Cardiotronics announces third-quarter results.CARLSBAD, Calif.--(BUSINESS WIRE)--Nov. 9, 1995--Cardiotronics Systems Inc. Thursday reported that its sales for the third quarter ended Sept. 30, 1995, reached $2,369,211, a record level for any quarter and an increase from sales of $443,123 in the prior year period. Sales for the nine-month period ended Sept. 30, 1995, reached $6,191,706, compared with $1,205,006 in the prior year. Cardiotronics reported a third-quarter loss of $859,685, compared with a loss of $513,536 in the prior year. For the nine-month period, the company's loss was $3,555,537, compared with $1,155,321 in the prior year. Third-quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results include those of R2 Medical Systems which was acquired in September 1994. Although comparable results are not available, management estimates that third-quarter sales represented an increase of approximately 55 percent, compared with the combined sales of the two companies in the prior year. Cardiotronics expense levels continue to be impacted by inventory adjustments and other factors related to the acquisition and consolidation of R2 Medical Systems. Ronald Bromfield, president and chief executive officer of Cardiotronics, said: ``Although there remain significant challenges ahead, we are pleased with the improvement in operating results achieved in the third quarter. The sales growth acceleration and gross margin improvement vs. the second quarter are beginning to evidence the potential long-term benefits from our acquisition of R2 Medical. ``We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the investments we are making to establish Cardiotronics as the leading competitor in the stimulation electrode electrode, terminal through which electric current passes between metallic and nonmetallic parts of an electric circuit. In most familiar circuits current is carried by metallic conductors, but in some circuits the current passes for some distance through a market will benefit Cardiotronics profitability and growth in 1996 and beyond.'' Cardiotronics also announced that David Schlotterbeck has joined its board of directors. An experienced medical industry executive, Schlotterbeck is currently president and chief executive officer of Pacific Communications Inc. and was previously executive vice president of Nellcor Inc. Schlotterbeck replaced Raymond Screbant who resigned last December. Cardiotronics develops, manufactures and markets medical devices for acute management of heart rate disorders. The company's disposable stimulation electrodes Electrodes Tiny wires in adhesive pads that are applied to the body for ECG measurement. Mentioned in: Electrocardiography are applied to a patient's chest in order to facilitate external defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. and pacing of patients experiencing an irregular HEIR, IRREGULAR. In Louisiana, irregular heirs are those who are neither testamentary nor legal, and who have been established by law to take the succession. See Civ. Code of Lo. art. 874. heart rate as a result of a heart attack or an interventional heart procedure such as coronary coronary /cor·o·nary/ (kor´o-nar?e) encircling like a crown; applied to vessels, ligaments, etc., especially to the arteries of the heart, and to pathologic involvement of them. cor·o·nar·y adj. angioplasty angioplasty (ăn`jēōplăs'tē), any surgical repair of a blood vessel, especially balloon angioplasty or percutaneous transluminal coronary angioplasty, a treatment of coronary artery disease. , cardiac arrhythmia cardiac arrhythmia n. See cardiac dysrhythmia. Cardiac arrhythmia An irregular heart rate or rhythm. Mentioned in: Holter Monitoring, Stress Test cardiac arrhythmia ablation ablation /ab·la·tion/ (-shun) 1. separation or detachment; extirpation; eradication. 2. removal or destruction, especially by cutting. ab·la·tion n. and open-heart surgery open-heart surgery Any surgical procedure opening the heart and exposing one or more of its chambers, most often to repair valve disease or correct congenital heart malformations (see congenital heart disease). . Cardiotronics' common stock trades over-the-counter under the symbol CDIO CDIO Conceive Design Implement Operate (engineering model) CDIO Collateral Duty Intelligence Officer . -0-
Cardiotronics Systems Inc. and Subsidiary
Consolidated Statements of Operations
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1995 1994 1995 1994
Net sales $ 2,369,211 $ 443,123 $ 6,191,706 $ 1,205,006 Cost of sales 1,283,899 128,606 3,283,343 361,391 Gross profit 1,085,312 314,517 2,908,363 843,615 Expenses Selling, general and administrative 1,406,309 815,478 4,239,862 1,967,693 Research and development 98,515 21,735 273,217 53,215 Patent litigation 102,316 -- 950,820 -- Amortization of intangible assets 234,981 -- 704,726 -- Operating loss (756,809) (522,696) (3,260,262) (1,177,293) Interest income 10,747 18,792 35,403 40,643 Interest expense 113,623 9,632 330,678 18,671 Net loss $ (859,685) $ (513,536) $(3,555,537) $(1,155,321) Net loss per common share $ (1.82) $ (1.09) $ (7.54) $ (2.45) Weighted average number of common shares outstanding/a 471,802 471,802 471,802 471,802
(a) Excludes preferred stock convertible into 2,892,031 shares of
common stock in 1994 and 1995.
CONTACT: Cardiotronics Systems Inc., Carlsbad Craig Dvorak, 619/431-9446 |
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