CardioNet, the wireless-enabled cardiac monitoring company, once again reported stellar financials despite the current economic downturn. Quarterly revenue increased nearly 44 percent year-on-year while annual revenue increased 65 percent. The company has about $58 million in cash-on-hand and judging by many of the prepared statements attributed to the company's interim CEO, it sounds like CardioNet could be (should be?) gearing up for an acquisition spree since it plans on extending its footprint in wireless medicine out beyond cardiac monitoring.
"Looking forward, CardioNet is uniquely positioned within the healthcare industry and perhaps most industries today," Randy Thurman, CardioNet's interim president and CEO said in a statement. "We are leading what we believe is a revolution in healthcare - wireless medicine. The demand for our cardiac outpatient services is growing at greater than 40% per year. Our services provide significant and meaningful benefits to patients and prescribing physicians while delivering improved cost/benefit outcomes to the payors. Every indication is that CardioNet is positioned for years of exceptional growth."
CardioNet secured Category I CPT codes and reimbursement rates for the CardioNet System in October, which it characterized as a major milestone in facilitating broader adoption. CardioNet also reported that it secured contracts with more than 30 new payors during the year, including two major national payors, accounting for an additional 32.1 million covered lives.
"In summary, the convergence of healthcare and information technology is resulting in one of the most important trends for the next twenty years - wireless medicine - and CardioNet is uniquely positioned to capitalize on this unprecedented opportunity over the long term," Thurman said. "Today, we are a leader in wireless medicine focused on cardiac arrhythmia monitoring and diagnostics. Building market share and making intelligent investments are our current focus. Tomorrow, we aspire to be the unquestioned leader in a healthcare revolution. We believe that our near-term and long-term goals are in-sync and will drive great value for all of our stakeholders."
