BioTelemetry, Inc. (NASDAQ:BEAT) Q1 2018 Earnings Conference Call - Preliminary Transcript
Apr 25, 2018 • 05:00 pm ET
does not happen by accident. It arises from the highly successful execution of a thoughtful plan. The primary themes of which are to go deeper and wider in cardiac monitoring in order to expand our leadership position; build upon our leading research services business by expanding our service offerings; and identify other markets that would benefit from the application of our wireless platform and proprietary technology.
I remind you of these three objectives at the outset of every call to provide an understanding of how we are allocating our time and resources. All of our strategic and tactical activities stem from these themes providing the framework for the nearly 6 straight years of consecutive quarterly growth. With this last quarter being the most exciting to-date. Let's review some of the Q1 highlights.
During the period revenue grew by 69% to $94.5 million exceeding the upper end of our expectations by $2.5 million. Organic revenue growth was an impressive 11%. Overall margins continuing to improve as quarterly EBITDA grew by 118% to $23.6 million, again far exceeding our expectations.
We ended the quarter with $36 million in cash up slightly in the quarter in spite of certain front-end loaded expenses. MCT volume was up 10% on a pro forma basis. Our research services team continued to expand backlog well ahead of expectations and finished the quarter up an impressive 21% of revenue year-over-year.
We continue efforts to build upon our new digital population health management business from key partnerships and internal investments. And we spent more time evaluating additional growth opportunities. Taking a closer look at the healthcare services business, we see exceptionally positive trends, especially at this stage of the LifeWatch integration.
As a reminder, we took operational control of LifeWatch on July 24th of last year and we have made tremendous strides during the first three quarters of the integration process. In addition to a $30 million synergy objective at the outset of the integration process I highlighted our intentions to adopt best practices and focus on providing superior customer service to ensure maximum customer retention and continued growth. As you can see these efforts are paying off even better than expected. The $30 million synergy objective is well within reach. Much of the work to achieve this goal has already been completed and the rest is well underway. This will be achieved.
As I mentioned on our two previous calls, we continue to have tremendous success retaining and growing revenue in our largest and most important accounts. In our top 500 accounts which represent more than half of our healthcare revenue, sales continue to increase. The MCT product line grew by 10% in the quarter making it our third consecutive quarter of double-digit pro forma MCT growth a remarkable achievement during a major integration. This is being driven by the continued market release of our latest version of the MCT. As a reminder, this system incorporates our unparalleled Arrhythmia detection capability in a product that can be configured