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CardioNet Up 33 Percent on Positive Earnings (BEAT)

Medical technology company, CardioNet (NASDAQ: BEAT) is up 33 percent in early trading after reporting positive earnings after the bell Tuesday.

Highlights from the earnings release include:

  • Serviced record patient volume for the second consecutive quarter
  • Achieved profitability on an adjusted basis for the first time in four years
  • Generated positive adjusted EBITDA of $3.4 million, the highest quarterly EBITDA in four years
  • Creation of holding company structure to be finalized August 1, 2013
  • Announced agreement with UnitedHealthcare Insurance Company covering all monitoring services effective July 1, 2013
  • Launched MCOTos 2:1TM, providing both MCOTTM and wEvent monitoring capability in a single device
  • Reduced consolidated DSO to 53 days, an 8 day improvement compared to year end 2012
  • $19.3 million in cash and no debt as of June 30, 2013

CardioNet provides cardiac monitoring devices and laboratory services to cardiac patients. Read the transcript from the conference call here.

[stock-tools exchange="NASDAQ" symbol="BEAT" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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