MINNEAPOLIS, Nov. 14 /PRNewswire-FirstCall/ -- Biotel Inc. (OTC Bulletin Board: BTEL) announced strong sales and earnings for its first quarter ended September 30, 2007. The Company had net earnings of $170,000, or $0.06 per diluted share, on revenues of $2,751,000. This compares to a net loss of $11,000, or $0.00 per diluted share, on revenues of $2,424,000 for the first quarter of last year.
Highlights for the first quarter are as follows:
-- 13.5% revenue growth, year over year
-- Gross margin of 45.6%, up from 40.7% a year ago
-- Operating expenses reduced to 36.1% of revenues from 40.8% last year
-- Operating margin of 9.5% versus a loss a year ago
-- Net margin of 6.2% versus a loss a year ago
-- Strong balance sheet with no long-term debt
-- Stockholders' equity of $4,115,000, up 4.6% year over year
"We had a strong first quarter beginning our fiscal year with year over year growth in product and service revenues and improved margins," Biotel President and CEO Steve Springrose said. "Compared to the first quarter of fiscal 2007, we had increased sales of our Braemar cardiac event recorders, Holter devices, liposuction and other medical devices. Revenues from our Agility 24/7cardiac monitoring services for clinical research continued to grow rapidly. Biotel continues to serve as a development partner to medical corporations seeking new devices and clinical research services, in keeping with our long-term strategy."
In the first quarter, Biotel held operating expenses flat from a year ago, even with a 10.3% increase in Research and Development. "We continued to put emphasis on R&D to expand our proprietary technology across our product spectrum," Springrose commented. "Most importantly, we received FDA 510(k) clearance in October to market our Braemar ER900 Wireless Event Recorder. This is a cardiac looping recorder and cellular transmitter, the first in a series of Braemar wireless products that will transmit cardiac information through cellular networks without patient interaction. We believe this will give us a leadership position in a new era of cardiac monitoring technology."
3 months ended 3 months ended %
September 30, 2007 September 30, 2006 Change
Revenues $2,751,000 $2,527,000 + 13.5%
Net Income $170,000 $(11,000) + 1645.5%
Earnings Per Share, Basic $.06 --
Earnings Per Share, Diluted $.06 --
|SOURCE Biotel Inc.|
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