Biotel Inc. (BTEL) reported net income of $128,000, or $0.04 per diluted share, for the third quarter of 2009. This was down from the $328,000, or $0.11 per diluted share, reported a year earlier. Revenues in the quarter were reported at $3.2 million, up 3% from the $3.1 million reported in the third quarter of 2008.
Steve Springrose, the CEO of Biotel Inc., said, “Biotel enjoyed strong sales and earnings through the first quarter and believes its upcoming new wireless event and MCT products have favorable attributes for the arrhythmia service market.”
In April 2009, Biotel Inc. announced a merger with CardioNet, Inc. in an effort to increase its product offerings in select areas. The purchase price was $14 million or $4.82 per share.
In July 2009, CardioNet, Inc. terminated the merger agreement with Biotel, Inc., citing what it called a failure to abide by the merger agreement. Biotel, Inc. has sued CardioNet, Inc. for breach of contract.
Biotel Inc. Inc. sells medical devices, software and research services through its three operating subsidiaries – Braemar, Inc., Braemar, Inc. Distribution Center, and Agility Centralized Research Services, Inc.