CardioNet, Inc. (NASDAQ:BEAT), a wireless medical technology company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, has announced that the Centers for Medicare and Medicaid Services has established a national rate in The Medicare Program Final Rule for the technical component of mobile cardiovascular telemetry.
Based on the information currently available, the Company expects a price of approximately $800 for geographical area to become effective on January 1, 2011, which will replace the carrier price of $754 previously implemented by Highmark Medicare Services.
Revenues for the third quarter 2010 were $27.5 million, a decrease of 17.6% compared to $33.3 million in the third quarter 2009. The decrease in revenues was driven by the impact of the 2009 Medicare rate reduction, as well as lower commercial reimbursement rates in 2010.
Gross profit for the third quarter 2010 decreased to $15.5 million, or 56.6% of revenues, compared to $21.5 million, or 64.5% of revenues, in the third quarter 2009. Third quarter 2010 gross profit margin was impacted by the 2009 Medicare and 2010 commercial rate reductions, as well as flat MCOTTM patient volume growth.
CardioNet, Inc. (BEAT), a leading wireless medical technology company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, today reported results for the third quarter ended September 30, 2010.
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Disclosure: "No Positions"