IRTC - BioTelemetry Has Sequential Upside Via Double-Digit Growth Into 2021

• BioTelemetry has had a better than expected third quarter, leveraging new patient uptake plus clinician accounts in their healthcare and continuous care segments.
• Management have secured better lending terms on their revolving facility, and cash runaway is well over 2 years.
• We see sales growth of 12%-15% over the next 12 months, in line with guidance.
• The company remains insulated via its extensive database and exposure to medical technology for patient data collection.
• We are bullish on the long-term outlook of the company and set a price target of $53.

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