HEALTHWATCH REPORTS SECOND QUARTER RESULTS
HEALTHWATCH REPORTS SECOND QUARTER RESULTS BROOMFIELD, Colo., Jan. 30 /PRNewswire/ -- HealthWatch Inc.
(NASDAQ: HEAL) reported today results of operations for the second quarter ended Dec. 31, 1991. Sales of $1,852,260 for the three months were off 3 percent, as compared to sales of $1,908,412 the prior year second quarter. HealthWatch's net loss increased to $717,723 for the quarter, as compared to a loss of $400,056 the prior year quarter. Second quarter results were adversely impacted by expenses incurred with the consolidation of the company's New Hampshire manufacturing operations with its Colorado operations and an increased investment in sales and marketing to roll-out a new nationwide physician office distribution channel. In addition, sales appear to have been adversely affected as many hospitals and physicians delayed purchases until release of proposed changes in Medicare's reimbursement schedule.
Sales of $4,257,067 for the six months ended Dec. 31, 1991 represented a 70 percent increase, as compared to sales of $2,504,512 for a similar period in the prior year. Results for the six month period were a net loss of $988,325 versus a net loss of $865,969 for the like period in the prior year. "We are very optimistic about the progress we have made since the completion of our stock offering," said Sanford L. Schwartz, chairman and CEO of HealthWatch. "We have strengthened our sales organization through the recruitment of new highly experienced management. Hospitals and office-based physicians are responding positively to Medicare's new reimbursement schedule as it relates to the diagnostic tests performed with our products. And, we are encouraged about our prospects for the remainder of the year, with our decreased operating expenses following consolidation of operations and our expanded distribution channels." HEALTHWATCH INC. Financial Summary Quarter Ended Six Months Ended Dec. 31, Dec.31, 1991 1990 1991 1990 Revenue $1,852,260 $1,908,412 $4,257,067 $2,504,512 Net loss $(717,723) $(400,056) $(988,325) $(865,969) Per share $(.17) $(.13) $(.27) $(.32) Shares outstanding 4,206,906 3,009,450 3,707,208 2,708,817 Based in Broomfield, HealthWatch is a developer, manufacturer and distributor of medical instrumentation for the purpose of screening, diagnosis and management of human cardiovascular disease, the leading cause of death in the U.S. -0- 1/30/92 /CONTACT: Sanford L. Schwartz of HealthWatch, 303-465-2000/ (HEAL) CO: HealthWatch Inc. ST: Colorado IN: MTC SU: ERN
MC -- DV002 -- 5085 01/30/92 09:04 EST
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|Date:||Jan 30, 1992|
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