MINNEAPOLIS, Feb. 16 /PRNewswire-FirstCall/ -- Biotel Inc. (BULLETIN BOARD: BTEL) reported revenues for the second quarter ended December 31, 2006, up 8.5% to $2,705,000 versus revenues of $2,493,000 for the quarter ended December 31, 2005. Net earnings for the quarter ended December 31, 2006 were up 18.0% to $144,000 compared to $122,000 for the quarter ended December 31, 2005. Revenues and net income for the six months ended December 31, 2006 were $5,129,000 and $109,000, respectively, versus revenues and net income of $5,020,000 and $296,000, respectively, for the six months ended December 31, 2005.
Biotel President and CEO Steve Springrose said, "Biotel continued its growth in Holter, arrhythmia, and research services over the second quarter. Sound and growing business relationships with Braemar OEM's and revenue increases in event recorders lifted the quarter."
Mr. Springrose continued, "Biotel has made a significant commitment to product development and diversification to expand our markets. A new Holter recorder and a new event recorder are expected to launch by the end of the fiscal year. While research and development expenses peaked in the first quarter in connection with new product activity, Biotel committed fully 12% of revenues to new product development in the second quarter. Biotel is expanding its range of arrhythmia monitoring products and services to capitalize on developing business opportunities. Additional to these R&D expenditures, Biotel has been making an after-tax investment of approximately $60,000 per quarter into the Agility clinical research business unit. Agility continues to contract clinical research studies, particularly where clinical sponsors are using Agility ECG services to evaluate devices and procedures used in the treatment of atrial fibrillation. We believe Agility has a good position in performing clinical research in this market sector, and look forward to Agility profitability in the months ahead."
Biotel provides completed medical devices and clinical research services to medical companies seeking to partner their research, development and manufacturing capabilities. Biotel subsidiaries design, accomplish regulatory approval, manufacture, and test medical devices such as: 24- and 48-hour Holter recorders, 30-day ECG event recorders, tissue extraction components, flow control devices; and provide 24/7 clinical ECG research services and internet technologies; and develop, service, and test other custom medical devices.
3 months ended 3 months ended %
December 31, 2006 December 31, 2005 Change
Revenues $2,705 ,000 $2,493 ,000 + 8.5%
Net Income 122,000 122,000 + 18.0%
Earnings Per Share,
Basic $0.05 $0.05
Earnings Per Share,
Diluted $0.05 $0.04
6 months ended 6 months ended %
December 31, 2006 December 31, 2005 Change
Revenues $5,129,000 $5,020,000 + 2.2%
Net Income $109,000 $296,000 - 63.2%
Earnings Per Share,
Basic $0.04 $0.11
Earnings Per Share,
Diluted $0.04 $0.11
