Cambridge Heart Announces Preliminary Fourth Quarter Revenue Results; Medicare Increases Payment for Microvolt T-Wave Alternans Test by 50%.Business Editors/Health/Medical Writers BEDFORD, Mass.--(BUSINESS WIRE)--Jan. 9, 2003 Cambridge Heart, Inc. (NASDAQ-CAMH) today announced that it expects to report revenues of approximately $1,074,000 and $4,307,000 for the three and twelve month periods ended December 31, 2002, an increase of 25% and 38%, respectively, from the same periods of 2001, and a decrease of 16% from the three month period ended September 30, 2002. Further details of the 4th quarter and year end results will be discussed during the company's regularly schedule financial conference call later in the 1st quarter of 2003. The Company also announced that effective March 1, 2003, the average national Medicare payment for a Microvolt microvolt one-millionth (10-6) of a volt; abbreviated µV. T-Wave Alternans T-wave alternans Cardiology A subtle every-other-beat variation in T waves that is prognostic of Pts at high risk for life-threatening cardiac arrhythmias and sudden cardiac death. See Alternans test. (MTWA MTWA Microvolt T-Wave Alternans MTWA Maximum Total Weight Authorised MTWA Metro Toronto Wrestling Association MTWA Maximum Takeoff Weight Authorized ) Test will increase from approximately $267.00 to approximately $400.00. This information was published in the December 31, 2002 edition of the Federal Register. Current Procedural Terminology Current Procedural Terminology See CPT. (CPT CPT See: Carriage Paid To ) Code 93025 is used when submitting for reimbursement of claims to either Medicare or private insurers and is unique to Microvolt T-Wave Alternans. "The increase to the CPT payment is substantial and represents a positive event for Cambridge Heart and its customers." said David Chazanovitz, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cambridge Heart. "While the 4th quarter's result did not meet our expectations, we believe the increase in reimbursement will provide additional financial incentive for cardiologists to perform a MTWA Test. This together with the test's proven clinical value and the expected impact of our recently announced Master Study, add to our belief that the momentum demonstrated earlier in 2002 will be regained in the 1st quarter of 2003." About the Cambridge Heart Microvolt T-Wave Alternans Test The Cambridge Heart Microvolt T-Wave Alternans Test measures extremely subtle beat-to-beat fluctuations in a person's heartbeat called T-wave alternans. These tiny heartbeat variations - measured at one millionth of a volt - are detected in any clinical setting where titration titration (tītrā`shən), gradual addition of an acidic solution to a basic solution or vice versa (see acids and bases); titrations are used to determine the concentration of acids or bases in solution. of the heart rate is possible. The preparation for the test consists of placing proprietary sensors on a patient's chest. Extensive clinical research has shown that patients with symptoms of or at risk of life threatening arrhythmias who test positive for T-wave alternans are at significant risk for subsequent sudden cardiac events including sudden death. About Cambridge Heart Cambridge Heart is engaged in the research, development and commercialization of products for the non-invasive diagnosis of cardiac disease. Using innovative technologies, the company is addressing such key problems in cardiac diagnosis as the identification of those at risk of sudden cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. . The Company's products incorporate its proprietary technology, Microvolt T-Wave Alternans, and are the only diagnostic tools cleared by the U.S. Food and Drug Administration to non-invasively measure microvolt levels of T-wave alternans. The Company, founded in 1992, is based in Bedford, Massachusetts and is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market under the symbol CAMH CAMH Centre for Addiction and Mental Health CAMH Contemporary Arts Museum Houston (Houston, TX) CAMH Comprehensive Accreditation Manual for Hospitals . Cambridge Heart can be found on the World Wide Web at www.cambridgeheart.com. This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Any statements contained in this press release that relate to prospective events or developments are deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will" and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: failure to achieve or maintain profitability, failure to obtain funding necessary to develop or enhance our technology, failure to achieve broad market acceptance of our products and other factors discussed in our most recent quarterly report filed with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company specifically disclaims any obligation to update these forward-looking statements. |
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