QUOTE AND NEWS
Clusterstock  Jun 12  Comment 
The U.S. Census' business inventories report for showed inventories grew 0.6%.  Economists were expecting the report to show inventories grew 0.4% over the prior month.  Following the report Cooper Howes at Barclays said U.S. GDP is now...
Clusterstock  Jun 6  Comment 
The May jobs report showed the U.S. companies added 217,000 nonfarm payrolls for month. The unemployment rate is unchanged 6.3%. The headline numbers from this report didn't have any curveballs, as it was essentially right in line with...
Clusterstock  Jun 3  Comment 
Factory orders climbed 0.7% in April. Expectations were for a gain of 0.5%, down from a revised 1.5% prior. Ex-transportation, orders climbed 0.5%.  Core capex declined 1.2%. Automobile orders are down more than 14% YTD. Full...
SeekingAlpha  May 7  Comment 
BioTelemetry Inc (BEAT) Q1 2014 Results Conference Call May 05, 2014 / 5:00 P.M. E.T. Executives Joseph Capper – President & CEO Heather Getz – CFO Analysts Bruce Jackson – Lake Street Capital Markets Jan Wald –...
Clusterstock  Apr 30  Comment 
Chicago business conditions, as measured by the Institute for Supply Management's purchasing manager's index, came in at 63. Expectations were for 57, from 55.9. New orders and production expanded to their highest levels since...
Clusterstock  Apr 30  Comment 
ADP said payrolls surged 220,000.  Expectations were for a reading of 210,000. Last month was revised to 209,000 from 191,000. Here's the breakdown: Goods-producing 24,000 Service-providing 197,000  Construction...
Clusterstock  Apr 14  Comment 
Retail sales jumped by 1.1% in March, beating expectations for a 0.9% gain. Excluding autos and gas, sale increased by 1.0%, which was much better than the 0.4% expected. All of this is "partly due to households making up for lost time after...
Clusterstock  Mar 13  Comment 
February U.S. retail sales data are out. Total sales rose 0.3% from the previous month in February, above expectations for a 0.2% advance. January retail sales growth was revised down to -0.6% from -0.4%. Excluding autos, sales were up 0.3%,...
Clusterstock  Mar 7  Comment 
The February jobs report is out. The U.S. Bureau of Labor Statistics says 175,000 workers were added to nonfarm payrolls in February, well above Wall Street's consensus estimate of 149,000. 162,000 of those hires were to private payrolls,...
TheStreet.com  Feb 27  Comment 
NEW YORK (TheStreet) -- BioTelemetry  was rising 14.52% to $11.28 on Thursday after the company reported fourth-quarter results that surpassed analysts' expectations. BioTelemetry, which provides products and services to healthcare...




 
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CardioNet (NASDAQ:BEAT) is currently trading about 50% below its 50-day moving average at $6.27/share on 7/27/09 with value parameters that include a price/book ratio (PBR) of 0.95X, price/sales ratio (PSR) of 1.1X, and a trailing price/earnings (P/E) ratio of 19.5X with a market cap of about $150 million that includes over $50 million in cash and negligible debt. In mid-July, shares of BEAT tanked after the Company withdrew its 2009 financial outlook following a major cut in the reimbursement rate by Pennsylvania Medicare carrier Highmark for the Company's mobile cardiac outpatient telemetry (MCOT) services. As of 9/1/09, Highmark's reimbursement rate for MCOT services will decrease to $754, compared to the previous rate of $1,123 per service.

CardioNet's MCOT is an ambulatory cardiac monitoring service that analyzes patients' heartbeats on a real-time basis and includes automatic arrhythmia detection and wireless ECG transmission. The technology benefits both patients and physicians by providing 24/7 monitoring throughout the year on a remote basis to aid in the correct diagnosis and treatment of arrhythmias that may otherwise not be detected through Holter monitors or other instruments.

Predictably, BEAT received a wave of downgrades from analysts given the uncertainties surrounding the Company's profitability and the prospect of reimbursement cuts from other third-party payers. Despite these uncertainties, BEAT trades at an enterprise value of about 100 million and a significant discount to other companies in the Health IT industry in terms of PBR and PSR with many of the companies trading at ratios above 3X for these parameters.

My Global Health IT Index tracks the performance of 65 companies which derive the majority of their revenue from the following activities: (1) the electronic transmission, storage, and processing of prescriptions (e-prescribing); (2) electronic storage and systems for healthcare facility operations and medical records; and (3) electronic systems, devices, and services for remote, real-time monitoring of patient health parameters (telemedicine).

Despite uncertainties over the prospects for major healthcare reform, increased spending on Health IT is widely recognized as an important feature to modernize medical records, measure healthcare outcomes, and improve/extend the reach of modern healthcare technology through remote patient monitoring and other related technologies.

The Health IT index has easily outpaced the overall market on a year-to-date basis (YTD), including some top YTD stock price gainers from the index such as Allscripts-Misys (NASDAQ:MDRX) (+61%) (PBR = 3.4, PSR = 4.3), Eclipsys (NASDAQ:ECLP) (+27%) (PBR = 2.5, PSR = 1.9), Cerner (NASDAQ:CERN) (+68%) (PBR = 3.9, PSR = 3.2), Computer Programs & Systems (NASDAQ:CPSI) (+38%) (PBR = 9.5, PSR = 3.3), Quality Systems (NASDAQ:QSII) (+27%) (PBR = 10, PSR = 6.4), and Merge Healthcare (NASDAQ:MRGE) (+191%) (PBR = 17, PSR = 3.6).

Despite the uncertainties surrounding the reimbursement cuts for the Company's MCOT service and its murky financial outlook for 2009, I own shares of BEAT due to its strong balance sheet, extremely oversold stock price, the long-term potential for either a return to earnings growth or an acquisition by a larger player in the Health IT industry, and overall favorable market conditions for the healthcare sector as large-scale reform is unlikely to occur with the trend of consolidation expected to continue.

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