 Posts Strong Results and Ramps Up Business Development ActivityMALVERN, Pa., July 30, 2020 GLOBE NEWSWIRE -- BioTelemetry, Inc. NASDAQ:BEAT, the leading remote medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, today reported results for the quarter ended June 30, 2020. Company Highlights Recognized quarterly total revenue of 99.1 million Total revenue declined 11.4 year-over-year due to the impact of COVID-19 across most of our businesses Reported quarterly GAAP net income of 2.3 million, or 2.3 of total revenue Realized quarterly adjusted EBITDA of 25.6 million, or 25.8 of total revenue Acquired Remote Patient Monitoring RPM assets from a subsidiary of Centene Corporation Entered into Sales Agent Agreement with Boston Scientific Assumed responsibility to service Roches remote INR patient basePresident and CEO CommentaryJoseph H. Capper, President and Chief Executive Officer of BioTelemetry, Inc., commented:Due to the unwavering commitment of the entire BioTelemetry team, we continued to successfully navigate the current external challenges. As such, our business recovered faster than anticipated during the quarter, finishing strong with total revenue of 99.1 million and adjusted EBITDA of 25.6 million. Cardiac monitoring volumes bounced off their April lows, quickly returning to more normalized levels by quarter end. Given the encouraging trends coming out of the quarter, we believe we will soon be back to delivering year-over-year revenue and earnings growth.As I shared previously, in early April we streamlined our cost structure to manage through the downturn. As the business improved, we were able to call back all furloughed employees and are now operating at pre-pandemic headcount levels. We have pivoted back into an offensive posture as evidenced by the advancement of several business initiatives. The acquisition of Centenes RPM assets is a key step toward increasing our commercial activity in the rapidly growing population health management market. The Boston Scientific and Roche agreements are designed to extend the capabilities of our market-leading cardiac monitoring franchise.We are more confident than ever that the post COVID-19 healthcare environment will demand a host of telehealth and remote monitoring solutions. As one of the largest, fastest growing and most profitable connected health companies, we are perfectly positioned to capitalize on this opportunity.Second Quarter Financial ResultsTotal revenue for the second quarter 2020 was 99.1 million compared to 111.8 million for the second quarter 2019, a decrease of 12.7 million, or 11.4.Gross profit for the second quarter 2020 was 61.5 million, or 62.1 of total revenue, compared to 70.2 million, or 62.8 of total revenue, for the second quarter 2019.On a GAAP basis, net income for the second quarter 2020 was 2.3 million, or 0.06 per diluted share, compared to net income of 8.3 million, or 0.23 per diluted share, for the second quarter 2019. The decline in net income was primarily due to the impact of COVID-19 on total revenue, partially offset by decreases in operating costs as we scaled back our operations due to the reduced demand.On an adjusted basis1, net income for the second quarter 2020 was 12.9 million, or 0.35 per diluted share. This compares to adjusted net income of 19.4 million, or 0.53 per diluted share, for the second quarter 2019. The decline in non-GAAP adjusted net income was consistent with the change in GAAP net income. The details regarding adjusted net income are included in the reconciliation tables included in this release.1 The Company believes that providing non-GAAP financial measures offers a meaningful representation of our performance, as we exclude expenses that are not necessary to support our ongoing business. We also make adjustments to facilitate year over year comparisons. Please refer to our Reconciliation of GAAP to Non-GAAP Financial Measures in this release for additional information.Conference CallBioTelemetry, Inc. will host an earnings conference call on Thursday, July 30, 2020, at 5:00 PM Eastern Time. The call will be webcast on the investor information page of our website, The call will be archived on our website for at least two weeks.About BioTelemetryBioTelemetry, Inc. is the leading remote medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care. We provide remote cardiac monitoring, centralized core laboratory services for clinical trials, remote blood glucose monitoring and original equipment manufacturing that serves both healthcare and clinical research customers. More information can be found at Statement Regarding Forward-Looking StatementsThis document includes certain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth prospects, the prospects for our products and our confidence in our future. These statements may be identified by words such as expect, anticipate, estimate, intend, plan, believe, promises and other words and terms of similar meaning. Examples of forward-looking statements include statements we make regarding the successful execution of our operating plan, including the success of the Sales Agent Agreement with Boston Scientific, our ability to increase demand for our products and services, to grow our market share and to recover from the impacts of the COVID-19 pandemic, our expectations regarding revenue trends in our segments, and our expectations regarding the growth and success related to the acquisition of Centenes RPM assets and Roches remote INR patient base. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert or change any of these expectations, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things: our ability to identify acquisition candidates, acquire them on attractive terms and integrate their operations into our business; our ability to educate physicians and continue to obtain prescriptions for our products and services; changes to insurance coverage and reimbursement levels by Medicare and commercial payors for our products and services; our ability to attract and retain talented executive management and sales personnel; the commercialization of new competitive products; acceptance of our new products and services, such as our mobile cardiac telemetry patch; the impact of the COVID-19 pandemic; the impact of the October 2019 information technology incident; our ability to obtain and maintain required regulatory approvals for our products, services and manufacturing facilities; changes in governmental regulations and legislation; adverse regulatory actions; our ability to obtain and maintain adequate protection of our intellectual property; interruptions or delays in the telecommunications systems andor information technology systems that we use; our ability to successfully resolve outstanding legal proceedings; and the other factors that are described in Part I; Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2019, as well as the factors that are described in Part II; Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by law.Contact: BioTelemetry, Inc. Heather C. Getz Executive Vice President, Chief Financial and Administrative Officer 800-908-7103 BioTelemetry, Inc. Consolidated Statements of Operations unaudited Three Months Ended Six Months Ended June 30, June 30, in thousands, except per share data2020 2019 2020 2019 Revenue89,407 111,803 202,438 215,782 Other revenue9,702 9,702 Total revenue99,109 111,803 212,140 215,782 Cost of revenue37,582 41,563 80,105 80,764 Gross profit61,527 70,240 132,035 135,018 Gross profit 62.1 62.8 62.2 62.6 Operating expenses: General and administrative31,099 30,587 62,980 58,194 Sales and marketing10,521 12,795 23,967 25,235 Credit loss expense6,166 5,379 12,186 10,527 Research and development2,699 3,532 6,267 6,865 Other charges5,003 2,234 7,087 5,304 Total operating expenses55,488 54,527 112,487 106,125 Income from operations6,039 15,713 19,548 28,893 Other expense: Interest expense1,702 2,538 3,809 5,020 Loss on equity method investments 154 186 Other non-operating incomeexpense, net1,400 86 469 968 Total other expense, net3,102 2,606 4,278 6,174 Income before income taxes2,937 13,107 15,270 22,719 Provision for income taxes656 4,807 5,880 2,734 Net income2,281 8,300 9,390 19,985 Net income per common share: Basic0.07 0.25 0.27 0.59 Diluted0.06 0.23 0.26 0.55 Weighted average number of common shares outstanding: Basic34,290 33,825 34,238 33,806 Diluted36,609 36,318 36,669 36,444 BioTelemetry, Inc. 