Cambridge Heart Reports Results for the First Quarter 2007.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. revenue up 21% sequentially over Q4 2006 BEDFORD, Mass. -- Cambridge Heart, Inc. (OTCBB-CAMH) today reported total revenue of $2,589,500 for the quarter ended March 31, 2007, an increase of 83%, compared to total revenue of $1,419,000 for the same period in 2006. Revenue for the first quarter from the sale of the Company's Microvolt microvolt one-millionth (10-6) of a volt; abbreviated µV. T-Wave Alternans ("Alternans") products was $2,308,000, an increase of 111% compared with the same period in 2006. On a sequential basis, total revenue increased 17% from revenue reported for the quarter ended December 31, 2006, while the Company's revenue from the sale of Alternans products totaled $2,308,000, an increase of $402,000, or 21%, compared to Alternans revenue of $1,907,000 for the quarter ended December 31, 2006. The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the first quarter of 2007 was $3,252,900, compared to an operating loss of $645,200 for the same period in 2006. Included in the operating loss for the first quarter of 2007 was $1,288,000 of non-cash stock-based compensation expense related to the contractual relationship with the Company's Vice President - Business Development. The net loss for the quarter was $3,155,900, or $0.05 per share, compared to a net loss of $6,837,000, or $0.13 per share, in the comparable 2006 period. The net loss for the 2006 period included a non-cash charge of $6,264,700 related to a change in the value of the Company's Series B warrants. The Company's cash used by operations was $1,411,000 for the three months ended March 31, 2007. Cash use is expected to continue to increase materially in future quarters as the Company builds out its manufacturing operations and clinical applications group to support the St. Jude Medical St. Jude Medical, Inc. NYSE: STJ is a $2.9 billion global cardiovascular device company, with headquarters in St. Paul, Minnesota, United States. The company sells products in more than 100 countries and has over 20 operations and manufacturing facilities worldwide. relationship, and its working capital requirements increase in line with expected growth. The Company had cash and marketable securities of $18,502,500 at March 31, 2007. The Company currently has a total of 68.5 million shares of common stock and common stock equivalents issued and outstanding, including the effect of converting the Series C preferred stock purchased by St. Jude Medical in March 2007. In addition, there are options and warrants outstanding to purchase 7.4 million common equivalent shares, bringing the fully diluted share count to 75.9 million common equivalent shares. "We are pleased with the continued revenue growth realized both in terms of the year-over-year and sequential increases," stated Robert Khederian, Chairman and Interim Chief Executive Officer of Cambridge Heart. "We are now focused on working with St. Jude Medical in order to gain increased visibility and adoption of our MTWA MTWA Microvolt T-Wave Alternans MTWA Maximum Total Weight Authorised MTWA Metro Toronto Wrestling Association MTWA Maximum Takeoff Weight Authorized technology." Conference Call Information The Company will hold a conference call at 4:30 p.m. eastern on Monday, May 7th to discuss the results for the 2007 first quarter. The conference call phone-in number is 1.800.591.6930 (outside the U.S. 1.617.614.4908), passcode 66107027. Interested parties may listen to a recording of the conference call at any time during the 48 hours immediately following the call by dialing 1.888.286.8010 (outside the U.S. 1.617.801.6888) and enter the passcode 79674030. This playback will begin approximately two hours after the call ends. The conference call will also be available by webcast on the Company's web site at www.cambridgeheart.com. About Cambridge Heart, Inc. Cambridge Heart (www.cambridgeheart.com) is engaged in the development and commercialization of products for the non-invasive diagnosis of cardiac disease, particularly the identification of those at risk of sudden cardiac arrest. The Company's products incorporate its proprietary Microvolt T-Wave Alternans measurement technologies, coupled with its patented Spectral Analytic Method and ultra-sensitive disposable electrode sensors. Only Spectral Analytic Method MTWA tests are reimbursed by Medicare under its National Coverage Policy that covers patients with a wide variety of cardiac symptoms. Other major insurers in the USA also have coverage policies for the test. The T-Wave Alternans test is included in the Guideline for Management of Patients with Ventricular Arrhythmias and the Prevention of Sudden Cardiac Death Sudden Cardiac Death Definition Sudden cardiac death (SCD) is an unexpected death due to heart problems, which occurs within one hour from the start of any cardiac-related symptoms. SCD is sometimes called cardiac arrest. jointly developed by the American College of Cardiology The American College of Cardiology (ACC) is a nonprofit medical association established in 1949 to educate, research and influence health care public policy. The president for the 2006–2007 year is Steven E. Nissen. [1] The organization has 39 chapters in the U.S. (ACC See adaptive cruise control. ), The American Heart Association American Heart Association (AHA), n.pr a national voluntary health agency that has the goal of increasing public and medical awareness of cardiovascular diseases and stroke, and thereby reducing the number of associated deaths and disabilities. (AHA) and the European Society of Cardiology The European Society of Cardiology (ESC) represents more than 50,000 cardiology professionals across Europe and the Mediterranean. Its mission is to reduce the impact of cardiovascular disease in Europe. (ESC See escape character and escape key. See also ESC/P. ESC - escape ). The Company, founded in 1990, is based in Bedford, Massachusetts 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 . About the Cambridge Heart Microvolt T-Wave Alternans Test The Cambridge Heart Microvolt T-Wave Alternans Test measures a specific extremely subtle pattern of beat-to-beat fluctuations in a person's electrocardiogram electrocardiogram /elec·tro·car·dio·gram/ (-kahr´de-o-gram?) a graphic tracing of the variations in electrical potential caused by the excitation of the heart muscle and detected at the body surface. . This pattern of fluctuations is called T-wave alternans. These tiny variations in the electrocardiogram - measured at one millionth of a volt accuracy - are most commonly measured during a sub-maximal exercise stress test in the doctor's office or hospital outpatient setting. The preparation for the test consists of placing proprietary sensors on the patient's chest. Extensive clinical research has shown that those patients who are at risk of ventricular tachyarrhythmia tachyarrhythmia /tachy·ar·rhyth·mia/ (tak?e-ah-rith´me-ah) any disturbance of the heart rhythm in which the heart rate is abnormally increased. tach·y·ar·rhyth·mi·a n. that test positive for microvolt T-wave alternans are at increased risk for sudden cardiac death, while those who test negative are at reduced risk. Statements contained in this press release are forward-looking statements for purposes of the safe harbor 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", "could", 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 achieve broad market acceptance of the Company's MTWA technology, failure to achieve broad market acceptance of the Company's MTWA technology, failure of our sales and marketing partner to market our products effectively, inability to hire and retain qualified clinical applications specialists in the Company's target markets, failure to obtain or maintain adequate levels of third-party reimbursement for use of the Company's MTWA test, customer delays in making final buying decisions, decreased demand for the Company's products, 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 and other factors identified in our most recent Annual Report on Form 10-K under "Risk Factors", which is on file with the SEC and available at www.EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. .com. 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 any obligation to do so except as may be legally necessary, even if our estimates should change. -Financial information follows- [TABLE OMITTED] |
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