BioTelemetry, Inc. (NASDAQ:BEAT) Q4 2019 Earnings Conference Call - Final Transcript

Feb 26, 2020 • 05:00 pm ET

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BioTelemetry, Inc. (NASDAQ:BEAT) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. Thank you for joining us for the BioTelemetry Fourth Quarter 2019 Earnings Conference Call.

Certain statements during the conference call and question-and-answer period to follow may relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company in the future to be materially different from the statements that the Company's executives may make today. These risks are described in detail in our public filings with the Securities and Exchange Commission, including our latest periodic report on Form 10-K or 10-Q. We assume no duty to update these statements.

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, which is distributed and available to the public through be Investor Information section of the BioTelemetry website at gobio.com.

[Operator Instructions] It is now my pleasure to turn the floor over to your host, Mr. Joseph Capper, President and CEO of BioTelemetry. Sir, you may begin.

Executive
Joseph H. Capper

Thank you, operator, and good afternoon, everyone. I'm Joe Capper, President and CEO of BioTelemetry. With me for today's call is Heather Getz, our Chief Financial Officer. I'll start with highlights about our fourth quarter performance and other recent developments. Heather will take you through a detailed review of our financial results. I will then provide commentary on how we see the business continuing to evolve as we get further into 2020. After our prepared remarks, we will open up the call for questions.

I am pleased to report that we delivered another exceptional quarter, setting new all-time highs in quarterly revenue and EBITDA, marking our 30th consecutive growth quarter. This outstanding performance is particularly noteworthy given the previously-reported malware incident, which struck the Company in the third week of October. Our operational performance in the face of this significant challenge speaks volumes about the resilience and quality of our organization. We were able to contain, respond and eradicate the issue quickly. And we moved through the recovery phase expeditiously, while minimizing customer disruption, allowing us to finish near the high end of our projected revenue range for the quarter. Most importantly, no sensitive patient or customer information was accessed or extracted.

For the full year 2019, revenue grew by 10%, making it our fourth consecutive year with double-digit year-over-year growth. In fact, we have had a remarkable 25% compounded annual growth rate for this four-year period. In addition to our record-setting financial performance, we accomplished a great deal throughout the year. We added critical resources to many parts of the Company, including an expansion to the healthcare division's sales force. We implemented several product and infrastructure enhancements, expanded payer coverage for MCOT and completed a few acquisitions, adding substantially to our addressable market.

Our core business was rock solid. In fact, all segments of