Cambridge Heart Reports 52% Revenue Increase; Core Business Shows 38% Quarterly Revenue Growth.Business Editors & Health/Medical Writers BEDFORD, Mass.--(BUSINESS WIRE)--Oct. 28, 2002 Cambridge Heart, Inc. (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 :CAMH CAMH Centre for Addiction and Mental Health CAMH Contemporary Arts Museum Houston (Houston, TX) CAMH Comprehensive Accreditation Manual for Hospitals ) today reported record revenues of $1,273,582 for the quarter ended September 30, 2002. This represents an increase of 52% over revenues of $836,861 for the same period in 2001. Net loss for the quarter was $1,251,022, or $0.06 per share, compared to a loss of $1,461,476, or $0.09 per share for the same quarter last year. The Company ended the quarter with $4,131,762 of 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 . For the nine month period ended September 30, 2002, revenue was $3,233,041 as compared to $2,253,809 for the same period in 2001, an increase of 43%. Net loss for the nine months of 2002 was $4,512,887, or $0.23 per share, compared to a loss of $4,877,735 or $0.29 per share for the same period last year. Revenue from the Company's core business (U.S. sales of 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. systems and sensors
1. alternating; see pulsus alternans. 2. alternation. Sensors increased 122% over the third quarter of 2001, and 23% compared to the second quarter of 2002. "We are extremely pleased with our overall third quarter results. Our quarterly revenue increase is the single largest dollar increase in the Company's history," 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. "I am very encouraged by the significant improvement in our gross margins. The 11 percentage point increase from the previous quarter demonstrates that our revenues are approaching the level where the profit contribution of our higher margin core products is becoming apparent." Additionally, the Company stated that it has submitted an application to transfer the listing of its common stock from the NASDAQ National Market to the NASDAQ Small Cap Market where trading in the stock will continue under the symbol CAMH. The Company anticipates that the change will become effective in mid November. The Company will be holding a conference call today at 4:30 p.m. eastern time to discuss the accomplishments and financial results of the quarter 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 1491. 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 NASDAQ/NMS under the symbol CAMH. Cambridge Heart can be found on the World Wide Web at www.cambridgeheart.com. Statements contained in this press release about obtaining third-party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. four use of our products, 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 for use of our products and other factors identified in our most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. 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
Statement of
Operations Three months ended Nine months ended
September 30, September 30,
2002 2001 2002 2001
(Unaudited) (Unaudited)
Revenues $1,273,582 $836,861 $3,233,041 $2,253,809
Cost of goods
sold 787,743 659,166 2,247,498 1,770,124
485,839 177,695 985,543 483,685
Costs and expenses
Research and
development 296,235 353,959 1,084,182 1,379,315
Selling, general
and
administrative 1,459,270 1,360,891 4,491,850 4,347,319
Loss from
operations (1,269,666) (1,537,155) (4,590,489) (5,242,949)
Interest income 18,644 75,679 77,602 365,214
Net Loss $(1,251,022) $(1,461,476) $(4,512,887) $(4,877,735)
Net loss per
share - basic
and diluted $(0.06) $(0.09) $(0.23) $(0.29)
Weighted average
shares outstanding
- basic and
diluted 19,470,357 17,066,923 19,432,107 17,062,125
Balance Sheet September 30, December 31,
2002 2001
(Unaudited)
Assets
Cash & Marketable Securities $4,131,762 $8,738,340
Accounts receivable, net 1,059,060 995,476
Inventory 580,517 673,666
Other prepaid assets 405,020 141,268
Total current assets 6,176,359 10,548,750
Fixed assets, net 473,884 662,024
Other assets 569,104 688,775
$7,219,347 $11,899,549
Liabilities and stockholders' equity
Accounts payable and accrued expenses $1,076,745 $1,231,488
Debt, current portion 578,930 648,322
Total current liabilities 1,655,675 1,879,810
Debt, long-term portion 19,514 101,481
Total liabilities $1,675,189 $1,981,291
Stockholders' equity
Common stock $19,470 $19,267
Additional paid-in-capital 53,139,184 53,010,063
Accumulated deficit (47,614,496) (43,101,609)
Deferred compensation 0 (9,463)
Total stockholders' equity 5,544,158 9,918,258
$7,219,347 $11,899,549
The Company intends to file its quarterly report on Form 10-Q with
the Securities and Exchange Commission shortly. Interested parties are
encouraged to review this report.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion