Using a HRM to measure calories?

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Do HRMs measure the acutal calories burned for an activity or do they deduct the BMR for that period of time? In other words if I exercise for an hour and my BMR is say 2400 (just to keep the math simple) do I subtract 100 calories (assuming that the BMR is constant througout the day, which it probably isn't) from what the HRM says? Can anyone speak to any of this or point me at some good reference materials...

Thanks!

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