Cambridge Heart Reports 2003 Revenue Increase of 61%.Business Editors BEDFORD, Mass.--(BUSINESS WIRE)--Feb. 24, 2004 Revenue of U.S. Core Business Increased 103% Over Last Year Cambridge Heart, Inc. (OTCBB-CAMH) today reported revenue of $2,260,283 for the quarter ended December 31, 2003. This represents an increase of 110% over revenues of $1,074,336 for the same period in 2002. Net loss attributable to common shareholders for the quarter was $467,227, or $0.02 per share, compared to a loss of $1,409,796, or $0.07 per share for the same quarter last year. The Company's reported cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has at December 31, 2003 was $5,609,244. The Company reported revenue for the year ended December 31, 2003 of $6,944,911, an increase of 61% over the same period of 2002. Revenue from the sale of the Company's 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 ) products in the U.S., which the Company considers its core business, increased 369% for the quarter ended December 31, 2003 when compared to the same period of 2002 and 15% compared to the third quarter of 2003. For the year ended December 31, 2003, revenue from the Company's core business increased 103% over the same period of 2002. Net loss attributable to common shareholders for year ended December 31, 2003 was $4,920,910 or $0.25 per share compared to $5,922,685 or $0.30 per share for the same period of 2002. The reported net loss attributable to common shareholders includes a non-cash financing charge associated with the Company's Series A Convertible Preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". financing, completed in May 2003, of $1,533,280, or $0.08 per share. The Company would have reported a net loss of $3,387,630 for the year ended December 31, 2003, which would have resulted in a loss of $0.17 per share before the financing charge. "We are pleased with the excellent growth delivered by our core business in both the fourth quarter and full year 2003. The success in 2003 excites us about our prospects for continued growth in 2004. The Company finished the year with an improved earnings picture and a substantially stronger balance sheet than just one year ago." stated 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, Inc. Mr. Chazanovitz also stated, "We are honored to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. as the recipient of the 2004 Frost & Sullivan Award A Sullivan Award may refer to:
The Company will be holding a conference call at 10:00 a.m. eastern time Thursday, February 26, 2004 to discuss the accomplishments and financial results of the quarter and year just ended. The conference call phone in number is 800-992-7413 (outside the U.S. 801-303-7424). Interested parties may listen to a recording of the conference call at any time during the 48 hours immediately following the call by dialing 800-839-0860 (outside the U.S. 402-220-1490) and enter the code 1247. This playback Playback could mean:
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 (1) A periodic signal generated by hardware for activation and/or synchronization purposes. See MHz. (2) A periodic signal generated by hardware or software to indicate that it is still running. 1. called T-wave alternans. These tiny heartbeat variations - measured at one millionth of a volt volt [for Alessandro Volta], abbr. V, unit of electric potential and electromotive force. It is defined as the difference of electric potential existing across the ends of a conductor carrying a constant current of 1 ampere when the power dissipated is 1 watt. - 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 cardiac event Coronary event Cardiology Any severe or acute cardiovascular condition including acute MI, unstable angina, or cardiac mortality including sudden death, while those who test negative are at minimal risk. 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 1990, is based in Bedford, Massachusetts Bedford is a town in Middlesex County, Massachusetts, United States. It is within the Greater Boston area, some 15 miles north-west of the city of Boston. The population of Bedford was 12,595 at the 2000 census. and is traded on the OTCBB OTCBB See OTC Bulletin Board (OTCBB). 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 Statements contained in this press release about anticipated revenue growth, and all other statements that are not purely historical, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under 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. In some cases, we use words such as "believes", "expects", "anticipates", "plans", "estimates" and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements. Factors that may cause or contribute to such differences include failure to obtain funding necessary to develop or enhance our technology, adverse results in future clinical studies of our technology, failure to obtain or maintain patent protection for our technology, failure to obtain or maintain adequate levels of third-party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for use of our products and other factors identified in our most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. under "Factors Which May Affect Future Results", which is on file with the SEC. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation to do so, even if our estimates change.
Cambridge Heart, Inc.
Financial Highlights
(Unaudited)
Statement of Three months Twelve months
Operations ended December 31, ended December 31,
2003 2002 2003 2002
------------- ------------- ----------------------
Revenues $ 2,260,283 $ 1,074,336 $ 6,944,911 $ 4,307,377
Cost of goods sold 881,573 814,023 3,202,490 3,061,521
------------ ------------ ----------- ----------
1,378,710 260,313 3,742,421 1,245,856
Costs and expenses
Research and
development 161,087 303,763 944,325 1,387,946
Selling, general and
administrative 1,689,628 1,375,944 6,192,723 5,867,795
------------- ------------- ----------- ----------
Loss from
operations (472,005) (1,419,394) (3,394,627) (6,009,885)
Interest income
(expense) 4,778 9,598 6,997 87,200
------------- ------------- ----------- ----------
Net Loss $ (467,227) $(1,409,796)$(3,387,630)$(5,922,685)
Beneficial
Conversion Feature -- (1,533,280) --
------------- ------------------------------------
Net Loss
attributable to
common shareholders $ (467,227) $(1,409,796)$(4,920,910)$(5,922,685)
============= ====================================
Net loss per common
share - basic and
diluted $ (0.02) $ (0.07)$ (0.25)$ (0.30)
============= ====================================
Weighted average
shares outstanding
- basic and diluted 20,758,368 19,503,340 19,663,460 19,450,062
============= ============= =========== ==========
Balance Sheet December 31, December 31,
2003 2002
------------- -------------
Assets
------
Cash & Marketable
Securities $ 5,609,244 $ 3,093,412
Accounts receivable,
net 1,762,885 1,163,752
Inventory 469,811 667,889
Other prepaid assets 163,221 253,934
------------- -------------
Total current
assets 8,005,161 5,178,987
Fixed assets, net 235,875 461,344
Other assets 278,511 548,379
------------- -------------
$ 8,519,547 $ 6,188,710
============= =============
Liabilities and
stockholders'
equity
--------------------
Accounts payable and
accrued expenses $ 1,613,800 $ 1,223,689
Debt, current
portion 2,103 803,029
------------- -------------
Total current
liabilities 1,615,903 2,026,718
Debt, long-term
portion 3,681 5,584
------------- -------------
Total
liabilities $ 1,619,584 $ 2,032,302
------------- -------------
Series A Redeemable
Convertible
Preferred 4,588,814 0
Warrants to acquire
Series A
Redeemable
Convertible
Preferred Stock 1,024,150 0
------------- -------------
$ 5,612,964 $ 0
------------- -------------
Stockholders' equity
Common stock $ 21,179 $ 19,503
Additional paid-in-
capital 53,770,911 53,161,199
Accumulated deficit (52,411,924) (49,024,294)
Deferred
compensation (93,167) 0
------------- -------------
Total
stockholders'
equity 1,286,999 4,156,408
------------- -------------
$ 8,519,547 $ 6,188,710
============= =============
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