What's in a name?: CardioNet now BioTelemetry, UBPS now JetPay

Tom Paine

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As of today, Conshohocken-based CardioNet is now BioTelemetry, refecting a new holding company structure it adopted. CardioNet is still an operating unit of BioTelemetry, and the company still trades on the NASDAQ under the symbol "BEAT". The corporate name change reflects in part broader ambitions beyond remote wireless cardiac monitoring to include monitoring other vital health indicators as well.

Also, CardioNet's financial results released on Tuesday suggest the company might be on the comeback trial from a long slump that began when Medicare and some private insurers cut its reimbursement rates. Revenue in the second quarter increased 17% over the prior year to $32.1 million. Net loss for the quarter was $2.3 million, but the company says that after excluding expenses related to restructuring and other nonrecurring charges, the company posted a (non-GAAP) slight net profit, its first in nearly four years. Shares jump by 38% to $7.56 yesterday on the results.

During the quarter, CardioNet also added coverage from UnitedHealth Group for all of its services.

The company also recently signed a lease to relocate its headquarters from Conshohocken
to Malvern.

In other name change news, Bipin Shah's Berwyn-based Universal Business Payment Solutions Acquisition Corporation (that's a mouthful) has changed its name to JetPay Corporation. UBPS acquired JetPay LLC – a debit and credit card processing company specializing in Internet and recurring payments – last December. As of August 12, the company's symbol on the NASDAQ Capital Market will change from “UBPS” to “JTPY” to reflect the new name.