Cambridge Heart Reports Results for the Third Quarter 2007.BEDFORD, Mass. -- Cambridge Heart, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CAMH CAMH Centre for Addiction and Mental Health CAMH Contemporary Arts Museum Houston (Houston, TX) CAMH Comprehensive Accreditation Manual for Hospitals ), today reported total revenue of $2,672,760 for the quarter ended September 30, 2007, an increase of 32% from total revenue of $2,030,610 reported during the same period of 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 third quarter of 2007 was $1,994,543, compared to an operating loss of $925,688 for the same period in 2006. Included in the operating loss for the third quarter of 2007 was $647,200 of non-cash stock-based compensation expense. The net loss for the quarter was $1,802,628, or $0.03 per share, compared to a net loss of $818,118, or $0.01 per share, in the comparable 2006 period. Revenue for the third quarter 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. ("Alternans") products was $2,458,400, an increase of 42% compared with the same period in 2006. In the third quarter of 2007, sales from the Company's HearTwave II system increased 10.0% over the second quarter of 2007. The Company reported total revenue for the nine months ended September 30, 2007 of $7,915,439, an increase of $2,700,930, or 52%, compared to total revenue of $5,214,509 for the same period in 2006. For the nine months ended September 30, 2007, revenue from Alternans products was $7,002,300, an increase of $2,705,300 or 63%, compared to revenue of $4,297,000 in the same period in 2006. The operating loss for the 2007 nine-month period was $7,670,882, an increase of $5,457,447, compared to an operating loss of $2,213,435 in the same period in 2006. The operating loss for the 2007 nine-month period included $3,048,700 in non-cash stock based compensation expense, of which $1,287,800 was related to stock options granted to the Company's former Vice President - Business Development under a four month consulting agreement that expired on March 31, 2007. The net loss for the nine months ended September 30, 2007 was $7,161,044, or $0.11 per share, compared to a net loss of $8,196,676, or $0.14 per share, in the same period in 2006. The net loss for the 2006 period included a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $6,264,700 related to the change in value of Series B warrants. As of March 31, 2006, all of the Series B warrants had been exercised and converted into shares of the Company's common stock. The Company's cash used by operations was $1,689,772 and $6,051,156, respectively, for the three and nine months ended September 30, 2007. The Company had 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 of $14,177,961 at September 30, 2007. The Company currently has a total of 68.9 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 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. in March 2007. In addition, there are options and warrants outstanding to purchase 7.1 million common equivalent shares, bringing the fully diluted share count to 76.0 million common equivalent shares. "In the third quarter, we worked closely with St. Jude Medical to further integrate T-Wave Alternans into a comprehensive referral strategy. We will continue this collaboration in the quarters ahead through physician referral programs and other co-marketing initiatives," stated Robert Khederian, Chairman and Interim Chief Executive Officer of Cambridge Heart. "St. Jude Medical is committed to our joint sales and co-marketing efforts with Cambridge Heart. We are enthusiastic about the utility of MTWA MTWA Microvolt T-Wave Alternans MTWA Maximum Total Weight Authorised MTWA Metro Toronto Wrestling Association MTWA Maximum Takeoff Weight Authorized as a method of stratifying patients at higher risk 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. to ensure the delivery of appropriate therapy," stated Mike Rousseau, President of the U.S. Division of St. Jude Medical. Conference Call Information The Company will hold a conference call at 4:30 p.m. eastern on Monday, November 12, 2007, to discuss the results for the 2007 third quarter. The conference call dial-in number is 1.800.510.0219 (outside the U.S. 1.617.614.3451), passcode 95013260. Interested parties may listen to a recording of the conference call at any time during the 7 days immediately following the call by dialing 1.888.286.8010 (outside the U.S. 1.617.801.6888) and enter the passcode 86471619. 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 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 under the symbol CAMH. 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] [TABLE OMITTED] |
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