Arrhythmia Research Technology, Inc. Announces Third Quarter Results
2011年11月14日 - 11:13PM
Marketwired
Arrhythmia Research Technology, Inc. (the "Company") (NYSE Amex:
HRT) and its subsidiaries reported total revenue of $6,789,000 and
net loss of $74,000 for the three months ended September 30, 2011
compared to total revenue of $5,888,000 and net income of $120,000
for the same quarter of 2010. Net loss per share for the three
months ended September 30, 2011 was $0.03 per share compared to
$0.04 in earnings per share for the same period in 2010.
For the nine months ended September 30, 2011, total revenue was
$18,990,000 and net loss was $301,000 as compared to total revenue
of $17,256,000 and net income of $441,000 for the same period in
2010. Net loss per share for the nine months ended September 30,
2011 was $0.11 as compared to earnings per share of $0.16 for the
same period in 2010.
James E. Rouse, the Company's President and CEO, commented, "In
the third quarter Micron Products' sensor business had very strong
sales which produced an increase in consolidated revenues of 15.3%
as compared to the same period in 2010. The combination of unit
volume growth of over 13% and the high price of silver increased
Micron's sensor business revenues by approximately 69% in the
quarter as compared to the third quarter in 2010. This increase in
revenues was partly offset by a 32% drop in third quarter sales of
custom products by our Micron Integrated Products division due to
lower sales of defense and automotive products.
Although continued investment in WirelessDx, our start-up
medical services subsidiary resulted in a net loss of $.03 per
share in the quarter, we were pleased with the improvement compared
to our second quarter net loss of $.08 per share. The $450,000
increase in income from operations for Micron in the third quarter
over the same period last year largely offset the $455,000 increase
in operational losses incurred by the WirelessDx entity over the
same period in 2010.
Patient referrals to WirelessDx have increased for the fourth
consecutive quarter. However, expenditures for scale up in
operational infrastructure outpaced revenues. These activities
produced an approximate $665,000 operating loss for this subsidiary
for the quarter. WirelessDx continues to focus its marketing
efforts on medical service providers and institutions that benefit
from wireless patient monitoring techniques. As business
development, implementation and anticipated revenues accelerate, we
expect WirelessDx expenses and capital expenditures to impact
consolidated operating results and cash through 2011 and into 2012.
Recent milestones include assignment by Medicare of a required
provider number for our Kentucky facility and the signing of a
contract with the Department of Veterans Affairs to provide
external patient monitoring services for the Lexington Kentucky VA
Medical Center. Revenues from this contract are expected following
full implementation in the fourth quarter of 2011 or early 2012.
The Company's balance sheet remains strong and we are confident
that our continuing investments in our current business development
programs will position the Company for near and long term growth
from our diverse lines of business, especially in its Micron
Products and WirelessDx subsidiaries." About Arrhythmia Research
Technology, Inc. The Company through its wholly-owned subsidiary,
Micron Products, Inc., manufactures silver plated and non-silver
plated conductive resin sensors and distributes metal snaps used in
the manufacture of disposable ECG, EEG, EMS and TENS electrodes.
Micron's MIT division provides end-to-end product life cycle
management through a comprehensive portfolio of value-added
services such as design, engineering, prototyping, manufacturing,
machining, assembly and packaging. MIT manufactures custom
injection molded products for medical, electronic, industrial and
consumer applications, and provides high end mold design,
manufacturing and precision machining for various industries. The
Company's wholly-owned subsidiary, RMDDxUSA Corp. and its Canadian
subsidiary, RMDDx Corporation, branded "WirelessDx", is dedicated
to the development and commercialization of medical devices and
services, medical information technology, medical diagnostics and
remote patient monitoring through wireless, Internet and
telecommunication technologies. The Company's products also include
a customizable proprietary signal-averaging electrocardiography
(SAECG) software used in the detection of potentially lethal heart
arrhythmias and that is reconfigurable for a variety of hardware
platforms. For more information please check our websites:
http://www.arthrt.com http://www.micronproducts.com
http://www.micronintegrated.com http://www.WirelessDx.com
Forward-looking statements made herein are based on current
expectations of the Company that involve a number of risks and
uncertainties and should not be considered as guarantees of future
performance. The factors that could cause actual results to differ
materially include: our ability to maintain our current pricing
model and/or decrease our cost of sales; continued availability of
supplies or materials used in manufacturing at competitive prices;
volatility in commodity and energy prices; the Company's ability to
offset higher costs with price increases; the costs inherent with
complying with new statutes and regulations; variability of
customer delivery requirements; our ability to efficiently
integrate future acquisitions and other new lines of business that
the Company may enter in the future. More information about factors
that potentially could affect the Company's financial results is
included in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2010.
Contact: David A. Garrison Website: http://www.arthrt.com (978)
602-1436
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