Cardiac services vendor Raytel Medical saw lower results for the first fiscal quarter of 2000 (end-December 31, 1999), reporting revenues of $23.9 million, compared to $25.8 million for the same period last year. Net income for the quarter was $900,000, down from $1.4 million earned in the first quarter of fiscal 1999.
Company chairman and CEO Richard Bader said the downturn was primarily the result of problems with the automation program the company initiated last summer in its cardiac information services business. The problems have largely been resolved, and the company expects to regain lost ground in the first quarter of 2000, Bader said, adding that the company's diagnostic imaging services division turned in a strong performance for the quarter.
Raytel said it has retained investment bankers who will continue to explore ways to enhance shareholder value, including acquisitions, and the potential divestiture of existing business sectors. Raytel, based in San Mateo, CA, provides information services to physicians and patients with cardiovascular disease.
By AuntMinnie.com staff writers
February 14, 2000
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