Heartbeam Inc (BEAT) 2020 Q3 法說會逐字稿

Ladies and gentleman, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will again be placed on hold. Thank you for your patience.

女士們，先生們，這是接線員。今天的會議計劃立即開始。在此之前，您的線路將再次被擱置。感謝您的耐心等待。

Good afternoon. Thank you for joining us for the BioTelemetry third quarter 2020 earnings conference call. Certain statements during the conference call and question-and-answer period to follow may relate to future events and expectations as such constitute forward-looking statements within the meaning of the Private Securities and Litigation Act of 1995.

下午好。感謝您參加 BioTelemetry 2020 年第三季度財報電話會議。在隨後的電話會議和問答期間的某些陳述可能與未來事件和預期有關，因此構成 1995 年《私人證券和訴訟法》含義內的前瞻性陳述。

Such statements involved are known and unknown risks, uncertainties and other factors, which may cause the actual results, performance and achievements of the company in the future to be materially different from the statements that the company's executives may make today. These risks are described in detail in our public filings with the Securities and Exchange Commission including our latest periodic report on Form 10-K or 10-Q. We assume no duty to update these statements.

此類陳述涉及已知和未知的風險、不確定性和其他因素，可能導致公司未來的實際結果、業績和成就與公司高管今天可能做出的陳述存在重大差異。這些風險在我們提交給證券交易委員會的公開文件中有詳細描述，包括我們最新的表格 10-K 或 10-Q 定期報告。我們不承擔更新這些聲明的責任。

During this call, we will present both GAAP and non-GAAP financial measures. Our reconciliation of GAAP to non-GAAP measures is included in today's earnings press release which is distributed and available to the public through the Investor Information sector of the BioTelemetry website at gobio.com. At this time, all participants have been placed on a listen-only mode.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們對 GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中，該新聞稿通過 gobio.com 的 BioTelemetry 網站的投資者信息部分分發和提供給公眾。此時，所有參與者都被置於只聽模式。

The floor will be open for questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, Mr. Joseph Capper, President and CEO of BioTelemetry. Sir, you may begin.

演講結束後將開放供提問和評論。現在我很高興將發言權交給您的主持人，BioTelemetry 總裁兼首席執行官 Joseph Capper 先生。先生，您可以開始了。

Thank you, operator, and good afternoon everyone. I'm Joe Capper, President and CEO of BioTelemetry. With me for today's call is Heather Getz, our Chief Financial Officer. I hope you all remain in good health and spirits as we continue to navigate the significant challenges presented by the COVID-19 pandemic. Let me just say what a difference this quarter makes. During our last call, we like some of the other companies were reporting on an exceptionally challenging second quarter and although we rose to the challenge and the business had begun trending in the right direction, there was still a great deal of uncertainty about how much impact the pandemic will end up having on Q3 performance. As it turns out, we had a very strong rebound and it looks like we are in the midst of a much welcome V-shaped recovery. As a result, it is my pleasure to report on an exceptional third quarter during which we exceeded our expectations and recorded our highest quarterly revenue in the history of the company.

謝謝接線員，大家下午好。我是 BioTelemetry 總裁兼首席執行官 Joe Capper。今天與我通話的是我們的首席財務官 Heather Getz。在我們繼續應對 COVID-19 大流行帶來的重大挑戰時，我希望你們都保持良好的健康和精神狀態。讓我說一下本季度的不同之處。在我們上次的電話會議中，我們喜歡其他一些公司報告異常具有挑戰性的第二季度，儘管我們迎接挑戰並且業務已經開始朝著正確的方向發展，但影響有多大仍然存在很大的不確定性大流行最終將影響第三季度的表現。事實證明，我們有一個非常強勁的反彈，看起來我們正處於一個非常受歡迎的 V 型複甦之中。因此，我很高興報告一個特殊的第三季度，在該季度我們超出了我們的預期，並創下了公司歷史上最高的季度收入。

Even more encouraging is that the business continues to trend upward into the current quarter. Barring any widespread COVID-19 related pullback, we are bullish about our prospects for the remainder of the year and given the steps we have taken to dramatically increase the size of our addressable market and prepare for future growth, the prospects for the company have never been better.

更令人鼓舞的是，該業務在本季度繼續呈上升趨勢。除非出現任何與 COVID-19 相關的廣泛回調，否則我們看好今年剩餘時間的前景，鑑於我們已採取措施大幅擴大潛在市場規模並為未來增長做準備，公司的前景從未有過更好。

So on today's call, I will start with highlights from the quarter followed by details on the three major growth areas of the company. Healthcare services, clinical research and digital population health management. After my update, Heather will provide more details on our Q3 financial results. I will make closing comments and we will then open up the call for your questions.

因此，在今天的電話會議上，我將從本季度的亮點開始，然後是公司三個主要增長領域的詳細信息。醫療保健服務、臨床研究和數字人口健康管理。在我更新之後，Heather 將提供有關我們第三季度財務業績的更多詳細信息。我將發表結束評論，然後我們將打開電話詢問您的問題。

As a result of our organisation's focus and outstanding execution, we are pleased to report Q3 revenue of $115 million, well above expectations. This represents a slight increase over the same period last year, and more than a 28% sequential increase when you set aside the new $10 million of stimulus money received in Q2.

由於我們組織的專注和出色的執行，我們很高興地報告第三季度收入為 1.15 億美元，遠高於預期。這與去年同期相比略有增加，當您撥出第二季度收到的新的 1000 萬美元刺激資金時，連續增長超過 28%。

During the period, we continue to work our way through the pandemic as efficiently as possible reporting adjusted EBITDA of over $30 million or 26.7% of revenue, up approximately $15 million sequentially, again adjusted for the stimulus. We generated $63 million of free cash flow year-to-date finishing the quarter with a cash balance of over $90 million net of one-time inflows and outflows. This represents an increase of approximately $28 million in cash year-to-date.

在此期間，我們繼續盡可能有效地應對大流行，報告調整後的 EBITDA 超過 3000 萬美元或收入的 26.7%，環比增長約 1500 萬美元，再次針對刺激措施進行了調整。年初至今，我們在本季度結束時產生了 6300 萬美元的自由現金流，扣除一次性流入和流出後的現金餘額超過 9000 萬美元。這意味著今年迄今增加了約 2800 萬美元的現金。

We made excellent progress advancing our various strategic initiatives and partnerships across the enterprise with a focus on integrating the recently acquired Roche and Centene assets. We also continue to evaluate other interesting corporate development opportunities with the intent of advancing our strategy.

我們在推進我們在整個企業的各種戰略計劃和合作夥伴關係方面取得了顯著進展，重點是整合最近收購的羅氏和 Centene 資產。我們還將繼續評估其他有趣的企業發展機會，以推進我們的戰略。

The multifaceted growth plan we have filed for the past several years has produced a diversified revenue mix, which was instrumental in mitigating the impact of the COVID-19 related downturn. With our team back to full strength and the business performing at pre-pandemic levels, we are poised for another record setting year in 2021 during which we anticipate top-line growth of over 15%. Our leadership position in the connected health market continues to create numerous exciting growth opportunities across all 3 parts of the company. We are also making investments in horizontal digital platforms for device management, big data processing and user engagement. These digital platforms standardize the core capabilities used by all of our business lines in order to support high growth and optimize our cost structure.

我們在過去幾年提交的多方面增長計劃產生了多元化的收入組合，這有助於減輕與 COVID-19 相關的低迷的影響。隨著我們的團隊恢復全力以赴，業務表現處於大流行前的水平，我們有望在 2021 年再創紀錄，在此期間，我們預計收入增長將超過 15%。我們在互聯健康市場的領導地位繼續為公司的所有三個部門創造許多令人興奮的增長機會。我們還對用於設備管理、大數據處理和用戶參與的橫向數字平台進行投資。這些數字平台標準化了我們所有業務線使用的核心能力，以支持高速增長並優化我們的成本結構。

During the quarter, we experienced an excellent resurgence and our Healthcare Services division. As you will recall, our primary growth being for this business over the years has been to continue to solidify our leadership position in the cardiac monitoring market to innovation and strategic investment. This approach has produced the most technologically advanced and expansive offering in the industry. It has also led the acquisition of complementary assets like the Geneva business, which increased our addressable market by over $1 billion and for the first time provided us with a meaningful recurring revenue business.

在本季度，我們經歷了一次極好的複蘇和我們的醫療服務部門。您會記得，多年來，我們在這項業務上的主要增長是繼續鞏固我們在心臟監測市場的領導地位，以進行創新和戰略投資。這種方法產生了業內技術最先進和最廣泛的產品。它還領導了對日內瓦業務等補充資產的收購，這使我們的潛在市場增加了超過 10 億美元，並首次為我們提供了有意義的經常性收入業務。

As such, we are now talking about this division in two broad areas, our traditional remote cardiac monitoring business driven primarily by MCOT and extended wear Holter and our continuous care, but we carry revenue business anchored by the Geneva platform. Our new remote cardiac monitoring business performed incredibly well, especially against the backdrop of the market at large.

因此，我們現在在兩個廣泛的領域討論這個部門，我們的傳統遠程心臟監測業務主要由 MCOT 和延長佩戴 Holter 驅動，以及我們的持續護理，但我們的收入業務以日內瓦平台為基礎。我們新的遠程心臟監測業務表現非常出色，尤其是在整個市場的背景下。

Our primary data for measuring market dynamics disposition office visits or more specifically cardiology office visits. During the third quarter, cardiology office visits were down on average 18% versus the same period last year. Additionally, access to offices remains somewhat inhibited due to COVID-19 related restrictions. Given these factors, we might expect demand for our cardiac monitoring services to track in a similar pattern.

我們用於衡量市場動態處置辦公室訪問或更具體地心髒病辦公室訪問的主要數據。第三季度，心髒病科就診次數與去年同期相比平均下降了 18%。此外，由於與 COVID-19 相關的限制，進入辦公室仍然有些受限。鑑於這些因素，我們可能預計對我們的心臟監測服務的需求將以類似的模式進行跟踪。

On the contrary, our volume in this business performed better than expected and was up over the prior year. What would cause MCT and extended wear Holter to perform so well. To appreciate this trend, I think it will be helpful for me to again explain the capabilities of and differences between these two modalities.

相反，我們在這項業務中的表現好於預期，並且比上一年有所上升。是什麼導致 MCT 和延長磨損 Holter 表現如此出色。為了理解這一趨勢，我認為再次解釋這兩種模式的能力和差異對我很有幫助。

As there seems to be some confusion and misinformation in the market around this topic. Both service lines present tremendous benefits to the cardiology market, but they are quite different. As a reminder among extended wear ECG analysis options Mobile Cardiac Outpatient Telemetry Systems also refer to as MCOT or MCT, are the only digitally connected, wireless near [real-time] (corrected by company after the call), remote monitoring options available today. The BioTelemetry MCOT has always been and remains the category leader in this market. The proprietary algorithms embedded in our systems are second to none. As evidenced by numerous peer-reviewed studies, MCOT consistently produces levels of specificity and sensitivity that are unmatched by any other system. To our knowledge, MCOT remains the only remote monitor capable of detecting laser, but 30 seconds, with 100% specificity. When a physician needs the highest possible diagnostic yield and the fastest turnaround time, MCOT is the preeminent choice.

由於市場上似乎圍繞這個主題存在一些混亂和錯誤信息。這兩條服務線都為心髒病學市場帶來了巨大的好處，但它們卻截然不同。作為延長佩戴心電圖分析選項的提醒，移動心臟門診遙測系統也稱為 MCOT 或 MCT，是當今唯一可用的數字連接、無線近 [實時]（由公司在通話後更正）遠程監控選項。BioTelemetry MCOT 一直是並且仍然是該市場的類別領導者。我們系統中嵌入的專有算法是首屈一指的。正如眾多同行評審研究所證明的那樣，MCOT 始終如一地產生任何其他系統無法比擬的特異性和敏感性水平。據我們所知，MCOT 仍然是唯一能夠檢測激光的遠程監視器，但 30 秒，具有 100% 的特異性。當醫生需要盡可能高的診斷率和最快的周轉時間時，MCOT 是最佳選擇。

Because MCOT is a digitally connected wireless platform, the monitoring is performed continuously and remotely, an ideal solution, especially in a COVID-19 environment which helps explain it's above market performance. Extended wear Holters while convenient and less expensive than MCT, do not encompass any of these features. Extended wear Holters are not digitally connected nor are they wireless monitors.

由於 MCOT 是一個數字連接的無線平台，因此可以連續遠程執行監控，這是一個理想的解決方案，尤其是在 COVID-19 環境中，這有助於解釋其高於市場表現。長戴型動態心電圖雖然比 MCT 方便且便宜，但不包含任何這些功能。長時間佩戴 Holter 不是數字連接的，也不是無線監視器。

Their ECG recorders, which must be returned and physically downloaded so the data can be analyzed. Because of the extended wear time of up two weeks, they are an ideal upgrade from a traditional 48-hour Holter and an excellent complement to MCOT, our longer-term digital monitor. The ePatch which is our extended wear Holter is FDA approved for 14 days and incorporates several competitive advantages. For example, ePatch can be configured to record on up to three channels, by definition, making it clinically superior to competitive products limited to only one channel.

他們的心電圖記錄儀，必須返回並物理下載，以便分析數據。由於延長了兩週的佩戴時間，它們是傳統 48 小時動態心電圖的理想升級，也是我們長期數字監視器 MCOT 的絕佳補充。ePatch 是我們的長效動態心電圖，已獲得 FDA 批准，有效期為 14 天，並具有多項競爭優勢。例如，根據定義，ePatch 可以配置為最多記錄三個通道，使其在臨床上優於僅限於一個通道的競爭產品。

The system includes detection classification for 18 arrhythmias as well as frequency, onset, duration, and burden. It is also the most flexible device in terms of wearability with both patch and lead wire configuration options. As many of them are aware, the proposed physician fee schedule for 2021 published in summer including great news for the extended wear Holter business. Specifically CMS proposed permanent code and national pricing for extended wear Holters.

該系統包括 18 種心律失常的檢測分類以及頻率、發作、持續時間和負擔。就可穿戴性而言，它也是最靈活的設備，具有貼片和引線配置選項。正如他們中的許多人所知，擬議的 2021 年醫生收費表已於夏季發布，其中包括延長佩戴 Holter 業務的好消息。特別是 CMS 提出了長期佩戴 Holters 的永久代碼和國家定價。

This action demonstrates that the parties involved in the process HRS, ACC, RUC, CMS, etc., clearly appreciate the value of this service provides to the cardiology market. We commend them for their efforts. Due to the unique and beneficial attributes of each, we expect both the connected MCOT and non-connected extendable wear Holter service lines to have a BOB market growth for the foreseeable future and we continue to invest in the infrastructure necessary to support this growth. Our horizontal digital platforms, in short, scalability, quality and efficiency across all service lines. For example, we recently launched a cloud platform for an Internet of medical things or IoMT and have been adding capabilities to our artificial intelligence data processing engine. The IoMT platform is hosted on Amazon Web Services and is currently managing all MCOT device connectivity and communications. The artificial intelligence engine has improved MCOT data processing speed by 45% since its launch.

這一行動表明，參與 HRS、ACC、RUC、CMS 等流程的各方清楚地認識到這項服務為心髒病學市場提供的價值。我們讚揚他們的努力。由於各自的獨特和有益的屬性，我們預計連接的 MCOT 和非連接的可擴展穿戴 Holter 服務線在可預見的未來都會有 BOB 市場增長，我們將繼續投資支持這種增長所需的基礎設施。簡而言之，我們的橫向數字平台在所有服務領域具有可擴展性、質量和效率。例如，我們最近推出了一個用於醫療物聯網或 IoMT 的雲平台，並一直在為我們的人工智能數據處理引擎添加功能。IoMT 平台託管在 Amazon Web Services 上，目前正在管理所有 MCOT 設備連接和通信。人工智能引擎自推出以來已將 MCOT 數據處理速度提升了 45%。

In the continuous care portion of our Healthcare Services segment, we continue to add new accounts and active patients to the Geneva platform throughout the quarter and integrated the at-home INR testing service that we acquired from Roche in the second quarter. As a result, our continuous care revenue grew an impressive 126%. Our plan is to develop additional capabilities to the platform in order to further enhance our recurring revenue streams.

在我們醫療保健服務部門的持續護理部分，我們在整個季度繼續向日內瓦平台添加新賬戶和活躍患者，並整合我們在第二季度從羅氏收購的家庭 INR 測試服務。因此，我們的持續護理收入增長了 126%，令人印象深刻。我們的計劃是為平台開發更多功能，以進一步增強我們的經常性收入來源。

Also, in the spirit of expanding our capabilities, we continue to work during the quarter in preparation for the launch of the recently announced collaboration with Boston Scientific. As a reminder, our role in this partnership is to help commercialize their recently FDA approved LUX system, which is an insertable cardiac monitor used for patients requiring long-term cardiac monitoring. We have long seen ICM's as complementary to our portfolio of shorter-term externally worn monitoring systems.

此外，本著擴大能力的精神，我們在本季度繼續努力，為最近宣布與波士頓科學公司的合作做準備。提醒一下，我們在這次合作中的作用是幫助他們最近獲得 FDA 批准的 LUX 系統商業化，這是一種用於需要長期心臟監測的患者的可插入心臟監測器。長期以來，我們一直將 ICM 視為對我們的短期外部佩戴監測系統產品組合的補充。

In terms of the agreement, our cardiac organization will function as a sales agent as Boston's preferred remote monitoring partner. We look forward to the start of the collaboration in the fourth quarter. Moving into 2021, we are again expanding our sales organization by another 15% to 20% in order to support the myriad of growth opportunities already present and those being cultivated at the company.

根據協議，我們的心臟組織將作為波士頓首選的遠程監控合作夥伴的銷售代理。我們期待在第四季度開始合作。進入 2021 年，我們將再次將我們的銷售組織再擴大 15% 至 20%，以支持已經存在的以及公司正在培養的無數增長機會。

Turning to the Research Division. This is another part of the business where we continue to experience excellent progress. On our last call, I highlighted margin improvement as a result of our ongoing investments in technology and our record high growth in bookings of over 30%, which is our best indicator of future growth. As a result, we had a better-than-expected third quarter in a poised to finish the year at an upswing. Additionally, the strength of our bookings and backlog will lead to at least 10% growth in 2021 short of any unexpected events.

轉向研究部。這是我們繼續取得出色進展的業務的另一部分。在我們上次的電話會議上，我強調了由於我們對技術的持續投資以及我們創紀錄的超過 30% 的預訂量增長而提高了利潤率，這是我們未來增長的最佳指標。因此，我們第三季度的業績好於預期，有望以上升的勢頭結束這一年。此外，在沒有任何意外事件的情況下，我們的預訂量和積壓量將導致 2021 年至少增長 10%。

We're also poised on the business in the long term given the trend towards decentralized or virtual clinical trials, which play to our strength. As the name suggests, decentralized clinical trials make use of technology to monitor more and more study participants in remote settings requiring less in offices, this is where Telehealth meets Research and with COVID-19 as an accelerant, this far more efficient cost effective way to manage clinical trials is expected to grow rapidly over the next few years. One large CRO recently predicted that by 2025, 80% of all trials will include some amount of virtualization. As the leading provider of remote monitoring technology and services, we welcome and expect to benefit from such a transition.

鑑於分散或虛擬臨床試驗的趨勢，我們也為長期業務做好了準備，這發揮了我們的優勢。顧名思義，分散的臨床試驗利用技術來監控越來越多的遠程環境中的研究參與者，需要較少的辦公室，這就是遠程醫療與研究的交匯點，並以 COVID-19 作為促進劑，這種更有效的成本效益方式管理臨床試驗預計將在未來幾年迅速增長。一位大型 CRO 最近預測，到 2025 年，80% 的試驗將包括一定數量的虛擬化。作為遠程監控技術和服務的領先提供商，我們歡迎並期望從這種轉變中受益。

In our digital population health management segment, the outlook continues to brighten. During the third quarter, our focus was on integrating the care management assets recently acquired as part of the Centene partnership which we discussed on our last call. As a reminder, this multi-year partnership with Centene Corporation, a large health insurance company. As part of the agreement, we acquired Centene's population health management solution branded on demand which we are integrating into our current offering.

在我們的數字人口健康管理領域，前景繼續光明。在第三季度，我們的重點是整合最近收購的護理管理資產，作為我們在上次電話會議上討論的 Centene 合作夥伴關係的一部分。提醒一下，與大型健康保險公司 Centene Corporation 的這種多年合作關係。作為協議的一部分，我們收購了 Centene 的按需品牌人口健康管理解決方案，我們正在將其整合到我們當前的產品中。

On demand, there is a remote patient monitoring and coaching platform focused on diabetes, hypertension and chronic heart failure. We also become the exclusive provider of Centene Medicaid members currently utilizing or in the process of implementing this platform. In concert with Centene's sponsors, we will market the program to all Centene plans and the rest of their 12.5 million beneficiaries.

根據需要，有一個專注於糖尿病、高血壓和慢性心力衰竭的遠程患者監測和指導平台。我們還成為目前使用或正在實施該平台的 Centene Medicaid 會員的獨家供應商。與 Centene 的讚助商合作，我們將向所有 Centene 計劃及其 1250 萬受益人中的其他人推銷該計劃。

We have also spoken about additional sales personnel that were added earlier this year to focus on targeted market segments. This group is in the process of building a robust pipeline of opportunities and we are already on the brink of adding a second large anchor account with Centene like potential.

我們還談到了今年早些時候增加的額外銷售人員，以專注於目標細分市場。該小組正在建立一個強大的機會管道，我們已經處於添加第二個具有類似 Centene 潛力的大型錨定帳戶的邊緣。

We are in the initial phase of what could turn out to be a large commercial build up to compete in this multi-billion dollar domestic market. Clearly one of the lessons being learnt from the COVID-19 crisis is that we need to improve the Healthcare Systems capabilities for providing care to people remotely. With the growing prevalence of chronic diseases, remote [patient] (added by company after the call) monitoring will be essential to lower costs and improving care. As we start to see the returns and our investments materialize, we will add more resources as warranted.

我們正處於最初階段，可能會成為一個大型商業建築，以在這個數十億美元的國內市場上競爭。顯然，從 COVID-19 危機中吸取的教訓之一是，我們需要提高醫療保健系統為遠程人們提供護理的能力。隨著慢性病的日益流行，遠程[患者]（由公司在通話後添加）監控對於降低成本和改善護理至關重要。隨著我們開始看到回報和我們的投資實現，我們將根據需要增加更多資源。

To sum up, despite the numerous challenges posed by the pandemic, we remained focused on Q3 executing our strategy and building capabilities across the enterprise. As a result, we surpassed all of our expectations. We are re-building momentum in the core business and in capabilities and increasing investments in all segments of the company. We expect the combination of these factors to further the growth of business for many years to come.

總而言之，儘管大流行帶來了眾多挑戰，但我們仍然專注於第三季度執行我們的戰略並在整個企業中建立能力。結果，我們超出了我們的所有期望。我們正在重建核心業務和能力的勢頭，並增加對公司所有部門的投資。我們預計這些因素的結合將在未來許多年進一步推動業務增長。

I'll now turn the call over to Heather for a detailed financial review of the quarter. Heather?

我現在將電話轉給希瑟，以對本季度進行詳細的財務審查。希瑟？

Thank you, Joe and good afternoon everyone. As Joe just announced our recovery from the impact of COVID-19 continue in the third quarter with $114.7 million of total revenue, up 15.7% sequentially from the second quarter and 3% versus prior year. Excluding the $10 million of stimulus money received in the second quarter, sequential growth was 28%. Healthcare services revenue was $98.5 million, a 5% increase versus prior year driven by volume and MCOT extended Holter and continuous care. Our research revenue was $12.1, down 15% versus prior year due to the close out of large studies and the delay in new study starts. Lastly, revenue from corporate and other was $4.1 million, up 28% versus prior year, resulting from an increase in our digital population health business, partially offset by a decline in direct product sales.

謝謝你，喬，大家下午好。正如喬剛剛宣布的那樣，我們在第三季度繼續從 COVID-19 的影響中復蘇，總收入為 1.147 億美元，比第二季度環比增長 15.7%，比去年同期增長 3%。不計第二季度收到的 1000 萬美元刺激資金，環比增長率為 28%。醫療服務收入為 9850 萬美元，在數量和 MCOT 擴展 Holter 和持續護理的推動下，比上年增長 5%。我們的研究收入為 12.1 美元，與去年相比下降了 15%，原因是大型研究的結束和新研究開始的延遲。最後，來自企業和其他方面的收入為 410 萬美元，比上年增長 28%，這是由於我們的數字人口健康業務的增長，部分被直接產品銷售的下降所抵消。

Moving to gross profit, our margin for the third quarter was 60.2% versus 62.3% in the prior year period. The lower margin is largely attributable to inefficiencies caused by lower fixed cost absorption and negative payor mix primarily in health care and the inclusion of the lower margin revenue from Centene and Continuous Care businesses. This was partially offset by higher margins in our Research segment due to efficiencies created by automation put in place later in 2019.

轉向毛利潤，我們第三季度的利潤率為 60.2%，而去年同期為 62.3%。較低的利潤率主要是由於較低的固定成本吸收和主要在醫療保健領域的負支付者組合造成的效率低下，以及 Centene 和持續護理業務的較低利潤率收入。由於 2019 年晚些時候實施的自動化提高了效率，這部分被我們研究部門的更高利潤率所抵消。

Our third quarter adjusted EBITDA was $30.6 million, a 26.7% return on revenue. Our EBITDA margin was supported by the flexibility in our business to adjust the cost structure to be appropriate level in response to the demand for our services. We struck a balance between removing excess cost and ensuring we were appropriately staffed as volume returned to pre-COVID levels. As for our tax rate, we have a year-to-date GAAP tax rate of 38%. This [tax rate] (added by company after the call) exceeds the statutory rate primarily as a result of permanent differences, largely due to stock comp that is not deductible or an expense. Ultimately, we will get a GAAP benefit when the related stock options are exercised. In terms of cash taxes, we were expecting to pay only about $3.5 to $4 million in state and local taxes in 2020 due to the use of our federal net operating loss carry-forward.

我們第三季度調整後的 EBITDA 為 3060 萬美元，收入回報率為 26.7%。我們的 EBITDA 利潤率得到了我們業務靈活性的支持，可以根據對我們服務的需求將成本結構調整到適當的水平。我們在消除多餘成本和確保隨著數量恢復到 COVID 之前的水平時配備適當的人員之間取得平衡。至於我們的稅率，我們年初至今的 GAAP 稅率為 38%。這個[稅率]（由公司在電話會議後添加）超過了法定稅率，主要是由於永久性差異，主要是由於不可扣除的股票補償或費用。最終，當相關股票期權被行使時，我們將獲得 GAAP 收益。在現金稅方面，由於使用了我們的聯邦淨經營虧損結轉，我們預計 2020 年只需支付約 3.5 至 400 萬美元的州和地方稅。

Moving on to our balance sheet, we ended the [third] (added by company after the call) quarter with $90.2 million in cash, an increase of $21.6 million versus year-end. As previously mentioned in the second quarter, we received a grant of $9.7 million that does not have to be repaid and in advance of $23.7 million for Medicare claims, which will be offset against future payments starting in 2021. Also in Q2, we paid back the $35 million we drew one the facility in the first quarter, plus an additional $35 million, leaving us with only $158 million of indebtedness and debt to EBITDA of less than one-time. Year-to-date, we generated $91.4 million in cash from operations and $28 million for capital expenditures. These expenditures were driven by purchases of our MCOT and extended wear Holter patch devices as well as for capitalized software and hardware as we invest in our IT infrastructure. Free cash flow was $64 million, which includes both the grant and the Medicare advance. As a reminder, in January, we refinanced our term debt to an upsized five year $400 million revolver with more favorable terms, including lower pricing of about 50 basis points. The company would benefit from this additional capacity, most set amortization and the flexibility to pay down and draw on the revolver, while maintaining access to the capital. We currently have approximately $240 million of unused capacity and remain well positioned to fund our business and growth opportunities. As a result of this refinancing, we saved almost $1 million in interest and fees so far this year.

繼續我們的資產負債表，我們以 9020 萬美元的現金結束了 [第三] （由公司在電話會議後添加）季度，比年底增加了 2160 萬美元。正如之前在第二季度中提到的，我們收到了 970 萬美元的贈款，無需償還，以及 2370 萬美元用於醫療保險索賠，這將抵消從 2021 年開始的未來付款。同樣在第二季度，我們償還了第一季度提取的 3500 萬美元，加上額外的 3500 萬美元，使我們的債務僅剩 1.58 億美元，而對 EBITDA 的債務還不到一次。年初至今，我們從運營中產生了 9140 萬美元的現金和 2800 萬美元的資本支出。這些支出是由購買我們的 MCOT 和延長磨損 Holter 補丁設備以及我們投資於我們的 IT 基礎設施時資本化的軟件和硬件推動的。自由現金流為 6400 萬美元，其中包括贈款和醫療保險預付款。提醒一下，在 1 月份，我們以更優惠的條款為我們的定期債務再融資至 5 年期 4 億美元的左輪手槍，其中包括約 50 個基點的較低定價。該公司將受益於這種額外的產能、大部分固定攤銷以及支付和使用左輪手槍的靈活性，同時保持對資本的訪問。我們目前有大約 2.4 億美元的未使用產能，並且仍然有能力為我們的業務和增長機會提供資金。由於此次再融資，今年到目前為止，我們節省了近 100 萬美元的利息和費用。

Before commenting on our outlook, I wanted to touch base on accounts receivable. Consolidated DSO was about 69 days, this is higher than our previous averages for a number of reasons, some temporary and some permanent. The most significant factor is that in 2019, Medicare changed the requirements on the timing of billing. Previously, Medicare allowed us to bill for a patient after one day of service, now we are required to wait until the service is completed. This change added about ten days to our DSO. This will be a permanent increase, other factors impacting DSO are temporary. The main drivers here are relating to on boarding new businesses that are growing fast, such as Geneva and Centene. These businesses added approximately eight days to our consolidated DSO. Through ongoing integration efforts, we will continue to work to bring down the DSO in these businesses as we have already begun to do.

在評論我們的前景之前，我想先談談應收賬款。合併 DSO 約為 69 天，這高於我們之前的平均水平，原因有很多，有些是暫時的，有些是永久性的。最重要的因素是，2019 年，Medicare 改變了對計費時間的要求。以前，Medicare 允許我們在服務一天后為患者開具賬單，現在我們需要等到服務完成。此更改為我們的 DSO 增加了大約十天的時間。這將是永久性的增加，影響 DSO 的其他因素是暫時的。這裡的主要驅動力與加入快速增長的新業務有關，例如日內瓦和 Centene。這些業務為我們的合併 DSO 增加了大約 8 天。通過持續的整合工作，我們將繼續努力降低這些業務中的 DSO，就像我們已經開始做的那樣。

Shifting gears, I will now touch on the outlook for 2020 and 2021. At this point in the recovery, our results may still be affected by the pace in which states and localities are opening or re-closing part of their economies. That being said, we feel we can give directional guidance to the fourth quarter of 2020 and the full year 2021 assuming there are not drastic changes in access to care. MCOT and extended wear Holter exited the third quarter at above pre-COVID highs and in October, we are trending to a highest monthly volume ever. As a result, we expect our overall business to continue to grow sequentially into the fourth quarter to between $117 and $120 million. As Joe mentioned, in 2021, we are expecting 15% plus top line growth driven by several services including MCOT, extended wear Holter, Continuous Care and digital population health. Any rate headwind from the lower conversion factor in the physician fee schedule will be more than offset by the benefit of the proposed extended wear Holter pricing. In addition, we are investing heavily in sales and marketing resources in order to drive these top line results.

換檔，我現在將談談 2020 年和 2021 年的前景。在復甦的這一點上，我們的結果可能仍會受到各州和地方開放或重新關閉部分經濟體的速度的影響。話雖如此，我們認為我們可以為 2020 年第四季度和 2021 年全年提供方向性指導，前提是在獲得護理方面沒有發生巨大變化的情況下。MCOT 和延長磨損 Holter 在第三季度以高於 COVID 之前的高點退出第三季度，並且在 10 月，我們的月交易量趨於歷史最高水平。因此，我們預計我們的整體業務將在第四季度繼續增長至 1.17 至 1.2 億美元之間。正如喬所提到的，在 2021 年，我們預計 15% 以上的收入增長將受到包括 MCOT、延長佩戴 Holter、持續護理和數字人口健康在內的多項服務的推動。醫生收費表中較低的轉換係數帶來的任何費率逆風都將被提議的延長佩戴 Holter 定價的好處所抵消。此外，我們正在大力投資銷售和營銷資源，以推動這些頂級業績。

Please keep in mind, this guidance assumes the Medicare proposed rule goes into effect as it is currently written. As demonstrated during the pandemic, our business is flexible in terms of our ability to quickly adjust the cost structure to the appropriate level in response to the demand for our services. We believe we will continue to have plenty of cash to meet our operating needs along with the added insurance of our credit facility. We are successfully weathering the storm and we are confident we will emerge healthier than ever before. I will now turn the call back to Joe.

請記住，本指南假定 Medicare 提議的規則按照目前的編寫方式生效。正如在大流行期間所證明的，我們的業務非常靈活，能夠快速將成本結構調整到適當的水平，以響應對我們服務的需求。我們相信，我們將繼續擁有充足的現金來滿足我們的運營需求，同時為我們的信貸額度增加保險。我們成功地度過了這場風暴，我們相信我們會變得比以往任何時候都更健康。我現在將電話轉回給喬。

Thanks Heather. As you've just heard, we had an excellent third quarter. We are fortunate to be experiencing a recovery, that is more rapid than we originally anticipated. When the crisis hit, we made necessary adjustments to scale back our operating cost structure without dramatically changing our capabilities. This approach coupled with our flexible business model have allowed for the more V-shaped recovery we are experiencing, leading to a third quarter in which we recorded our highest quarterly revenue in the history of the company. We are expecting a strong close in the fourth quarter followed by a record setting year in 2021 with anticipated top line growth of 15 plus percent.

謝謝希瑟。正如你剛剛聽到的，我們第三季度表現出色。我們很幸運正在經歷復甦，這比我們最初預期的要快。當危機襲來時，我們進行了必要的調整，以縮減我們的運營成本結構，而不會顯著改變我們的能力。這種方法與我們靈活的業務模式相結合，使我們正在經歷更多的 V 型複蘇，導致第三季度我們錄得公司歷史上最高的季度收入。我們預計第四季度將強勁收盤，隨後是 2021 年創紀錄的一年，預計收入增長 15% 以上。

To ensure our continued success, we are laser focused on managing our way through continued effects of a pandemic with employee and customer safety at the forefront of all activity. Expanding the healthcare services sales force by another 15% to 20% in order to drive sustained double-digit growth. Launching the Boston scientific collaboration, adding to the research backlog and setting the foundation necessary to capitalize on market trends towards decentralized clinical trials. Expanded commercial activities and investments in our population health management business accelerating investments in our digital platforms in order to expand the IoMT to all devices across all business lines, add 3rd-party device connectivity, add additional machine learning to the AI engine, and extend user engagement with new reports and simplify workflows to improve the digital experience on our portals. And we will continue to manage the allocation of our resources in a highly efficient manner to which we have become accustomed leading to quality revenue growth and additional free cash generation. This to-do list exemplifies a company on the move with numerous current and future opportunities.

為了確保我們的持續成功，我們專注於通過大流行的持續影響來管理我們的方式，並將員工和客戶安全放在所有活動的最前沿。將醫療保健服務銷售隊伍再擴大 15% 至 20%，以推動持續兩位數的增長。啟動波士頓科學合作，增加研究積壓，並為利用分散臨床試驗的市場趨勢奠定必要的基礎。擴大對我們的人口健康管理業務的商業活動和投資，加快對我們數字平台的投資，以將 IoMT 擴展到所有業務線的所有設備，增加第 3 方設備連接，向 AI 引擎添加額外的機器學習，並擴展用戶參與新報告並簡化工作流程，以改善我們門戶上的數字體驗。我們將繼續以我們已經習慣的高效方式管理我們的資源分配，從而實現高質量的收入增長和額外的自由現金產生。這份待辦事項清單體現了一家在移動中擁有眾多當前和未來機會的公司。

We have transformed our top line, making it more diversified, including new recurring revenue streams. We offer current and future customers an unmatched array of solutions, which lends itself towards establishing deep loops within each account. And we continue to innovate to ensure we can address the market needs of today and well into the future.

我們已經改變了我們的收入，使其更加多元化，包括新的經常性收入來源。我們為當前和未來的客戶提供一系列無與倫比的解決方案，有助於在每個賬戶中建立深度循環。我們不斷創新，以確保我們能夠滿足當今和未來的市場需求。

As a result, we have good reason to be extremely optimistic about the prospects for the company. As I stated in the past, this crisis has necessitated rapid change in health care, much of which will be permanent. The post COVID health care environment will demand greater access to telehealth and remote monitoring solutions as one of the largest fastest growing and most profitable connected health companies in the market, we could not be better positioned to capitalize on these trends.

因此，我們有充分的理由對公司的前景極為樂觀。正如我過去所說，這場危機需要快速改變醫療保健，其中大部分將是永久性的。作為市場上增長最快、利潤最高的互聯醫療公司之一，後 COVID 醫療環境將需要更多地訪問遠程醫療和遠程監控解決方案，我們無法更好地利用這些趨勢。

As I close, I would like to thank the entire BioTelemetry team for your unwavering commitment to the many people who depend on your work to keep them healthy. Their dedication and deep spirit of caring, are just some of the qualities that make this such a great company. With that, we will now pause and open the call to your questions. Operator, we are ready for our first question.

在我結束的時候，我要感謝整個 BioTelemetry 團隊對許多依靠你的工作來保持健康的人的堅定承諾。他們的奉獻精神和深厚的關懷精神只是使這家如此偉大的公司的一些品質。有了這個，我們現在將暫停並打開您的問題的電話。接線員，我們準備好回答第一個問題了。

We have our first question coming from the line of David Saxon with Needham. Your line is open.

我們的第一個問題來自 David Saxon 和 Needham 的說法。你的線路是開放的。

Good afternoon. Joe and Heather, and thanks for taking my questions. I guess I'll start on the 2021 commentary, I mean 15% growth that's pretty good. And you mentioned Research should grow at least 10%. So just wondering how should we think about healthcare with all the drivers you have there and then also on how significant do you think the population health management platform could be with Centene and then potentially this other customer you might sign on.

下午好。喬和希瑟，感謝您提出我的問題。我想我將從 2021 年的評論開始，我的意思是 15% 的增長非常好。你提到研究應該至少增長 10%。因此，只是想知道我們應該如何考慮您擁有的所有驅動程序的醫療保健，以及您認為人口健康管理平台對 Centene 以及您可能會簽約的其他客戶的重要性。

So 2 parts really. To talk a little bit about the overall growth of 15%. We feel really good about that. This is typically the quarter because we're not going to talk until late in February, this is typically the quarter we give sort of some high level directional guidance for 2021 and then we'll refine it as we get into the new year. And obviously, we've done a lot of work with what 2021 is going to look like, given the trends of the business and given what we have in our pipeline, we feel pretty comfortable with that number in, I think you're a little newer to the story David, but some of your counterparts probably know our approaches tend to be a little bit conservative as we approach these types of projections, so I know it's as much color as I can give you and I feel pretty good about it. Unlike all the trends I see in the business, our research is an easier one to predict because it's more backlog oriented, so 10% profits, we're really comfortable with that and then you asked a little bit about pop health.

所以真的是2部分。稍微談一下整體增長15%。我們對此感覺非常好。這通常是這個季度，因為我們要到 2 月下旬才會討論，這通常是我們為 2021 年提供一些高水平方向指導的季度，然後我們將在進入新的一年時對其進行改進。顯然，我們已經為 2021 年的情況做了很多工作，考慮到業務的趨勢以及我們正在籌備中的情況，我們對這個數字感到非常滿意，我認為你是大衛的故事有點新，但你的一些同行可能知道我們的方法在我們處理這些類型的預測時往往有點保守，所以我知道它是我能給你的盡可能多的顏色，我對此感覺很好.與我在業務中看到的所有趨勢不同，我們的研究更容易預測，因為它更面向積壓，所以 10% 的利潤，我們對此非常滿意，然後你問了一些關於流行健康的問題。

That's a small portion of our business, but it's our biggest TAM by a long shot and we've made a lot of progress in setting the foundation for growth, partnership with Centene and some of the other ones that we have on the brink could really help accelerate that growth. So I would think about that in terms of, yes, starting on low revenue, but that's revenue that should double year-over-year for the next couple of years. So you can start to see what you'll see, good growth in 2021. If my prediction is right, will double in 2022 will probably double in 2023, and you're going to start to see a real meaningful contribution. It's just a gigantic market, David.

這只是我們業務的一小部分，但從長遠來看，這是我們最大的 TAM，我們在為增長奠定基礎方面取得了很大進展，與 Centene 以及我們瀕臨滅絕的其他一些合作夥伴確實可以幫助加速增長。所以我會考慮，是的，從低收入開始，但在接下來的幾年裡，收入應該會同比翻一番。因此，您可以開始看到您將看到的情況，即 2021 年的良好增長。如果我的預測是正確的，2022 年將翻一番，2023 年可能會翻一番，你將開始看到真正有意義的貢獻。這只是一個巨大的市場，大衛。

Yeah, yeah. Right, okay. And then I guess just sticking with the pop health. Can you talk about the level of success you've had so far with penetrating. I think it was the initial 3.7 million kind of Centene beneficiary pool?

是啊。對，好吧。然後我想只是堅持流行健康。你能談談到目前為止你在穿透方面取得的成功程度嗎？我認為是最初的 370 萬種 Centene 受益人池？

I don't think we have shared that number, it's in it's early stages, we just really started to just run with it this quarter. A lot of success, we like the way it's going. It's going according to plan.

我不認為我們已經分享了這個數字，它還處於早期階段，我們本季度才真正開始使用它。很多成功，我們喜歡它的發展方式。它正在按計劃進行。

Okay, thanks so much for the questions.

好的，非常感謝您的提問。

Thank you.

謝謝你。

Our next question coming from Kaila Krum with Truist Securities. Your line is open.

我們的下一個問題來自於 Truist Securities 的 Kaila Krum。你的線路是開放的。

Hey, this is David Rescott for Kaila. Thanks for taking my questions. So first I wanted to dive a little bit more into the dynamics on the guide for 2021. So what sort of visibility, I guess, do you have both in the Q4 and the 2021. Really as we kind of play kind of some of the factors that you mentioned going forward, with a lot of these popping up over the past 3 months or so such as the potential headwind from MCOT rate decline and the overall shift in the business from traditional Holters and the extended wear monitors, how did that rate increase in the extended wear business and now that you start to layer in some of the contribution from the recent acquisitions and the ICM distribution agreement. Overall, I guess what kind of gives you that confidence in the 15% number with all these playing in? And then the second part to that question, how is the company really thinking about maintaining or gaining share as that conversation opens up around shifting the traditional Holters towards the extended wear monitors and is there a specific percentage of that traditional Holter business that the company expects to shift towards the extended wear market to ultimately drive that growth?

嘿，這是凱拉的大衛·雷斯科特。感謝您提出我的問題。因此，首先我想深入了解 2021 年指南的動態。那麼，我想，你在第四季度和 2021 年都有什麼樣的知名度。真的，正如我們在某種程度上發揮了你提到的一些因素，在過去 3 個月左右的時間裡出現了很多這些因素，例如 MCOT 利率下降的潛在不利因素以及業務從傳統業務的整體轉變Holters 和延長磨損監測器，延長磨損業務的增長率是如何增加的，現在您開始將最近的收購和 ICM 分銷協議的一些貢獻分層。總的來說，我猜是什麼讓你對所有這些參與的 15% 的數字有信心？然後是該問題的第二部分，公司如何真正考慮維持或獲得份額，因為該對話圍繞將傳統 Holter 轉向延長磨損監視器展開，並且公司期望的傳統 Holter 業務的特定百分比轉向延長磨損市場以最終推動這種增長？

Yes. So, David, I think you answered most of it for me. You highlighted the major drivers. We're seeing growth in MCOT. We're seeing substantial growth and extended wear help culture even without the duration of the permit CPT one code the national pricing. We're seeing huge growth with our pop health business. There is great visibility with it through our Research business, although the research is smaller, we have really good visibility into with access to account starting to reopen. We're starting to see more activity around Geneva. So remember, we're still early at that platform and that's a platform whose revenue we anticipated with double for the first couple of years as well and we were right on track to do that and we'll probably still be in close to that even with COVID for this current calendar year.

是的。所以，大衛，我想你已經為我回答了大部分問題。您強調了主要驅動因素。我們看到了 MCOT 的增長。即使沒有許可證 CPT 的持續時間，我們也看到了顯著的增長和延長的磨損幫助文化國家定價。我們的流行健康業務實現了巨大的增長。通過我們的研究業務，它的知名度很高，儘管研究規模較小，但隨著對帳戶的訪問開始重新開放，我們對它的知名度非常高。我們開始在日內瓦看到更多的活動。所以請記住，我們仍處於該平台的早期階段，我們預計該平台的前幾年收入也將翻倍，我們正朝著實現這一目標的方向前進，甚至可能仍然接近這一目標與當前日曆年的 COVID。

So all the things that you talked about are what's driving the business. I can't parse it out for you in detail in terms of how much is coming from each because there's a lot of different scenarios. But if we weigh the benefits and risks and we go through a variety of different potential scenarios, we're pretty darn comfortable with that number.

所以你談到的所有事情都是推動業務發展的因素。因為有很多不同的場景，我無法詳細解釋每個人的收入。但是，如果我們權衡收益和風險並經歷各種不同的潛在情景，我們對這個數字非常滿意。

Okay, that's helpful. So yes, the second one from me, touching on some of the kind of recent announcement that came rate right around a report that second quarter call. So first on the on-demand. I was wondering if there is any updates around that pricing or go-to-market strategy for that business in that? And second within the ICM business. Are there any early indications around how that business can really contribute to growth in 2021 and 2022? And then when you think about that with the Geneva and the partnership you have with Boston, aAre there really any type of synergies between these two businesses that we should expect to impact of business over time just with both of those kind of being under Boston Scientific business?

好的，這很有幫助。所以，是的，我的第二個，談到了最近發布的一些公告，這些公告正好與第二季度電話會議的報告有關。所以首先是點播。我想知道該業務的定價或上市策略是否有任何更新？在 ICM 業務中排名第二。是否有任何早期跡象表明該業務如何真正為 2021 年和 2022 年的增長做出貢獻？然後，當您考慮日內瓦以及您與波士頓的合作夥伴關係時，這兩個業務之間是否真的存在任何類型的協同效應，我們應該期望隨著時間的推移對業務產生影響，這兩個業務都屬於波士頓科學公司商業？

I talked about on demand again owning the first couple of months. So, I can't put numbers on it for you, but it's going pretty much as we anticipated. The ICM market, we haven't started that collaboration yet in terms of synergy, I do expect some because of the Geneva platform. I think once our organizations are working together and collaborate in the field, we'll see more pull-through of device monitoring onto the Geneva platform. So for me, that was one of the things that was most exciting about the collaboration. Yes, we think the device itself is very complementary to our current portfolio of products, we think, extending the offering in those accounts where we have had great access is a plus to those accounts, but for us we think it is going to be a significant pick up on the Geneva side.

我再次談到了擁有前幾個月的按需。所以，我不能為你提供數字，但它的進展與我們預期的差不多。ICM 市場，我們還沒有在協同方面開始合作，我確實期待一些因為日內瓦平台。我認為，一旦我們的組織在該領域進行合作和協作，我們將看到更多設備監控在日內瓦平台上的應用。所以對我來說，這是合作中最令人興奮的事情之一。是的，我們認為該設備本身與我們當前的產品組合非常互補，我們認為，在我們擁有大量訪問權限的帳戶中擴展產品是對這些帳戶的一個加分項，但對我們來說，我們認為這將是一個日內瓦方面的顯著回升。

Okay, thanks. Thanks for taking the questions and congrats on the quarter.

好的謝謝。感謝您在本季度提出問題並表示祝賀。

Thanks. Thanks David.

謝謝。謝謝大衛。

Our next question coming from the line of Jayson Bedford with Raymond James. Your line is open.

我們的下一個問題來自 Jayson Bedford 和 Raymond James。你的線路是開放的。

Hi, good afternoon and congrats on the quarter. I had a few questions. So I guess first, Heather typically kind of give us a little idea as to the health care breakout between kind of event Holter, extended Holter Geneva. Do you care to do that for the third quarter here?

嗨，下午好，祝賀本季度。我有幾個問題。所以我想首先，Heather 通常會給我們一些關於 Holter 事件之間的醫療保健突破的想法，擴展 Holter 日內瓦。你願意在第三季度這樣做嗎？

Sure. So MCOT was about 62%, event was about 1, our total Holter was 14, and our reoccurring was 14 and that has a healthcare obviously.

當然。所以 MCOT 大約是 62%，事件大約是 1，我們的 Holter 總數是 14，我們的複發是 14，這顯然有醫療保健。

Right, okay. And just on the recurring or Continuous Care, you mentioned 126% growth, I think, year-over-year. Can you just break out how fast Geneva grew?

對，好吧。就經常性或持續性護理而言，我認為您提到了 126% 的同比增長。你能說出日內瓦的增長速度有多快嗎？

Well, I can't in the quarter. Let's take another look at that both contributed a lot, both grew. Obviously the INR portion grew because it was mostly in our business. But Geneva again, was on track to double year-over-year. It was not quite at that rate in the quarter obviously because of COVID and the slower new account activations, as a result. But we still had new account activations and we are still starting to see that accelerates. So I think both grew sequentially and nicely year-over-year.

好吧，我不能在這個季度。讓我們再看一下，兩者都貢獻了很多，都成長了。顯然，印度盧比部分增長了，因為它主要是在我們的業務中。但日內瓦再次有望實現同比翻番。顯然，由於 COVID 和新帳戶激活速度較慢，本季度的速度並不完全如此。但是我們仍然有新的帳戶激活，我們仍然開始看到這種加速。因此，我認為兩者都按順序增長並且同比增長良好。

Okay and then just a couple of other ones. Joe, in referring to the cardiac monitoring business earlier you mentioned that you'll have above-market growth for the foreseeable future. Just so we're all on the same page, what is market growth? because I have a difficult time sometimes capturing that number.

好的，然後只是其他幾個。喬，在提到心臟監測業務時，您提到在可預見的未來您將擁有高於市場的增長。就這樣我們都在同一個頁面上，什麼是市場增長？因為有時我很難捕捉到這個數字。

Yeah, Jayson we did too. So Frost & Sullivan puts up data on market size data. There is other ways to kind of get out you can extrapolate through various sets of claims data and then we use-- we often use physician office visits as a proxy especially to tell us which direction the market is moving and believe it or not our business has trended kind of in that direction over time. This is the first time you're seeing a major departure from that. We have rebounded -- our cardiac monitoring business has rebounded at a pace much faster than we're seeing in the IQVIA data for cardiology office visits. I highlighted that in my talking points that on average cardiology office visits were down 18% and our business did very well. So you also noted that the market is going to grow naturally a certain amount and in the past that would be a couple of percent to 3% or 4%. And then historically, we have our business has grown anywhere from kind of 8%, 12% in that range. And when I say our business I'm speaking primarily about MCOT, it is grown kind of in that in the round that 10% plus or minus a couple of points. You're going to see higher growth in that in the category, because if MCOT business maintains that type of growth which we anticipate it will, the extended wear Holter business is growing at a much, much higher rate. Of course, it's of a smaller base of volume, but now with national access to reimbursement, we think that that's going to grow even faster and we allocated a lot of resources to capitalize on that.

是的，傑森我們也是。因此 Frost & Sullivan 提出了市場規模數據。還有其他方法可以擺脫困境，您可以通過各種索賠數據集進行推斷，然後我們使用——我們經常使用醫生辦公室訪問作為代理，特別是告訴我們市場正在朝著哪個方向發展，相信與否我們的業務隨著時間的推移，已經朝著這個方向發展。這是您第一次看到與此大相徑庭的情況。我們已經反彈——我們的心臟監測業務的反彈速度比我們在 IQVIA 心髒病辦公室訪問數據中看到的要快得多。我在談話要點中強調，平均而言，心髒病科就診次數下降了 18%，而我們的業務表現非常好。因此，您還注意到市場將自然增長一定數量，而在過去，這將是幾個百分點至 3% 或 4%。然後從歷史上看，我們的業務在該範圍內增長了 8% 到 12%。當我說我們的業務時，我主要是在談論 MCOT，它在這一輪中增長了 10% 加或減幾個點。您將在該類別中看到更高的增長，因為如果 MCOT 業務保持我們預期的那種類型的增長，則延長磨損 Holter 業務的增長速度要高得多。當然，它的數量基數較小，但現在隨著國家獲得報銷，我們認為這將增長得更快，我們分配了大量資源來利用這一點。

Okay. Okay, that's helpful and then just maybe my last one here. Appreciate the visibility into revenue in 4Q in 2021 just as it relates to 2021, you care to provide any brackets around EBITDA margins, and if not just any instruction on kind of spending levels as we look to 2021, you did mention the expansion of the sales force.

好的。好的，這很有幫助，然後可能是我的最後一個。欣賞 2021 年第四季度收入的可見性，就像它與 2021 年相關一樣，您需要提供圍繞 EBITDA 利潤率的任何括號，如果不僅僅是關於我們期待 2021 年的支出水平的任何說明，您確實提到了銷售隊伍。

Good question. Yeah, yeah. So Jayson, we're not going to give specific guidelines to the process of going through our budget now, but as Joe has mentioned in the past and we talked about, we are investing pretty heavily in those sales and marketing resources, as well as our IT and R&D infrastructure, so you are going to see some investment there and so we, while in the past, we may have had some significant EBITDA margin accretion, it may be at a slower pace, but we're not in a position yet to provide that exact number.

好問題。是啊。所以傑森，我們現在不打算就預算的過程給出具體的指導方針，但正如喬過去提到的和我們談到的那樣，我們在這些銷售和營銷資源上投入了大量資金，以及我們的 IT 和研發基礎設施，所以你會在那裡看到一些投資，所以我們，雖然在過去，我們可能有一些顯著的 EBITDA 利潤率增長，它可能會以較慢的速度增長，但我們沒有位置尚未提供確切的數字。

Fair enough. Thank you.

很公平。謝謝你。

We have our next question coming from the line of Eugene Mannheimer, Colliers Securities. Your line is open.

我們的下一個問題來自高力證券的 Eugene Mannheimer。你的線路是開放的。

Thanks, good afternoon. Congrats on a great quarter. In light of the tough backdrop here, you cited Joe and Heather that you had strong MCOT orders despite cardiology visits that were down pretty meaningfully. So I'm assuming some of that's coming from virtual visits. So can you give us a sense of the split of MCOT prescriptions, to the extent you have it from Telehealth visits versus in office in-person visits?

謝謝，下午好。祝賀一個偉大的季度。鑑於這裡的艱難背景，您引用 Joe 和 Heather 的話說，儘管心髒病學訪問量大幅下降，但您收到了強大的 MCOT 訂單。所以我假設其中一些來自虛擬訪問。那麼，您能否讓我們了解 MCOT 處方的差異，在某種程度上您從遠程醫療訪問與辦公室親自訪問中獲得它？

I don't Eugene. I will tell you kind of directionally, pre-COVID, it was probably 70% in office, 30%, this is a high level, 70-30 in favor of in-office that flip, the 70-30 in favor of kind of telehealth initiated visits and then it started to work its way back. In either case, it is seamless for us to procure at ordering and servicing a patient whether or not, whether the patient is initiated in an office visit or patient is initiated to the Telehealth visit, it doesn't matter to us, but we did see a trend back pretty quickly, which I was surprised about.

我沒有尤金。我會定向地告訴你，在 COVID 之前，可能是 70% 在辦公室，30%，這是一個很高的水平，70-30 支持在辦公室翻轉，70-30 支持那種翻轉遠程醫療開始了訪問，然後開始恢復工作。在任何一種情況下，我們都可以無縫地為患者訂購和服務，無論患者是在辦公室就診還是患者開始進行遠程醫療就診，這對我們來說並不重要，但我們做到了很快就看到了一種趨勢，我對此感到驚訝。

Yeah, that's impressive and if you think forward, if COVID begins to resurge and we see shutdowns, your business will be impacted, but you have the benefit of the Telehealth prescriptions to cushion you somewhat. Is that fair to say?

是的，這令人印象深刻，如果您向前考慮，如果 COVID 開始死灰復燃並且我們看到停工，您的業務將受到影響，但您可以從遠程醫療處方中獲得一定的緩衝。這樣說公平嗎？

It is.

這是。

Okay. And then next guys, if you could opine on your view of the likelihood that the final rule for extended Holter reimbursement plays out in line with the proposed rule, when we get that decision in early December. What is the likelihood of that?

好的。然後接下來的傢伙，如果你能就你對延長 Holter 報銷的最終規則是否符合擬議規則的可能性發表意見，當我們在 12 月初做出決定時。這種可能性有多大？

Oh Eugene. I can't opine on that and I can tell you, we're fingers crossed, we're hopeful, we think that there is a lot of work that went into it obviously and we like the fact that it's got permanent CPT coding structure. I think that is authenticating the fact that the product line is here to stay. So I know that there is some noise and chatter around where the price will ultimately end up, I don't have an opinion on that. We're hopeful that the proposed rates are adopted as proposed.

哦，尤金。我不能對此發表意見，我可以告訴你，我們很高興，我們充滿希望，我們認為顯然有很多工作要做，我們喜歡它具有永久 CPT 編碼結構的事實.我認為這證明了產品線將繼續存在的事實。所以我知道價格最終會在哪裡結束時會有一些噪音和喋喋不休，我對此沒有意見。我們希望提議的費率按照提議的方式採用。

So the guidance or the general growth outlook, you gave for next year is predicated on the pricing being consistent with where the proposed rule came out.

因此，您為明年提供的指導或總體增長前景是基於定價與擬議規則的出台相一致的。

So I would say that we took into account all known factors and out of our own risk adjusted our own as well and you know how we approach these things. So things could move in different directions. There is some pressure to have the conversion factor on MCOT delay, which could be upside. So we have looked at it from several different angles risk adjusted it and we're comfortable with 15 plus percent.

所以我想說我們考慮了所有已知因素，出於我們自己的風險調整了我們自己的風險，你知道我們如何處理這些事情。所以事情可能會朝不同的方向發展。MCOT 延遲的轉換因子存在一定的壓力，這可能是上行的。因此，我們從幾個不同的角度對其進行了風險調整，我們對 15% 以上的情況感到滿意。

Very good. Thank you.

很好。謝謝你。

And I would not characterize that as a disproportionate amount of our growth coming as a result of any rate increase.

而且我不會將其描述為由於任何利率增加而導致的不成比例的增長。

Okay, excellent. Thanks.

好的，很棒。謝謝。

We have our next question coming from the line of Michael Polark with Baird. Your line is open.

我們的下一個問題來自 Michael Polark 和 Baird。你的線路是開放的。

Hey, good evening. Joe and Heather. Thanks for the question. Maybe some cleanups to the prior questions for the third quarter. I'll just ask more directly the contribution to revenue from these small acquisitions in the third quarter. Do you have a sense for what that was, Roche plus the small amount of Centene.

嘿，晚上好。喬和希瑟。謝謝你的問題。也許對第三季度之前的問題進行一些清理。我將更直接地詢問第三季度這些小型收購對收入的貢獻。你知道那是什麼嗎，羅氏加上少量的 Centene。

No, I don't think that we think we brought them out.

不，我不認為我們認為我們把他們帶出來了。

Okay. And maybe a follow-up to Jayson's earlier question about framing margin for next year. I hear the comments about investing in sales force to support the growth in IT and R&D efforts, I hear all that, I guess, just as a comparator would you feel better if we anchored 2019 as kind of a normal rate of margin for your business or given that 2020 is an abnormal year and your margin will be down because of the pandemic disruption, but when we consider the glide path for margin, is it best still to anchor to 2019 as kind of the durable rate and then from there we can triangulate what a profitability level looks like in a 15% growth business or would you have us anchor to have 2020 might ultimately look.

好的。也許是傑森早先關於明年框架保證金的問題的後續行動。我聽到有關投資銷售人員以支持 IT 和研發工作增長的評論，我聽到了所有這些，我猜，就像一個比較器，如果我們將 2019 年錨定為您業務的正常利潤率，您會感覺更好或者鑑於 2020 年是不尋常的一年，並且由於大流行的中斷，您的保證金將下降，但是當我們考慮保證金的下滑路徑時，最好還是將 2019 年作為一種持久利率錨定，然後從那裡我們可以對增長 15% 的業務中的盈利水平進行三角測量，或者您是否會讓我們錨定到 2020 年最終可能會是什麼樣子。

Yeah, I would anchor the 2020 simply because, we introduced said Geneva became a higher percentage of our business. We introduced additional INR business and Centene all of which have lower growth and bottom line margin businesses. So that's actually incorporated to some extent into our Q3 numbers and that actually had a larger impact on our year-over-year decline in gross margin percentage relative to inefficiencies caused by lower fixed cost absorption.

是的，我會錨定 2020 年，僅僅是因為我們介紹說日內瓦在我們的業務中所佔的比例更高。我們引入了額外的 INR 業務和 Centene，所有這些業務的增長和底線利潤率都較低。因此，這實際上在某種程度上納入了我們的第三季度數據，並且相對於固定成本吸收較低導致的低效率，這實際上對我們的毛利率同比下降產生了更大的影響。

Yeah. that's good helpful, Heather. Thank you. And maybe the last one for you as well. You mentioned in your prepared remark V holding these PFS reimbursement proposals constant assuming no change as a part of the final rule but holding a constant the headwind from the unfavorable adjustment to conversion factor is offset by the -- more than offset by the extended wear Holter rates. What is that, could you put a finer point on that math. How does it shake out on a net basis or maybe frame up each of the two parts, so that if and when December rolls around and there is some variance that we need to absorb, we'll have something to anchor to.

是的。這很有幫助，希瑟。謝謝你。也許最後一個也適合你。您在準備好的評論 V 中提到，假設作為最終規則的一部分沒有變化，假設這些 PFS 報銷建議保持不變，但保持不變，不利調整轉換係數的逆風被 - 超過延長磨損 Holter 所抵消率。那是什麼，你能在這個數學上說得更清楚一點嗎？它是如何在淨基礎上動搖的，或者可能將兩個部分中的每一個都框起來，這樣，如果當 12 月到來並且我們需要吸收一些差異時，我們就會有一些東西可以錨定。

At this point in time though because as Joe mentioned, we ran various scenarios and we're comfortable with that 15% if something changes and would increase or decrease that number in a significant way before January, we will of course talk about that. So if December cost out and it's just wildly different than anything we would have expected and we'll change that number, we will talk about it.

在這個時間點，因為正如喬提到的那樣，我們運行了各種場景，如果發生變化並且會在一月份之前顯著增加或減少這個數字，我們對這 15% 感到滿意，我們當然會討論這個問題。因此，如果 12 月的成本與我們預期的完全不同，我們將更改該數字，我們將討論它。

Which is not in the historic practice of Medicare. I think it's important to stress that. The practice has not been to vary dramatically from the proposed schedule.

這不在醫療保險的歷史實踐中。我認為強調這一點很重要。這種做法與提議的時間表並沒有太大的不同。

I appreciate that. Do you think there's a chance they punts and you know, take some more time to figure all this out.

我很感激。你認為他們有機會下注嗎？你知道，需要更多時間來弄清楚這一切。

That's one of the possibilities, but we don't know.

這是可能性之一，但我們不知道。

We don't know.

我們不知道。

Okay. Last one actually. So I used to follow CRO, so I know the concept of bookings backlog and burn rate fairly well. What is the when you book a study, but sort of kind of average study duration of that project 12 months of revenue visibility, 24, how do you, how do you experience that historically?

好的。其實最後一個。所以我曾經關注CRO，所以我對預訂積壓和燃燒率的概念非常了解。當您預訂一項研究時，該項目的平均研究持續時間是 12 個月的收入可見性，24，您如何，您在歷史上是如何體驗的？

It actually varies between the two segments, imaging tends to be longer so you'll get over 12 months and cardiac tends to be shorter so they tend to be in the 12 month and under range. So it actually depends but overall there are north of 12 months.

它實際上在兩個部分之間有所不同，成像往往更長，所以你會超過 12 個月，而心臟往往更短，所以它們往往在 12 個月及以下。所以這實際上取決於但總體上還有 12 個月以北。

Thank you very much.

非常感謝。

We have our next question coming from the line of Mitra Ramgopal with Sidoti. Your line is open.

我們的下一個問題來自 Mitra Ramgopal 和 Sidoti。你的線路是開放的。

Yes, hi, good afternoon. Thanks for taking the questions. Actually, just wanted to follow up on the sales force expansion, I know, Joe, you talked about 15% to 20% in 2021, just trying to get a sense of what love year ending 2020 with and also with the hiring we're going to focus on any particular area, just pretty broad based with Boston Scientific, INR, Centene, et cetera.

是的，你好，下午好。感謝您提出問題。實際上，我只是想跟進銷售隊伍的擴張，我知道，喬，你談到了 2021 年的 15% 到 20%，只是想了解 2020 年結束的愛情年以及我們的招聘情況將專注於任何特定領域，與波士頓科學、INR、Centene 等有著相當廣泛的基礎。

Yeah, we definitely need more feet on street given the opportunities in the cardiac monitoring business. So that 15% to 20% is adjusted output and again I think now the expense of how we finished this year and if where our staffing level is at the end of this year, you'll see more growth. This is a process, it's already underway. So it's something that we knew was coming for a while. As we've talked about more opportunities for the team to capitalize on. So we're probably in 2021 at some point all in with account executives and then the people who are specialists in certain areas and probably north of 140, 150 people we ended 2019 with 115 to kind of give you that color on the amount of growth there. And that doesn't include people that we're adding on the pop health side so that's another area as Heather indicated, these are early years for some of these opportunities so we are funding.

是的，鑑於心臟監測業務的機會，我們肯定需要更多的人走上街頭。所以 15% 到 20% 是調整後的產出，我想現在我們今年完成的費用以及今年年底我們的人員配備水平如何，你會看到更多的增長。這是一個過程，它已經在進行中。因此，我們知道這將在一段時間內到來。正如我們已經談到了團隊可以利用的更多機會。因此，我們可能會在 2021 年的某個時候與客戶主管合作，然後是某些領域的專家，可能超過 140、150 人，我們在 2019 年結束時有 115 人，以使您了解增長量那裡。這不包括我們在流行健康方面增加的人，所以這是希瑟指出的另一個領域，這些是其中一些機會的早期階段，所以我們正在資助。

No, that's great and then quickly, just, again, given the environment, is it any easier to be able to expand the sales force?

不，這很好，然後很快，再次，考慮到環境，擴大銷售隊伍是否更容易？

I have not heard dramatic change from my team so I don't know if it's a whole lot easier or a whole lot harder.

我還沒有聽到我的團隊發生了巨大的變化，所以我不知道是容易多了還是難了很多。

Okay, that's fair. Again, well I know actually a great nice quarter. Thanks for taking the questions.

好吧，這很公平。同樣，我知道實際上是一個很棒的季度。感謝您提出問題。

We have our last question coming from the line of Bill Sutherland with The Benchmark Company. Your line is open.

我們的最後一個問題來自 Benchmark Company 的 Bill Sutherland。你的線路是開放的。

Thanks so. Hey, guys Great work here in 3Q. On the rate change with MCOT, is that MCOT alone or does that also include Event and Holter, the conversion factor.

非常感謝。嘿，伙計們，3Q 做得很好。關於與 MCOT 的比率變化，是單獨的 MCOT 還是包含 Event 和 Holter 的轉換因子。

So the conversion factor applies to everything on the physician fee schedule. So, yeah, but there's offsetting impacts of event and Holter with the RV use.

因此，轉換係數適用於醫生費用表上的所有內容。所以，是的，但是事件和動態心電圖對 RV 的使用會產生抵消性影響。

So RV use on all of it right or MCOT?

所以 RV 全部使用它還是 MCOT？

On event, it went down.

在事件中，它下降了。

Okay, so RV use on MCOT and Holter went up?

好的，所以 MCOT 和 Holter 上的 RV 使用率上升了？

Yeah, that's right.

是的，沒錯。

Offset by the conversion factor, although RV use went up in advance as well or not?

被轉換因子抵消，儘管 RV 的使用也提前上升了？

No, they went up in MCOT and Holter and they were down slightly in event and what I was saying is the impact of the change in the RV use plus the conversion factor give us offsetting factors for Event and Holter, it's neutral there when you add the two together.

不，它們在 MCOT 和 Holter 中上升，在事件中略有下降，我所說的是 RV 使用變化的影響加上轉換因子為我們提供了 Event 和 Holter 的抵消因子，當你添加時它是中性的兩者在一起。

Okay and the rates in MCOT to the other payers, kind of follow along with what Medicare is doing in a given year.

好的，MCOT 對其他付款人的費率，有點跟隨醫療保險在給定年份所做的事情。

No not necessarily. So we do when we forecast account for some type of halo effect, but now it's not so, it doesn't extrapolate to all of MCOT business.

不一定。因此，當我們預測某種類型的光環效應時，我們會這樣做，但現在並非如此，它並不能外推到所有 MCOT 業務。

Okay. That's helpful. That was just a cleanup question. That's all I've got. Thanks.

好的。這很有幫助。那隻是一個清理問題。這就是我所擁有的。謝謝。

Great. Thanks, Bill.

偉大的。謝謝，比爾。

There are no further questions at this time, I will now turn the call back over to Mr. Joseph Capper.

目前沒有其他問題，我現在將電話轉回給 Joseph Capper 先生。

Thank you and thanks everybody, thanks for your continued support and interest in the company. We will speak to you, some time in February. Operator, that concludes today's call.

謝謝大家，感謝大家一直以來對公司的支持和關注。我們將在二月的某個時候與您交談。接線員，今天的通話結束。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。

If you joined the conference late today. You may listen to the conference call via digital replay, which will be available through the Investor Information section of the BioTelemetry website at gobio.com until November 12, 2020. Thank you.

如果你今天晚些時候加入會議。您可以通過數字重播收聽電話會議，該電話將在 2020 年 11 月 12 日之前通過 BioTelemetry 網站 gobio.com 的投資者信息部分提供。謝謝你。