Cambridge Heart Inc. (OTCBB: CAMH) develops and commercializes non-invasive product used for diagnosing cardiac disease, focusing on the identification of individuals at risk of sudden cardiac arrest. The company today announced its third-quarter results for the period ended September 30, 2008.
The company posted revenues at $1.1 million, up 21 percent from the second quarter, attributing growth in its Domestic HearTwave II system placements. However, the results were down 58 percent from the $2.6 million reported in the third quarter of 2007.
Cambridge remains positive concerning its marketing strategies moving forward.
“We were pleased to see the sequential increase in revenue and system placements, which we believe demonstrates some traction with our placement model and the re-building of our sales pipeline. While we continue to focus on our organic sales and marketing initiatives, we are actively engaged in exploring new distribution relationships which have the potential of accelerating the placement of systems, thereby allowing us to shift our focus over time to driving sensor utilization,” Cambridge Heart CEO Ali Haghighi-Mood stated in the press release.
The company also stated that it sold its auction rate securities (ARS) and cash to Citigroup at $9.2 million. According to the press release, after repayment of outstanding debt, the Cambridge achieved net proceeds of approximately $5.1 million from the sale of its ARS investments; net proceeds and cash on hand aggregate approximately $8 million.
“The resolution of the ARS situation was a significant financial event for us, and it allows us to address the issue of long-term capital requirements in a more measured and strategic manner,” Haghighi-Mood stated.
Gross margin for the period ended September 30, 2008, as a percent of revenue for the third quarter, was 47% compared to 66% for the same period last year, attributable to lower sales volume. Operating loss for the third quarter of 2008 was $2.1 million, as compared to an operating loss of $1.9 million for the third quarter of 2007.
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