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CardioNet Trims Loss in Q1

By Eric Volkman - Apr 22, 2013 at 9:55PM

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The company is still in the red, but it's managed to reduce its quarterly shortfall.

CardioNet's (BEAT) results for the fiscal Q1 2013 have been released. For the quarter, top line came in at $32.4 million, a nearly 20% increase from the $27.0 million recorded in the same period the previous year. Net loss narrowed over that time span, to $2.1 million ($0.08 per diluted share) from Q1 2012's red figure of $3.5 million ($0.14).

CardioNet attributed the higher revenue figure to growth in its take for research services, which improved by $5.4 million on a year-over-year basis. This was due in large part to its acquisition of research entity Cardiocore last summer. Additionally, patient services revenue was $1.0 million higher in the most recent quarter.

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