 per share, compared to $10.4 million or $0.29 per share last year.
Driving the bottom-line growth, revenues advanced to $111.18 million in the second quarter from $101.36 million in the corresponding period of last year, setting a record. The top-line, which increased for 28th consecutive quarter, was broadly in line with the Street view. Growth was primarily driven by the stable demand for the company’s MCT and extended Holter services as well as the addition of the monitoring revenue from Geneva.
Growth was primarily driven by the stable demand for the company’s MCT and extended Holter services
“Our growth momentum continued in the second quarter, with revenue growth of 10%, enabling us to achieve the high end of our guidance. This revenue growth was once again primarily driven by the strong demand for our MCT and extended Holter services as well as the addition of the monitoring revenue from Geneva, which we acquired in the first quarter,” said CEO Joseph Capper.
In the March quarter, the company completed the acquisition of Geneva Healthcare, extending its remote cardiac monitoring reach to the implantable cardiac monitoring market. The deal is expected to reinforce the management’s growth strategy and provides significant revenue growth.
Shares of BioTelemetry hit a record high at the beginning of the year but lost momentum since then. The stock, which lost 25% so far this year, closed Tuesday’s regular session higher and continued to gain in the after-hours.
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