BioTelemetry Inc (NASDAQ:BEAT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET


BioTelemetry Inc (NASDAQ:BEAT) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, good afternoon, and thank you for joining us for the BioTelemetry Second Quarter 2020 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 and Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause the 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 the 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 the Investor Information section of the Biotelemetry website at [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.

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 hope you all remain in good health and spirits as we continue to navigate the significant challenges presented by the COVID-19 pandemic. When we last spoke in early May, we were about six to seven weeks into the economic shutdown, and we were still trying to get a handle on its potential impact on our daily lives and on our business. At that time, we stated that we had experienced a 30% year-over-year reduction in revenue for the month of April. We also said that we expected it to be our worst-performing month, with anticipated sequential improvement coming in May and June. That forecast proved to be quite accurate. To provide you with an appreciation of how well we are weathering the current challenges, I will start with comments about our second quarter performance and then provide detail about how our strategy continues to drive growth and create new opportunities in our three major areas of focus: healthcare services, clinical research and population health management.

Our diversified structure has served us well in the downturn, with approximately 20% of our business largely unaffected by the events of the day. After my update, Heather will provide more details on our Q2 financial results. I will make closing comments, and we'll then open up the call for your questions. Before providing further detail on the quarter, I would like to thank the many dedicated team members at Biotelemetry for the way you have seamlessly adapted while remaining steadfast in your commitment to the health and well-being of our customers and fellow employees. Your devotion and resolve are nothing short of amazing. As a