BioTelemetry (BEAT) operates in three segments: healthcare, research, and technology.
The healthcare segment contributed 81% of BioTelemetry’s total revenues in fiscal 2017. The segment is focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders. Under this segment, BioTelemetry offers a full spectrum of solutions with a single source of cardiac monitoring services to cardiologists, electrophysiologists, neurologists, and primary care physicians.
BioTelemetry’s research segment contributed 14% to the company’s total revenues in fiscal 2017. The segment is engaged in central core laboratory services providing cardiac monitoring, imaging services, scientific consulting, and data management services for drug and medical device trials.
BioTelemetry’s technology segment generated 5% of the company’s total revenues in fiscal 2017. The segment is focused on the development, manufacturing, testing, and marketing of cardiovascular and blood glucose monitoring devices to medical companies, clinics, and hospitals.
In fiscal 2017, revenues from the healthcare segment grew 41% from $165.6 million in fiscal 2016 to $234.3 million in fiscal 2017. The growth was primarily due to BioTelemetry’s acquisition of LifeWatch and an increase in patient volumes.
Revenues from the research segment grew 19% from $32.5 million in fiscal 2016 to $38.7 million in fiscal 2017. The increase was due to the positive impact from BioTelemetry’s acquisition of VirtualScopics.
Revenues from the technology segment grew 34.6% from $10.1 million in fiscal 2016 to 13.6 million in fiscal 2017. The increase was due to the impact of BioTelemetry’s acquisition of Telcare in December 2016.
In the next part of this series, we’ll take a look at BioTelemetry’s business strategy.