BioTelemetry Inc (NASDAQ:BEAT) announced better-than-expected third quarter earnings, swinging to a profit compared with the previous quarter as patient volume growth climbs.
The medical technology company reported earnings of $0.45 per share on revenue of $100 million compared with a net loss of $0.07 per share on revenue of $81 million in the previous year’s third quarter.
The Pennsylvania-based company beat Wall Street estimates of US$0.32 EPS on revenue of $97.92 million.
Shares of the company surged 8% to $55.05 in Tuesday after-hours trading.
“In addition to the continued volume strength, a favorable payor and product mix also had a positive impact on our revenue in the quarter,” said CEO Joseph H. Capper in the company’s press release.
BioTelemetry provides cardiac and mobile blood glucose monitoring, centralized medical imaging, and original equipment manufacturing services for the healthcare and clinical research industries.
For the year ahead, the company raised its revenue outlook to $397 million to $400 million with an adjusted EBITDA margin of about 28% compared with its previous guidance of revenue between $392 million to $395 million with an adjusted EBITDA margin of about 26%.
Contact Lenore Fedow at [email protected]