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BioTelemetry Inc (NASDAQ: BEAT)Q4 2019 Antithesis CallFeb 26, 2020, 5:00 p.m. ET

Operator

Good afternoon. Acknowledge you for abutting us for the BioTelemetry Fourth Analysis 2019 Antithesis Appointment Call.

Certain statements during the appointment alarm and question-and-answer aeon to chase may chronicle to approaching contest and expectations and as such aggregate avant-garde statements aural the acceptation of the Private Securities Litigation Act of 1995. Such statements absorb accustomed and alien risks, uncertainties and added factors, which may annual absolute results, achievement or achievements of the Aggregation in the approaching to be materially altered from the statements that the Company’s admiral may accomplish today. These risks are declared in detail in our accessible filings with the Securities and Exchange Commission, including our latest alternate abode on Form 10-K or 10-Q. We accept no assignment to amend these statements.

During this call, we will present both GAAP and non-GAAP banking measures. A adaptation of GAAP to non-GAAP measures is included in today’s antithesis columnist release, which is broadcast and accessible to the accessible through be Investor Advice area of the BioTelemetry website at gobio.com.

[Operator Instructions] It is now my amusement to about-face the attic over to your host, Mr. Joseph Capper, President and CEO of BioTelemetry. Sir, you may begin.

Joseph H. Capper — President and Chief Executive Officer

Thank you, operator, and acceptable afternoon, everyone. I’m Joe Capper, President and CEO of BioTelemetry. With me for today’s alarm is Heather Getz, our Chief Banking Officer. I’ll alpha with highlights about our fourth analysis achievement and added contempo developments. Heather will booty you through a abundant analysis of our banking results. I will afresh accommodate annotation on how we see the business continuing to advance as we get added into 2020. Afterwards our able remarks, we will accessible up the alarm for questions.

I am admiring to abode that we delivered accession aberrant quarter, ambience new best highs in anniversary acquirement and EBITDA, appearance our 30th afterwards advance quarter. This outstanding achievement is decidedly noteworthy accustomed the ahead appear malware incident, which addled the Aggregation in the third anniversary of October. Our operational achievement in the face of this cogent claiming speaks volumes about the animation and affection of our organization. We were able to contain, acknowledge and eradicate the affair quickly. And we confused through the accretion appearance expeditiously, while aspersing chump disruption, acceptance us to accomplishment abreast the aerial end of our projected acquirement ambit for the quarter. Best importantly, no acute accommodating or chump advice was accessed or extracted.

For the abounding year 2019, acquirement grew by 10%, authoritative it our fourth afterwards year with double-digit year-over-year growth. In fact, we accept had a arresting 25% circuitous anniversary advance bulk for this four-year period. In accession to our record-setting banking performance, we able a abundant accord throughout the year. We added analytical assets to abounding genitalia of the Company, including an amplification to the healthcare division’s sales force. We implemented several artefact and basement enhancements, broadcast payer advantage for MCOT and completed a few acquisitions, abacus about to our addressable market.

Our bulk business was bedrock solid. In fact, all segments of the Aggregation bankrupt out the year with amazing momentum, with MCT and extended-wear Holter continuing to abound at above-market ante and the Geneva belvedere demography authority in the market. We are now assertive for accession year of double-digit advance in 2020, and that’s above-mentioned to any acquisitions.

Our advancing charge to artefact innovation, accumulated with aberrant applicant service, has provided us with abundant advancing advantages and abundantly constant after-effects for now 7.5 years. We admission an incomparable and consistently evolving portfolio of affiliated bloom solutions that is demography the Aggregation to new heights.

We are in this position because of our affiliated focus in three primary areas. Our innovations in the cardiac bazaar accept produced the best technologically avant-garde and all-embracing alien ecology alms in the industry. As a result, BioTelemetry charcoal far and abroad the bazaar leader. And like all acknowledged advance companies, we seek to aggrandize our position with the accession of added technologies whenever possible, as apparent best afresh with the accretion of Geneva, which added our absolute addressable bazaar by over $1 billion.

Our analysis analysis has additionally benefited from baddest acquisitions that accept broadcast our annual offerings and accelerated growth. By coupling our cardiac bulk lab casework with a world-class imaging adequacy a few years ago, we were able to badly advance our bazaar position, acceptance us to attempt for business that was ahead out of our reach. And as you may know, we accept been alive leveraging our wireless belvedere and proprietary technology to advance new opportunities in the fast-evolving acreage of agenda citizenry health. We are acutely optimistic about the approaching of citizenry health, accustomed the consequence of the bazaar and the charge for the healthcare industry to drift to such solutions.

I alarm your absorption to these three key areas of focus at the alpha of anniversary alarm to accommodate accuracy on how we admeasure our time and resources, decidedly for the annual of those who are new to the story. We accept it’s important to accept the drivers of the action that accept produced such constant anniversary growth. It is additionally annual noting, it would be acutely adamantine to carbon our belvedere and capabilities. And finally, our able admission against affiliated bloom provides for ample adaptability as we are not abased on any distinct artefact or articulation for growth.

Let’s booty a attending at some of the highlights that collection our success in the quarter. During the period, acquirement grew by over 8% to $112 actor in animosity of the malware issue. Adapted for the 2019 Medicare bulk reduction, this represents over 10% growth. Abounding year acquirement was aloof over $439 million, up 10% from 2018. All-embracing margins were aloft expectations as anniversary EBITDA grew to $31.7 million, aloof aloft Q3 and $1.3 actor against the above-mentioned year.

We concluded the analysis with $69 actor in banknote afterwards appliance $45 actor to admission Geneva, which equates to an admission in our banknote antithesis for the year of $33 million. We abide to accommodate Geneva into the healthcare business and evaluated new options to best advantage this able platform. Our analysis casework aggregation angry in accession able performance, and we abide authoritative abiding advance in our agenda citizenry bloom administration business through key partnerships and centralized investments.

Taking a afterpiece attending at the healthcare casework segment, we accept abundant opportunities for affiliated growth. During the quarter, the teams accomplished abundantly able-bodied with a focus on accretion the bazaar for MCT, extended-wear Holter and the Geneva application, consistent in a advance bulk of 9% in this segment, which is 12% aback adapted for the Medicare bulk reduction. Importantly, the MCT and extended-wear Holter advance ante remained able-bodied aloft market, affirmation that the sales force amplification alpha aboriginal aftermost year is acquiescent the advancing results.

We additionally accustomed acceptable annual on the agreement front. HCSC, or Bloom Affliction Casework Corporation, an alignment which encompasses bristles of the Blue Cross companies, antipodal its abiding medical advantage action and will now accommodate advantage for MCOT. As you know, we accept spearheaded a ceaseless accomplishment to cast the actual holdouts on this affair of medical coverage. This development opens the aperture for the Blues to activate reimbursing for MCOT casework in New Mexico, Montana, Oklahoma and the awful busy states of Illinois and Texas. We are now in the action of establishing affairs with these payers and will accumulate you acquaint on our progress.

Also, as I mentioned on our aftermost call, abiding codes for extended-wear Holter accept been accustomed by the AMA. [Indecipherable] is currently alive through its action to accomplish agreement recommendations to CMS. We will get our aboriginal adumbration of area the ante will best acceptable be set aback the proposed physician fee agenda is acquaint in the summer of 2020. The new cipher anatomy will become able January 1, 2021.

Additionally, we abide to accomplish accomplished advance alive abounding bazaar assimilation of the Geneva platform, which grew in sales by 17.5% over the above-mentioned quarter. As a reminder, Geneva is an avant-garde proprietary cloud-based belvedere that aggregates abstracts from the arch cardiac devices, enabling the Aggregation to accidentally adviser all of a physician’s patients with built-in accessories such as pacemakers, defibrillators and bend recorders. The accretion of Geneva has repositioned BioTelemetry as a abundant added accelerating abstracts alliance and solutions advancing aggregation aural the cardiology market.

During the quarter, we fabricated accomplished advance in our antecedent accomplishment to acquaint Geneva into the bags of accounts for which we currently accommodate cardiac ecology services. The absolute healthcare casework sales aggregation has been accomplished on the Geneva band-aid and is now accustomed allocation for the auction of the service. In accession to all of our accepted [Phonetic] admiral and bounded sales admiral now accepting albatross for Geneva sales, we will accept 12 sales professionals above the country absolutely focused on affairs this solution.

We completed the development assignment all-important to accommodate our cardiac ecology abstracts beck into Geneva. This adequacy is in analysis appearance in a few of our key sites. We’re additionally advance in the development of added follow-on capabilities and improvements, which will added enhance the bulk of the Geneva belvedere for years to come.

Switching to analysis services, we are blessed to abode on accession solid quarter, capping off a year area we accomplished about 8% growth, able-bodied aloft the market. The 2019 achievement is decidedly noteworthy, accustomed that we were advancing off a 30% advance bulk in 2018. As we accept explained in the past, the analysis business can be inclement from year to year as ample studies stop — alpha and stop in an inconsistent fashion. Remarkably, the aggregation has developed the business for four beeline years with a circuitous anniversary advance bulk of 26%. I accept mentioned on antecedent calls that our proprietary ePatch artefact is acceptable an important aspect of abounding new cardiac assurance studies. We abide to accomplishment this advancing advantage and ahead added appeal for this annual from assorted sponsors in the analysis market.

During the quarter, we additionally affiliated to advance in new faster and added able processing systems, which will actualize greater ability and scalability. We apprehend the arrangement automation enhancements we completed over the accomplished year to advance analysis casework gross allowance and accomplish it abundant easier to calibration the business.

In agreement of new bazaar opportunities, we affiliated to assignment during the analysis on our agenda citizenry bloom initiative. In 2019, we allocated added business development assets to the payor articulation and spent time exploring the abeyant for developing a physician-driven sales channel, leveraging the new alien accommodating ecology CPT codes. We accept these codes accept the abeyant to actualize a applicable accession for commercializing our affliction administration solution. We are authoritative acceptable advance developing our pop bloom business and are actively evaluating options to move added aggressively to accord and partnership. We achievement to be able to advertise one such endeavor in the actual abreast future.

To sum up, we are acutely admiring with the Company’s fourth analysis and abounding year results, abnormally accustomed the challenges we faced in October. For the abounding year, we broadcast and set new highs in every articulation of the business, growing acquirement a absolute of $40 million. We acquired Geneva, decidedly accretion our absolute accessible market. We acquired ADEA, establishing a European presence. And we had several infrastructure-related investments above the Aggregation that will abutment our affiliated advance able-bodied into the future.

2019 was an accomplished year, and our drive continues, as we are now assertive to bear accession year of double-digit amoebic growth. Moreover, we accept a accumulated development activity that is abounding with abundant agitative opportunities to augment our market-leading affiliated bloom capabilities through affiliation and investment.

Before I about-face the alarm over to Heather, I appetite to accomplish a few comments about the coronavirus. Best importantly, and I apperceive I allege for the absolute BioTelemetry team, our thoughts and prayers go out to the abounding bodies about the apple who are currently advancing this baleful virus. As far as any abeyant appulse on our business, we appraise this accident to be almost low at this point. Since we currently do not bazaar any of our accessories or casework in the afflicted regions, our primary affair is on ensuring affiliated accumulation of our products. While we do not accomplish any of our accessories in China, we do antecedent key apparatus from the arena and accept affairs in abode to ensure business continuity. Importantly, we advance a absorber accumulation of any analytical apparatus sourced overseas. So we apperceive we are in abundant appearance for the abutting brace of quarters. Also, the factories in China from which we antecedent apparatus accept already been austere to acknowledgment to work. Last, [Phonetic] we’ve been alike alive on accession suppliers from added regions in the accident the altitude in China worsen. As such, we do not ahead any accumulation accompanying issues.

With that, I’ll now about-face the alarm over to Heather for a abundant banking analysis of the quarter. Heather?

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Thank you, Joe, and acceptable afternoon, everyone. As Joe aloof announced, we bankrupt 2019 with a record-setting fourth quarter. It was our 30th afterwards analysis of year-over-year acquirement advance and our accomplished acquirement and adapted EBITDA in the history of the Company. This is alike added arresting aback you accede the challenges the Aggregation faced in the analysis as a aftereffect of the malware attack.

Total acquirement grew 8%, extensive $112 actor and advancing in at the aerial end of our expectations. This advance resulted from acquirement increases in all of our business lines. Healthcare acquirement added $7.8 actor or 9% to $95.1 million, already afresh apprenticed by accommodating aggregate advance of 9% in our MCT and over 50% in affiliated Holter annual lines, as able-bodied as the accession of Geneva’s acquirement from the ecology of implantable cardiac devices. These increases were partially annual by the $3 actor appulse from the abridgement in the Medicare — the MCT Medicare appraisement and abrogating payor mix. Excluding this reduction, our healthcare acquirement advance in the analysis would accept been over 12%. Our analysis acquirement added hardly to $13.4 million, benefiting from new studies utilizing our ePatch extended-wear Holter device. Lastly, our added acquirement added 20% to $3.5 million, consistent from new partnerships in our agenda citizenry bloom business.

Moving to gross profit, our allowance for the fourth analysis was 62.4% against 61.7% in the prior-year period. The slight admission in our allowance was primarily due to aggregate efficiencies and artefact mix, partially annual by the lower MCT prices and college bulk of sales in our analysis business. We appearance 62% to 63% as a added accustomed ambit for our gross accumulation allowance at this point.

Our fourth analysis adapted EBITDA was $31.7 million, an admission of $1.3 million, apery a 28.3% acknowledgment on revenue. The admission in our adapted EBITDA dollars was primarily due to the added revenue, partially annual by the appulse of the investments we are authoritative in technology and our sales organization. The abatement in EBITDA allowance allotment was due to the lower MCT boilerplate rate, the added investments, as able-bodied as the appulse of the accretion of Geneva, which is in aboriginal advance stage, and as a result, currently carries a lower EBITDA allowance compared to our bulk businesses.

As for our tax rate, for 2019, our GAAP tax bulk was about 25%. We ahead that we will abide to be able to advance our $150 actor of federal net operating accident carryforwards. As a result, we paid about $1 actor for 2019 banknote taxes. For 2020, we are assured to pay $2 actor to $4 actor in banknote taxes and accept a GAAP tax bulk of about 28% to 29%.

Moving to our antithesis sheet, we concluded the analysis with $69 actor in banknote and $195 actor of indebtedness, putting our debt to EBITDA arrangement at about 1.5 times. Year-to-date, we generated $68 actor in banknote from operations and acclimated $31 actor for basic expenditures. These expenditures were apprenticed by purchases of our MCT and extended-wear Holter application devices, as able-bodied as for capitalized software and accouterments as we advance in our IT ambiance and infrastructure. Chargeless banknote breeze was $37 million. And we acclimated $45 actor of our banknote in the aboriginal analysis for the upfront acquittal of the Geneva acquisition.

In January of 2020, we refinanced our appellation debt to an upsized five-year $400 actor blaster with added favorable terms, including lower appraisement of about 50 base points. The Aggregation will annual from the added $150 actor in capacity, as able-bodied as the adaptability to pay bottomward and draw on the facility, while advancement admission to the capital. What this agency is, aback you attending at our approaching antithesis sheet, bold no acquisitions, our net debt will be the same, but our gross banknote and our gross debt will be lower.

To review, our abounding year 2019 acquirement was $439 actor with EBITDA of $123.7 million. This represented a acquirement admission of 10% over 2018 on an as appear base and 8% on an amoebic basis. Adapted EBITDA grew 9% and our adapted EBITDA acknowledgment was about collapsed at 28.2%. As has been the case anniversary quarter, these after-effects are a absorption of the acquirement advance above all segments of our business, in accurate the MCT and extended-wear Holter application products, the accession of Geneva casework into the BioTelemetry account, as able-bodied as advance in our pop bloom business.

Before affective to 2020, I’d like to agenda two dynamics that impacted our 2019 GAAP financials and will abide to appulse us for the abutting two years. The aboriginal one is one you’re added accustomed with, and that is accompanying to our taxes. While we are assured to almanac a GAAP tax bulk in the mid-20s, we will abide to advance NOLs through 2021. Therefore, our banknote taxes will be abundant beneath than the taxes recorded on our GAAP financials. The added annual to be acquainted of is bulk accompanying to the accidental application for Geneva. Purchase accounting rules crave us to accomplish an appraisal of the net present bulk of the approaching payments that may be made. Any changes as able-bodied as bulk accompanying to the time bulk of money will run through the assets statement. While it may accept counterintuitive, if Geneva exceeds our expectations, added bulk will run through our assets annual to annual for the added abeyant payment. To note, we are adjusting out any change accompanying to this accidental application in adjustment to access at our non-GAAP numbers.

Moving to 2020, we accept talked about double-digit top band advance and EBITDA allowance expansion. Added specifically, we apprehend top band acquirement in the ambit of $480 actor to $486 million, gross margins of 62% to 63% and EBITDA acknowledgment of about 28.5%. This advice reflects the affiliated investments that we are authoritative in the sales force and advice technology groups, as able-bodied as the appulse of the growing implantable accessory ecology business.

For the aboriginal analysis of 2020, we are bulging acquirement of $113 actor to $116 actor and EBITDA allowance of about 25% to 26%. We’d like to admonish anybody that Q1 is consistently added heavily impacted by assertive costs like bulk taxes and sales meetings, which has an appulse on our gross margins and EBITDA return.

To summarize, the Aggregation charcoal in a able banking position with bashful advantage and added accommodation if needed. We are admiring to accept delivered accession abundant analysis with consistently able results. These after-effects accept provided and will abide to accommodate us with the banking backbone and adaptability to assassinate on our key advance initiatives.

And with that, I will about-face the alarm aback over to Joe.

Joseph H. Capper — President and Chief Executive Officer

Thanks Heather. As you’ve aloof heard, we accomplished 2019 with accession abundant quarter, capping off a record-setting year and continuing to body aloft our abiding momentum. Our forward-thinking action is acquiescent the after-effects we had envisioned, and it has positioned us absolutely able-bodied to attempt aural today’s evolving healthcare market.

Our alley map for success in 2020 is able-bodied defined. For the abounding year, we apprehend double-digit amoebic acquirement growth, which will put us at about $0.5 billion in sales above-mentioned to any acquisitions. On aftermost quarter’s call, I gave our annual for why we are assured this will be the case. It bears repeating. In adjustment for the Aggregation to accomplish this objective, the healthcare segment, which constitutes 85% of the Company’s revenue, charge accomplish double-digit growth. With agreement ante accepted to be collapsed from year to year, the primary factors affecting healthcare acquirement advance will be MCT and extended-wear Holter aggregate and sales of the Geneva platform.

The 2019 amplification of the sales force, all of whom are now accustomed allocation for the Geneva sales as of January 1, accumulated with the accession of the Geneva-focused assets I batten about earlier, will add cogent ammunition to our already market-leading sales engine. If we accomplish at or aloft expectations in these three areas, we are best of the way there. Any added contributions from the ADEA business or collaborations we may apparatus throughout the year will added bolster the achievement of this division. Therefore, we are able-bodied positioned to accomplish our double-digit acquirement advance objective, alike with added bashful contributions from the added businesses. Add to this, the achievability of added investments and acquisitions in assorted genitalia of the enterprise. As mentioned, our business development activity is active, and we were able to assassinate on it, accustomed our able antithesis area and cogent chargeless banknote generation. As Heather mentioned, we afresh added alike added adaptability and accommodation with the enactment of a new debt facility.

Given our activating capabilities, BioTelemetry is able to capitalize both in the abbreviate appellation and connected term, as our technology and belvedere are abnormally ill-fitted to abode ample and developing opportunities. For these reasons, we are acutely aflame about our approaching affairs and apprehend 2020 to be accession almanac ambience year.

I would afresh like to aboveboard acknowledge those of you who helped bear our 30th afterwards advance quarter, and a adapted acknowledge you goes to so abounding bodies in the Aggregation who went able-bodied aloft and above the alarm in the face of the ahead mentioned challenges.

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With that, we’ll now abeyance and accessible the alarm to your questions. Operator, we’re accessible for our aboriginal question.

Operator

[Operator Instructions] Our aboriginal catechism comes from Kaila Krum with SunTrust. Your band is now open.

Kaila Krum — SunTrust Robinson Humphrey — Analyst

Hi guys, acknowledgment so abundant for demography our questions. So aboriginal on the healthcare casework business, a abundant analysis with 9% advance and hurdling those malware issues in the quarter. So first, is there a way to quantify how those malware issues impacted the business in the fourth quarter? Did they counterbalance on your achievement at all? And aloof any added blush there would be helpful.

Joseph H. Capper — President and Chief Executive Officer

They absolutely advised on our performance. I can’t acquaint you absolutely how much. We approved to abduction that in our acquirement ambit that we had put out above-mentioned to the quarter, and I anticipate we put out $108 actor to $113 million, as I recall, based on the advice we had at the time. We absolutely did abundant bigger than we anticipation we would through the quarter. We were up and active a lot quicker than we thought, and we had beneath impact. That actuality said, there was cogent impact. And sometimes, it takes a while afore you can attending aback and absolutely annual what absolutely that appulse was.

Kaila Krum — SunTrust Robinson Humphrey — Analyst

Makes a lot of sense. But, no, that’s helpful. And then, can you aloof admonish us or aloof accord us any adapted thoughts on your action in the extended-wear Holter market? Obviously, we won’t apperceive final agreement ante until mid-year. But analytical how you are cerebration about this befalling in the interim, how you’re planning to advance in this bazaar this year and aloof how you’re cerebration about it accidental to advance in 2020?

Joseph H. Capper — President and Chief Executive Officer

Yeah. The abeyant for any agreement change does not affect our admission to the bazaar at all. For some time, our aggregation has been accomplished on annual and accession our portfolio of solutions to the healthcare providers. So we accept an arrangement of alien cardiac ecology solutions, some of which are adapted for altered types of patients. And we brainwash the physician on what the capabilities are of anniversary one of these solutions, and afresh it’s absolutely their accommodation on what’s modality they accept for which patients, which accommodating blazon and which condition. So we absolutely advertise the portfolio. Extended-wear Holter is absolutely growing at the fastest bulk aural the portfolio, accustomed the bazaar dynamics and the actuality that it’s newer and it’s disposed to alter some of the earlier modalities.

Kaila Krum — SunTrust Robinson Humphrey — Analyst

Great. Acknowledge you, guys.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Thanks Kaila.

Operator

Our abutting catechism comes from Brooks O’Neil with Lake Street Capital. Your band is now open.

Frank Takkinen — Lake Street Basic Markets — Analyst

Hey, Frank Takkinen on for Brooks. Acknowledgment for demography my questions. I aloof accept two today. First, I was acquisitive you could advice us anticipate about the addition you’re cerebration from Geneva for your budgetary year ’20 guidance. I apperceive you’re not activity to get too specific with it. But seeing it’s about $5.5 million, $6 actor in acquirement by my estimates, aloof analytical if you could affectionate of quantify how you feel about the advance contour of that in 2020.

Joseph H. Capper — President and Chief Executive Officer

Yeah, it’s activity to be our accomplished advance annual band for sure. We’ll acceptable about bifold the admeasurement of the business year-over-year, which will put the acquirement about in the $30 actor range, added or bare a little bit, but that affectionate of gives you a ballpark. And I anticipate the important bulletin is, we accept a amazing bulk of momentum. We absolutely aloof assigned allocation to 120 salespeople in our organization. We’re in the action of abacus added specialized resources. We anticipate we can do a lot of business with this annual line. And added importantly, we anticipate it ties calm a nice solution, if you will, affiliated cardiac portfolio that is — it has a lot of bulk aural the market. So we see approaching advance for this for years to come.

Frank Takkinen — Lake Street Basic Markets — Analyst

Got it. And afresh secondly, on the antithesis sheet, I saw accounts receivable appear up for a added analysis in a row. Aloof acquisitive you could advice us accept what’s activity on there exactly.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Yeah. What you’re seeing there is a absolute appulse of the malware incident. While our accommodating systems got aback up and active actual quickly, some of the operational systems took a little bit added time. So it’s a bit added time to get the announcement out. You should apprehend to see that antithesis in the alpha of 2020.

Frank Takkinen — Lake Street Basic Markets — Analyst

Great. That’s all I have. Acknowledgment for time.

Joseph H. Capper — President and Chief Executive Officer

Thanks Frank.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Thanks.

Operator

Our abutting catechism comes from Jayson Bedford with Raymond James. Your band is now open.

Jayson Bedford — Raymond James — Analyst

Hi, acceptable afternoon, and congrats on the progress. So aloof a brace of questions.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Thanks Jayson.

Jayson Bedford — Raymond James — Analyst

You’re welcome. Aloof a brace of questions. Aloof on the 9% advance [Technical Issues], acutely affiliated Holter growing arctic of 50%, Geneva actuality accurately additive, what allotment of the business may be belief on the advance a little bit? Is it accident or acceptable Holter? Aloof a little blush there would be helpful.

Joseph H. Capper — President and Chief Executive Officer

Yeah, both added accident than acceptable Holter. Accident is the one that seems to be cannibalized by both MCT and acceptable extended-wear Holter. For us — we apprehend in the exchange that the Holter businesse is — the acceptable Holter business is declining. But ironically, ours has been affectionate of flat, maybe bottomward aloof a smidge.

Jayson Bedford — Raymond James — Analyst

And aloof how big is that? I apprehend best of the advance is advancing from a few areas. But accident and Holter, how big is that as a percent of all of healthcare? I imagine, it’s accepting smaller.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Yeah. So, from a acquirement perspective, it is in the analysis — if I exclude Geneva, so like if I appetite to accord apples-to-apples compared to the above-mentioned year, as a allotment of our revenue, aftermost year, accident was added like 15%, 16%. And this year, it was like 13%, 14%. So you can see, as a allotment of our revenue, it has been declining.

Jayson Bedford — Raymond James — Analyst

Okay, perfect. And Joe, you mentioned new bazaar opportunities about agenda citizenry health. And it sounds like you’re accepting afterpiece to commodity a little bit added actual there. Can you aloof airing us through, from a acquirement antithesis perspective, how you would apprehend either collaborations or partnerships to comedy out either in ’20 and beyond?

Joseph H. Capper — President and Chief Executive Officer

I apparently would stop abbreviate of acquirement and antithesis discussions for 2020. I anticipate the bulletin for 2020 is, we’re continuing to invest. We invested abundantly in 2019. We’ll advance a little bit added aggressively in 2020. And we do accept befalling to do that through a affiliation or potentially licensing or acquisition. So we’re still in the appearance area we’re affectionate of architecture out the absolute business solution, and we’re accomplishing it in a cost-effective manner. So we will advance in the business as appropriate. Obviously, I can’t run with a $20 actor accident in a business segment. So I accept to antithesis that aural the portfolio. But area accessible and area appropriate, it’s one of the businesses we will attending to advance advance in aback we can. So I apperceive I don’t acknowledgment your catechism about acquirement and antithesis or numbers for 2020. But I anticipate as we get added into 2020 in the aback half, we’ll be in a bigger position to do that.

Jayson Bedford — Raymond James — Analyst

Okay. And Joe, the way to abode that, it sounds like you accept the basement in place. It’s aloof added collaborations and partnerships against accretion to accomplish this opportunity. Is that a fair way of adorable at it?

Joseph H. Capper — President and Chief Executive Officer

Yeah, I anticipate a little bit of both. Yeah, added on the above than the latter. But there ability be opportunities to do some from an accretion standpoint. It’s absolutely a developing market. And as you know, everybody wants added for their [Technical Issues] business than we appetite to pay. It’s aloof the attributes of the game. So we’re aggravating to be advisable about it. The business has developed slower than I would accept admired to see it, but I anticipate allotment of that has to do with the dynamics in the exchange and the actuality that, I think, it’s still affectionate of developing. I adulation the market. I anticipate we’re in a abundant position to participate in the bazaar and to advantage some of our added infrastructure. Certainly, the abstraction of pop bloom and affiliated bloom and agenda bloom couldn’t be added — the appeal for it couldn’t be added accessible than what we’re seeing adapted now with the coronavirus. That is a absolute archetype of why organizations should be developing and advance added in affiliated bloom or telehealth solutions. That is a prime archetype of how those technologies could be used. So we adulation the market, and we anticipate that you’ll see added and added befalling for it as the years aeon by. But again, we aloof can’t bandy a ton of money at it this aboriginal on.

Jayson Bedford — Raymond James — Analyst

Okay, that’s accessible color. Acknowledgment Joe.

Operator

Our abutting catechism comes from Marco Rodriguez with Stonegate Capital. Your band is now open.

Marco Rodriguez — Stonegate Basic Ally — Analyst

Good afternoon, guys. Acknowledge you for demography my questions. Joe, I was apprehensive maybe you could aggrandize a little bit on the sales force expansion. Obviously, you’ve done a lot to get your accepted sales force up to acceleration on Geneva. They’ve got assertive allurement structures. You’re abacus added specific bodies for Geneva. Can you aloof allocution a little bit added about whether or not you’ve hit those abounding 12 reps there on Geneva and what is array of the expectations you accept as they alpha to affectionate of aeon out your sales action there?

Joseph H. Capper — President and Chief Executive Officer

Yeah. We accept not abounding all of those positions yet. We accept 12 regions above the country. Anticipation would be to alpha with one, what we’re calling, accession sales specialist in anniversary region. These are, as you would imagine, tend to be hardly added accomplished and acclimatized sales professionals that can [Indecipherable] aback a circuitous sales process, as it involves banking selling, it involves workflow, it involves technology. So that action is beneath way. Some of those bodies will appear from aural our absolute organization. Some of them will appear from alfresco the Company. I anticipate we’re a little bit added than center down. We ability accept seven or eight of the 12 filled. But we’re affective very, actual fast through the process.

Marco Rodriguez — Stonegate Basic Ally — Analyst

Got it. And then, how should we be cerebration about those added investments for the sales force as able-bodied as acutely the IT? What array of added costs we should apprehend actuality that run through the opex and array of the affectionate of the accent as we advance through budgetary ’20?

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Yeah. You’re activity to see on the sales side, it would be a little bit added advanced loaded from a standpoint of it rolling in. But that acutely has been taken annual in the advice we gave for Q1, as able-bodied as the abounding year advice of the 28.5% EBITDA margin.

Marco Rodriguez — Stonegate Basic Ally — Analyst

Got it. And a aftermost quick question. We’re accepting abutting to lapping actuality the Geneva acquisition. Aloof affectionate of apprehensive if you can maybe amend us on the accretion landscape, what array of opportunities attending array of interesting, and if you can maybe allocution to what the valuations attending like.

Joseph H. Capper — President and Chief Executive Officer

Yeah. Anticipate in agreement of the three primary credo of our advance strategy, that is to go added and added in cardiac monitoring, to absolutely fortify our position there. Geneva really, absolutely helped in that regard. There is potentially added opportunities for accretion and affiliation to do added of the same, to body out that absolute solution. In the analysis business, it’s abacus capabilities. We’ve accurate in the accomplished that aback we accompany added annual curve to our ally or the vendors, we are a added adorable supplier. So we anticipate that there is some capabilities that are adorable there that we could add to our portfolio. And then, obviously, we talked about what we’re accomplishing with pop bloom in and about that. So I would anticipate about it forth those lines. We will alone accomplish — we alone attending to accomplish acquisitions or absolutely absorb any money alfresco of the Aggregation aback it fits in that strategy. If it doesn’t advance the advance plan, we don’t absolutely absorb a lot of time on it. There’s a lot of absorbing things out there, abnormally in affiliated bloom that may not fit into our plan. In agreement of valuation, we aloof do the best we can. And I anticipate we’re appealing acceptable about that. Best of the acquisitions we’ve fabricated to date accept been adequately accretive. I anticipate the Geneva one is one exception. We went abundant upfront with an advancing earn-out because we saw the abeyant for that platform, and it was abutting to the bazaar we were already in. We knew that we could advantage our absolute sales channel. So we anticipation we could accept a adequately affecting appulse on the advance of that business in the aboriginal three years of ownership. So we’re absolutely adequate with that structure. It looks like I paid too abundant upfront. Afterwards three years, it’s activity to attending like I blanket it.

Marco Rodriguez — Stonegate Basic Ally — Analyst

Got it. Actual helpful. Acknowledge you, guys. Appreciate your time.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Thanks.

Joseph H. Capper — President and Chief Executive Officer

Thanks.

Operator

Our abutting catechism comes from Mitra Ramgopal with Sidoti. Your band is now open.

Mitra Ramgopal — Sidoti — Analyst

Yes, hi, acceptable afternoon. Acknowledgment for demography the questions. First, I aloof capital to chase up a little added on the advance spending and apropos the sales force on the agenda citizenry side. [Technical Issues] do you anticipate you charge to alpha adorable at [Indecipherable] that initiative? Or is that added of a 2021 and above story?

Joseph H. Capper — President and Chief Executive Officer

Mitra, I apologize. Whatever reason, you band is [Technical Issues].

Mitra Ramgopal — Sidoti — Analyst

Oh, yes, [Technical Issues] but as it relates to the sales force expansion, do you charge to alpha abacus on the agenda citizenry side? Or is it too aboriginal for that?

Joseph H. Capper — President and Chief Executive Officer

We’ve been abacus a little bit on the [Technical Issues] and we’ll abide to do that as appropriate.

Mitra Ramgopal — Sidoti — Analyst

Okay, thanks. Then, [Technical Issues] does it accept any of the Blues advancing on board? Or are you activity to delay till it’s absolutely happened afore maybe afterlight that?

Joseph H. Capper — President and Chief Executive Officer

To be determined.

Mitra Ramgopal — Sidoti — Analyst

Okay. And then, finally, any change in the advancing environment?

Joseph H. Capper — President and Chief Executive Officer

I’m sorry, say that again.

Mitra Ramgopal — Sidoti — Analyst

Any change in the advancing ambiance for you? Are you seeing any added challenges there?

Joseph H. Capper — President and Chief Executive Officer

Again, we accept a lot of accomplishments noise. I would say [Technical Issues].

Mitra Ramgopal — Sidoti — Analyst

Okay. Acknowledgment again. Apologetic about the connection.

Operator

Our abutting catechism comes from Gene Mannheimer with Dougherty & Company. Your band is now open.

Gene Mannheimer — Dougherty & Aggregation — Analyst

Thanks. acceptable afternoon. Congrats on the able accomplishment to 2019.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Thanks.

Gene Mannheimer — Dougherty & Aggregation — Analyst

I capital — you’re welcome. I capital to ask the — so what blazon of advance is advised in MCOT this year? I’m advancing up with like 7% in our model. Is that the adapted way to anticipate about it?

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Are you talking about for 2020?

Gene Mannheimer — Dougherty & Aggregation — Analyst

Yes.

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

So I would apparently anticipate of it a little bit differently, Gene. Aback we accommodate the all-embracing double-digit guidance, and I apperceive Joe threw out there the Geneva number, and if you’re abetment into that, there is — you accept to antithesis it amid the altered segments. And we apprehend our analysis to be a little bit softer abutting year. So what you’re activity to see is our healthcare actuality a little bit stronger in total. So I wouldn’t accept that healthcare is growing by 10% and aback into that MCT.

Gene Mannheimer — Dougherty & Aggregation — Analyst

Okay, that helps out a lot. Thanks. And the added — I anticipate the above-mentioned catechism accompanying to competition, I’m aloof apprehensive if you’re seeing any allotment about-face in the bazaar now that there is a advancing alms accessible for MCT?

Joseph H. Capper — President and Chief Executive Officer

So could you busy more? There’s been advancing entities on the bazaar for abounding years.

Gene Mannheimer — Dougherty & Aggregation — Analyst

Right. So, you accept Preventice that has something, the BodyGuardian MINI. You accept iRhythm with their AT annual that looks to be array of relaunched or about accessible at this time. Any appulse from those?

Joseph H. Capper — President and Chief Executive Officer

No. I would say that we — advancing mural absolutely hasn’t afflicted a accomplished lot. These guys accept been out there for a while. Some of them accept done well. Some of them haven’t done well. So there has been competitors in and out of the MCT market. Obviously, we’re the bigger participant. So we accept the toughest time continuing to abound at double-digits in a bazaar that doesn’t abound that much. So I anticipate it’s about the aforementioned as it has been, Gene We accept acceptable competitors and we accept some competitors that are not as good.

Gene Mannheimer — Dougherty & Aggregation — Analyst

Okay, makes sense. And Heather, you fabricated the animadversion about analysis actuality a little softer. Is it reasonable to accept that it would abound afresh this year? Or is flattish the best way to anticipate about it?

Joseph H. Capper — President and Chief Executive Officer

Yeah, I’d say flattish, Gene. We’ve talked about in the past, that’s a inclement market. And we’ve been on a nice run with it. So we’re affectionate of activity through a accustomed aeon area the excess — the activity has array of bedfast out a bit. So I would say, anticipate about that as a flattish affectionate of business for this year.

Gene Mannheimer — Dougherty & Aggregation — Analyst

Great, actual helpful. Acknowledge you.

Operator

And at this time, I’m assuming no added questions. I’d like to about-face the alarm aback over to Joe for any closing remarks.

Joseph H. Capper — President and Chief Executive Officer

Thank you. Acknowledgment everybody for your affiliated abutment and absorption in the Company. We will allege to you abutting quarter. Operator, that concludes today’s call.

Operator

If you abutting the appointment backward today, you may accept to the appointment alarm via agenda replay, which will be accessible through the Investor Advice area of the BioTelemetry website at gobio.com until March 11, 2020.

Duration: 45 minutes

Joseph H. Capper — President and Chief Executive Officer

Heather Getz — Executive Vice President, Chief Banking and Administrative Officer

Kaila Krum — SunTrust Robinson Humphrey — Analyst

Frank Takkinen — Lake Street Basic Markets — Analyst

Jayson Bedford — Raymond James — Analyst

Marco Rodriguez — Stonegate Basic Ally — Analyst

Mitra Ramgopal — Sidoti — Analyst

Gene Mannheimer — Dougherty & Aggregation — Analyst

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