Health & Fitness
Health and Fitness
Health and Fitness
Thu, May 20, 2010
Wed, May 19, 2010 Hypertension Diagnostics Announces FY 2010 Third Quarter Results
ST. PAUL, MN--(Marketwire - May 19, 2010) - Hypertension Diagnostics, Inc. (
Revenue for Q3 2010 totaled $126,261 compared to $64,765 for the quarter ended March 31, 2009 (Q3 2009), which represents a 95% increase. The Company's net loss was $334,377 for Q3 2010 or $(.01) per share, compared with a net loss of $18,989 for Q3 2009, or $(.00) per share. Included in the net loss for Q3 2010 are total non-cash charges (deferred compensation, depreciation, stock options) expenses of $229,317. In Q3 2009, total non-cash benefits were $122,123. The increase in the Company's stock price during Q3 2010 resulted in a deferred compensation charge of $198,750. The decrease in the Company's stock price during Q3 2009 resulted in a deferred compensation benefit of $147,000. When deferred compensation expense, which is largely influenced by changes in the Company's stock price, is excluded the Company generated a non-GAAP pro-forma net loss of $135,267 for Q3 2010 and a net loss of $165,989 for Q3 2009.
For the nine month period ended March 31, 2010 (9 months FY 2010), total revenue was $886,661 compared to $338,484 for the nine month period ended March 31, 2009 (9 months FY 2009), a 162% increase. For the 9 months FY 2010, the Company incurred a net loss of $1,347,573, including a non-cash charge of $1,400,324, or $.03 per share, compared with a net loss of $88,549, including a non-cash benefit of $234,643, or $(.00) per share, for the 9 months FY 2009. When deferred compensation expense, which is largely influenced by changes in the Company's stock price, is excluded the Company generated a non-GAAP pro-forma net loss of $25,323 for the 9 months FY 2010 and $398,299 for the 9 months FY 2009. The Company reported a cash balance on March 31, 2010 of $942,976.
"We are pleased with the continued rebound in our sales," said Mark Schwartz, Chairman and CEO. "Our third quarter sales results provide encouragement that our market is recovering. We are implementing a plan to aggressively expand our U.S. independent distribution network. Over the next nine months, the Company's objective is to double the number of our independent distributor groups in the U.S.," said Schwartz.
About Hypertension Diagnostics, Inc.
Hypertension Diagnostics, Inc. ("HDI") manufactures and markets medical devices for early detection and management of cardiovascular disease in the U.S. and in 37 countries. Its main product, the CVProfilor® DO-2020 CardioVascular Profiling System, has been approved by the Food and Drug Administration (FDA), and is being marketed to primary care physicians in the U.S. HDI's CardioVascular Profiling Systems non-invasively measure both large and small artery elasticity. Small artery elasticity has been shown to be predictive of cardiovascular disease. Several large pharmaceutical manufacturers have used HDI's CardioVascular Profiling Systems in their multi-site clinical research trials. There are over 300 published, peer-reviewed scientific articles and presentations on HDI's methodology, which provides evidence on the validity, accuracy and reproducibility of HDI's CardioVascular Profiling technology. The technology was developed at the University of Minnesota by a team led by world-renown cardiologist, Dr. Jay N. Cohn.
Safe Harbor Statement
Forward-looking statements in this press release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company wishes to caution readers not to place undue reliance on any forward-looking statements and to recognize that the statements are not a prediction of actual future results. Actual results could differ materially from those presented and anticipated in the forward-looking statements due to the risks and uncertainties set forth in the Company's 2009 Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q, all of which were filed with the U.S. Securities and Exchange Commission, as well as others not now anticipated.
Hypertension Diagnostics, Inc. Summary Financial Data Statements of Operations Three Months Ended Nine Months Ended March 31 March 31 -------------------------- -------------------------- 2010 2009 2010 2009 ------------ ------------ ------------ ------------ Revenue: Equipment sales $ 71,000 $ 28,000 $ 730,825 $ 206,837 Equipment rental 15,092 17,627 60,335 67,443 Warranty, parts & supplies income 40,169 19,138 95,501 64,204 ------------ ------------ ------------ ------------ 126,261 64,765 886,661 338,484 ------------ ------------ ------------ ------------ Cost of Sales 23,586 27,369 99,564 99,155 ------------ ------------ ------------ ------------ Gross Profit 102,675 37,396 787,097 239,329 Selling, general and administrative expenses 440,388 58,331 2,141,895 339,671 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Operating Income (Loss) (337,713) (20,935) (1,354,798) (100,342) ------------ ------------ ------------ ------------ Interest income 3,336 1,946 7,225 11,793 ------------ ------------ ------------ ------------ Net loss before income taxes (334,377) (18,989) (1,347,573) (88,549) Income Taxes - - - - ------------ ------------ ------------ ------------ Net loss $ (334,377) $ (18,989) $ (1,347,573) $ (88,549) ============ ============ ============ ============ Basic and Diluted Net Loss per Share $ (.01) $ .00 $ (.03) $ .00 Weighted Average Shares Outstanding Basic & Diluted 41,238,664 40,795,820 41,142,729 40,650,494 Net income (loss) $ (334,337) $ (18,989) $ (1,347,573) $ (88,549) Deferred compensation expense 198,750 (147,000) 1,322,250 (309,750) ------------ ------------ ------------ ------------ Non-GAPP Pro-forma net income (loss) (excluding deferred compensation expense) ($ 135,627) ($ 165,989) ($ 25,323) ($ 398,299) Balance Sheet Data March 31, 2010 June 30, 2009 -------------- ------------- Cash and cash equivalents $ 942,976 $ 697,918 Total current assets 1,244,369 1,022,528 Total assets 1,252,554 1,032,787 Total current liabilities 246,778 340,384 Accumulated deficit (28,782,180) (27,434,607) Total shareholders' equity (609,882) 660,041
CVProfilor is a registered trademark of Hypertension Diagnostics, Inc.
Hypertension Diagnostics, HDI/PulseWave, PulseWave and CVProfile are trademarks of Hypertension Diagnostics, Inc. All rights reserved.
Website: [ www.hdii.com ]
