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BioTelemetry's (BEAT) CEO Joseph Capper on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 26, 2016, 05:00 PM ET


Joseph Capper - President and Chief Executive Officer

Heather Getz - Chief Financial Officer


Jan Wald - Benchmark Company

Alex Silverman - Special Situations

Chip Saye - AWH Capital

Marco Rodriguez - Stonegate Capital

Bruce Jackson - Lake Street Capital


Good afternoon. Thank you for joining us for the BioTelemetry first quarter 2016 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 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 and 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.

At this time, all participants have been placed on a listen-only mode. The floor will be opened for question and comments following the presentation. It is now my pleasure to turn the floor over to your host, Mr. Joseph Capper, President and CEO. Sir, you may begin.

Joseph Capper

Thank you, operator, and good afternoon, everyone. I'm Joe Capper, President and CEO of BioTelemetry. Also with me on call today is our Chief Financial Officer, Heather Getz. I'll start with an overview of over first quarter performance, Heather will take you through a more detailed review of our operating results, I will make closing comments, and we'll then open up the call to your questions.

Let's get started. I am extremely pleased to report this afternoon that we started out the New Year the same way we exited 2015, with another record-setting quarter, during which we surpassed all expectations, posting our 15 consecutive growth period, with new highs in volume, revenue and EBITDA.

This performance is even more noteworthy, given the first quarter is typically our most challenging, especially in terms of EBITDA and cash due to certain front-end loaded expenses. If you followed the company last quarter, you know that our financial guidance for 2016 was a meaningful increase over an extremely successful 2015, calling for revenue between $195 million and $200 million and EBITDA of at least $40 million.

In order to achieve these lofty objectives, we must continue to execute on our three-point plan, which is to, solidify our leadership position in cardiac monitoring, establish a leading research services business around the cardio core platform, and look to identify markets that would benefit from the application of a wireless platform and proprietary technology. Our adherence to these principles has been instrumental in generating the consistent growth we have had for more than three-and-a-half years, including the strong results we achieved this most recent quarter.

In fact, as you'll hear, our first quarter was such a tremendous success, we once again find ourselves in a position where we are compelled to increase our EBITDA guidance for the full year. Heather will provide more commentary on our guidance in her remarks. But first, let's take a few minutes to review some of the highlights from what was quite an active and productive quarter.

During the period, revenue grew by 12% to $48.6 million, exceeding the midpoint of our guidance by approximately $2 million. Overall margins continue to improve as quarterly EBITDA grew by 68% to $10.8 million, far exceeding expectations. Year-over-year quarterly volume was up 10% with MCT volume up 19%. We ended the quarter with $22.8 million in cash, up $3.8 million sequentially, in spite of high cash demand typical in the first quarter.