Telemedicine company Card Guard reports 400% leap in 2000 revenues to $58m

Says growth was generated internally and through acquisitions

Ilan Mosnaim
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Ilan Mosnaim

Telemedicine company Card Guard Medical Survival (SWX:CGSZn.S) reported record results for the fourth quarter of 2000 and for the year.

The Rehovot-based company, which trades in Switzerland at a value of $680 million, reported quarterly income of $24.3 million and a net profit of $5 million.

For the year 2000, revenues soared almost 400% to $57.6 million. Its net jumped to $10 million, from $1.5 million in 1999.

The company explained that its phenomenal growth had been partly generated internally, and partly by acquisitions of complementary technology. Strategic partnerships had helped, as did expanding activity outside Israel.

The company's activity in the United States burgeoned after it bought LifeWatch in January 2000. Card Guard's American activities generated $43.6 million in 2000. Of this sum, $23 million came from sales of new products and $20 million from monitoring services.

Card Guard added that its acquisition of Quality Diagnostic Services from Matria Healthcare (Nasdaq:MATR) in January 2001 should expand its monitoring services in the U.S. QDS also engages in telemedicine and cardiac monitoring.

Beyond cardiac monitoring services, Card Guard develops and markets systems that connect between patient homes and clinics. The systems monitor cardiac and pulmonary conditions at the patient's home, and transmit the information to clinics for analysis. This activity is carried out through Card Guard subsidiaries Card Guard and Instromedix, bought in August 2000 for $30 million.

Card Guard has subsidiaries in the United States, Europe, Brazil, Canada, and Japan. The company went public on the Swiss New Exchange in November 1999, raising $60 million. In October 2000 it completed a secondary offering bringing proceeds of $100 million.

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