CardioNet sees strong uptick for 2008

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CardioNet, a supplier of mobile cardiac outpatient telemetry, has reported positive results for its fiscal 2008 fourth quarter and full year, which ended Dec. 31.

The Conshohocken, Pa.-based company said its net income for the fourth quarter was $6.9 million, compared with $2.1 million for the same period last year. Net income for the year increased to $9.2 million, compared with a net loss of $400,000 for the prior year.

Revenues for the quarter increased to $34.4 million from $23.9 million in the fourth quarter of 2007, a 43.8 percent increase, CardioNet said.

Revenues for the year end were $120.5 million, compared with $73 million in the prior year, an increase of 65 percent. After taking into account the acquisition of PDSHeart in March 2007, revenue in 2008 increased 56.3 percent to $120.5 million compared with $77.1 million in the prior year, the company said.

"As a result, we are establishing revenue guidance for 2009 of $170 million to $175 million, somewhat higher than expectations, and over 40 percent growth compared to 2008," said Randy Thurman, interim president and CEO of CardioNet.