Shares of BioTelemetry (NASDAQ:BEAT) have plunged today, down by 7% as of 1:30 p.m. EST, after the company reported fourth-quarter earnings. While the results beat analysts' estimates, investors may have priced in even loftier expectations, as shares had more than doubled over the past year.
Revenue in the fourth quarter was $103.6 million, which translated into non-GAAP net income of $20.1 million, or $0.56 per share. Analysts had been modeling for $103 million in sales and an adjusted profit of $0.42 per share. On a GAAP basis, net income was $10.4 million, or $0.29 per share. Adjusted EBITDA came in at $30.5 million.
"I am pleased to report another outstanding growth quarter, with the highest revenue and adjusted EBITDA in the Company's history," CEO Joseph Capper said in a statement. "The success of our fourth quarter was driven by our continued significant MCT and extended-wear Holter patient volume growth as well as 26% year-over-year growth in Research revenue." BioTelemetry fully integrated its LifeWatch acquisition in 2018, hitting milestones ahead of schedule, Capper added.
The mobile medical technology company said last month that it would acquire Geneva Healthcare for $45 million in cash plus at least $20 million more in performance-based consideration. That deal "will extend our monitoring expertise into the implantable cardiac device market and further secure our leadership position as the most accurate and comprehensive source of remote cardiac monitoring," according to Capper.
BioTelemetry provided guidance on the earnings call, and expects first-quarter revenue to be $102 million to $105 million with an EBITDA return of 28%. For full-year 2019, revenue is forecast in the range of $438 million to $442 million, with gross margin of approximately 63% and an EBITDA return of around 29%.