Hypertension Diagnostics, Inc. (OTCBB: HDII) (www.hdii.com), today
announced financial results for the second quarter (Q2) of fiscal
year 2010 which ended December 31, 2009.
Revenue for Q2 2010 totaled $458,325 compared to $137,207 for Q2
2009 which ended December 31, 2008, which represents a 234%
increase. Q2 revenue from the sale of the Company's research
product used in the START sub-study on Arterial Elasticity that is
examining blood vessel function and cardiovascular risk during HIV
infection and funded by the National Institutes of Health (NIH) was
$106,340. As December 31, 2009, 13 of the 15 total START units have
been shipped; therefore the Company does not expect any material
recurring revenue from START. Q2 revenue from non-START sources was
$351,985, a 157% increase from the prior year's second quarter
total revenue and a 73% increase from Q1 2010's non-START revenue
of $203,330. Total revenue for Q2 2010 increased 52% from total
revenue for Q1 2010 of $302,076.
"We are pleased by the magnitude of our second quarter sales
growth," said Mark Schwartz, Chairman and CEO. "For the first half
of fiscal year 2010, HDI has generated 150% of the revenue
generated for the entire fiscal year 2009. We are on track to have
one of our best years in recent memory," continued Schwartz.
Net loss for Q2 2010 was $233,129 or $(.01) per share, compared
to a net loss of $191,165 for Q2 2009, or $.00 per share. Included
in the net loss for Q2 2010 are total non-cash charges (deferred
compensation, depreciation, stock options expense) of $328,817. In
Q2 2009, total non-cash charges were $92,178. Excluding deferred
compensation expense, which is largely influenced by changes in the
company's stock price, the Company generated non-GAAP pro-forma net
income of $126,495 for Q2.
The Company reported a cash balance on December 31, 2009 of
$1,071,822.
For the six month period which ended December 31, 2009, total
revenue was $760,400, compared to $273,719 for the six month period
which ended December 31, 2008, a 178% increase. For the six month
period which ended December 31, 2009, the Company incurred a net
loss of $1,013,196 or $(.02) per share, including a non-cash charge
of $1,171,007, compared with a net loss of $69,560 or $.00 per
share, including a non-cash benefit of $111,855, for the six month
period which ended December 31, 2008. Excluding deferred
compensation expense, the Company generated non-GAAP pro-forma net
income of $110,303 for six months which ended December 31,
2009.
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 Six Months Ended
December 31 December 31
---------------------- -----------------------
2009 2008 2009 2008
---------- ---------- ----------- ----------
Revenue:
Equipment sales $ 405,590 $ 96,837 $ 659,825 $ 178,837
Equipment rental 20,082 24,119 45,243 49,816
Warranty, parts &
supplies income 32,653 16,251 55,332 45,066
---------- ---------- ----------- ----------
458,325 137,207 760,400 273,719
---------- ---------- ----------- ----------
Cost of Sales 43,194 35,639 75,978 71,786
---------- ---------- ----------- ----------
Gross Profit 415,131 101,568 684,422 201,933
Selling, general and
administrative expenses 650,666 296,096 1,701,507 281,340
========== ========== =========== ==========
---------- ---------- ----------- ----------
Operating Income (Loss) (235,535) (194,528) (1,017,085) (79,407)
---------- ---------- ----------- ----------
Interest income 2,406 3,363 3,889 9,847
---------- ---------- ----------- ----------
Net income (loss) before
income taxes (233,129) (191,165) (1,013,196) (69,560)
Income Taxes - - - -
---------- ---------- ----------- ----------
Net income (loss) $ (233,129) $ (191,165) $(1,013,196) $ (69,560)
========== ========== =========== ==========
Net income (loss) $ (233,129) $ (191,165) $(1,013,196) $ (69,560)
Deferred compensation
expense 359,625 66,938 1,123,500 (162,750)
Non-GAAP Pro-forma net
income (loss) (excluding
deferred compensation
expense) $ 126,495 $ (124,227) $ 110,303 $ (232,310)
Basic and Diluted Net Loss
per Share $ (0.01) $ 0.00 $ (0.02) $ 0.00
Weighted Average Shares
Outstanding Basic &
Diluted 41,217,897 40,795,820 41,095,804 40,579,411
Balance Sheet Data
December 31, June 30,
2009 2009
------------ ------------
Cash and cash equivalents $ 1,071,822 $ 697,918
Total current assets 1,364,855 1,022,528
Total assets 1,373,357 1,032,787
Total current liabilities 255,009 119,884
Accumulated deficit (28,447,803) (27,434,607)
Total shareholders' equity (307,405) 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
Contact: Mark N. Schwartz CEO (651) 687-9999
Hypertension Diagnositc (CE) (USOTC:HDII)
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