May 3, 2011 / 9:15 PM / 9 years ago

UPDATE 1-CardioNet posts smaller-than-expected Q1 loss

* Q1 adj loss/shr $0.02 vs. est $0.15 loss/shr

* Q1 rev $34 mln vs. est $30.9 mln (follows alerts)

May 3 (Reuters) - CardioNet Inc posted a narrower-than-expected quarterly loss, helped by its recent acquisition of Biotel Inc, which provides contract medical devices and research services.

CardioNet, whose devices are used to diagnose and monitor heart rhythm disorders, posted a first-quarter net loss of $1.6 million, or 6 cents a share, compared with a loss of $5.4 million, or 23 cents a share, a year ago.

Excluding items, it posted a loss of 2 cents a share.

Sales for the quarter rose 7 percent to $34 million. Biotel accounted for 10 percent of its revenue.

Analysts, on average, expected a loss of 15 cents a share, before items on revenue of $30.9 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $44.43 on Tuesday on Nasdaq. (Reporting by Shravya Jain in Bangalore; Editing by Saumyadeb Chakrabarty)

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