CARDIONET INC

CIK:0001113784|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues:
Patient services	$ 24,705	$ 23,663
Research services	4,872	415
Product	2,841	2,967
Total revenues	32,418	27,045
Cost of revenues:
Patient services	8,764	9,471
Research services	2,738	155
Product	1,371	1,809
Total cost of revenues	12,873	11,435
Gross profit	19,545	15,610
Operating expenses:
General and administrative	9,528	8,673
Sales and marketing	6,762	6,152
Bad debt expense	2,467	2,911
Research and development	1,620	1,185
Integration, restructuring and other charges	1,202	270
Total expenses	21,579	19,191
Loss from operations	(2,034)	(3,581)
Other income (expense):
Interest income		169
Interest expense	(27)
Other expense, net	(26)	(122)
Total other income	(53)	47
Loss before income taxes	(2,087)	(3,534)
Net loss	(2,087)	(3,534)
Net loss per common share:
Basic and diluted (in dollars per share)	$ (0.08)	$ (0.14)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	25,190,566	24,604,812
Unrealized gains/(losses) on securities:
Unrealized holding gains/(losses) arising during the period		(8)
Comprehensive Loss	$ (2,087)	$ (3,542)

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Operating activities
Net loss	$ (2,087)	$ (3,534)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Provision for doubtful accounts	2,467	2,911
Provision for excess inventory		55
Depreciation	2,389	1,846
Stock-based compensation	700	855
Amortization of intangibles	619	174
Amortization of investment premium		122
Decrease in deferred rent	(110)	(80)
Changes in operating assets and liabilities:
Accounts receivable	(2,375)	(2,422)
Inventory	(224)	497
Prepaid expenses and other assets	(48)	(102)
Accounts payable	885	(657)
Accrued and other liabilities	(559)	(1,614)
Net cash provided by (used in) operating activities	1,657	(1,949)
Investing activities
Acquisition of business, net of cash acquired		(6,338)
Purchases of property and equipment	(1,839)	(1,372)
Purchases of short-term available-for-sale investments		(9,637)
Sale or maturity of short-term available-for-sale investments		13,847
Net cash used in investing activities	(1,839)	(3,500)
Financing activities
Proceeds from the exercise of employee stock options and employee stock purchase plan contributions	208	240
Net cash provided by financing activities	208	240
Net increase (decrease) in cash and cash equivalents	26	(5,209)
Cash and cash equivalents - beginning of period	18,298	18,531
Cash and cash equivalents - end of period	18,324	13,322
Supplemental disclosure of cash flow information
Cash paid for taxes	$ 100	$ 20

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 18,324	$ 18,298
Accounts receivable, net of allowance for doubtful accounts of $7,374 and $7,532, at March 31, 2013 and December 31, 2012, respectively	13,477	13,792
Other receivables, net of allowance for doubtful accounts of $93 and $85 at March 31, 2013 and December 31, 2012, respectively	6,738	6,515
Inventory	3,118	2,894
Prepaid expenses and other current assets	1,940	1,923
Total current assets	43,597	43,422
Property and equipment, net	19,301	19,851
Intangible assets, net	9,053	9,664
Goodwill	16,446	16,446
Other assets	666	627
Total assets	89,063	90,010
Current liabilities:
Accounts payable	7,235	6,349
Accrued liabilities	9,351	9,946
Deferred revenue	2,231	2,195
Total current liabilities	18,817	18,490
Deferred tax liability	881	866
Deferred rent	546	656
Total liabilities	20,244	20,012
Shareholders' equity:
Common stock, $0.001 par value; 200,000,000 shares authorized; 25,276,515 and 25,189,340 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	25	25
Paid-in capital	257,356	256,448
Accumulated deficit	(188,562)	(186,475)
Total stockholders' equity	68,819	69,998
Total liabilities and stockholders' equity	$ 89,063	$ 90,010