Contacts:
At Cambridge Heart, Inc. At Consulting for Strategic Growth
Robert B. Palardy, ext. 231 Stanley Wunderlich
(781) 271-1200 (800)
625-2236
bobp@cambridgeheart.com cfsg@consultant.com
Revenue of U.S. Core Business Up 84% Over Last
Year
Bedford, Mass., July 29, 2003 -- Cambridge Heart, Inc. (OTCBB-CAMH) today
reported record revenue of $1,627,236 for the quarter ended June 30, 2003. This represents an increase of 55% over
revenues of $1,050,735 for the same period in 2002. Net loss attributable to common shareholders for the quarter was
$2,566,216, or $0.13 per share, compared to a loss of $1,646,481, or $0.08 per
share for the same quarter last year. The reported net loss attributable to
common shareholders includes a non-cash financing charge associated with the
Company’s recently completed Series A Convertible Preferred stock financing of
$1,533,280, or $0.08 per share. The
Company reported a net loss of $1,032,936, which would have resulted in a loss
of $0.05 per share before the financing charge.
The Company reported revenue for the six-month period ended June 30, 2003
of $2,730,811, an increase of 39% over the same period of 2002. Net loss attributable to common shareholders
for the six-month period ended June 30, 2003 was $3,809,898 or $0.19 per share
compared to $3,261,865 or $0.17 per share for the same period of 2002. The net loss was $2,276,618, which would
have resulted in a loss of $0.12 per share before the financing charge.
Revenue from the sale of the Company’s Microvolt T-Wave Alternans (MTWA)
products in the U.S. increased 84% for the quarter ended June 30, 2003 when
compared to the same period of 2002 and 70% compared to the first quarter of
2003. For the six-month period ended June 30, 2003, revenue from the sale of
MTWA products in the U.S. has increased 50% over the same period of 2002. Gross Profit for the quarter ended June 30,
2003 increased to 55.1% of net sales compared to 27.3% for the same quarter of
2002 and 35.6% for the first quarter of 2003.
“The second quarter was hectic
but also very gratifying. We completed an important equity financing in May,
while transferring the listing of our common stock from the Nasdaq SmallCap
Market to the OTC Bulletin Board,” stated David Chazanovitz, President and CEO
of Cambridge Heart, Inc. “We recorded
our best revenue results ever, led by record sales in both our Heartwave
Systems and disposable sensors. Our U.S. core business showed an increase of
70% over the first quarter of 2003 and an 84% increase over the same quarter of
last year. These volume increases led
to much improved gross profit margins and a substantially lower operational
cash burn.”
The Company will be holding a conference call at 10:00 a.m. eastern time
tomorrow, July 30, 2003 to discuss the accomplishments and financial results of
the quarter just ended. The conference
call phone in number is 800-441-0022 (outside the U.S. 801-303-7410). Interested parties may listen to a recording
of the conference call at any time during the 48 hours immediately following
the call by dialing 800-839-0860 (outside the U.S. 402-220-1490) and enter the
code 1243. This playback will begin
approximately two hours after the call ends.
The conference call will also be available by webcast on the Company's
web site at www.cambridgeheart.com.
--more--
The Cambridge Heart Microvolt T-Wave Alternans Test measures extremely
subtle beat-to-beat fluctuations in a person’s heartbeat called T-wave
alternans. These tiny heartbeat variations – measured at one millionth of a
volt – are detected in any clinical setting where titration of the heart rate
is possible. The preparation for the
test consists of placing proprietary sensors on a patient’s chest. Extensive
clinical research has shown that patients with symptoms of or at risk of life
threatening arrhythmias who test positive for T-wave alternans are at
significant risk for subsequent sudden cardiac events including sudden death,
while those who test negative are at minimal risk.
Cambridge Heart is engaged in the research, development and commercialization of products for the non-invasive diagnosis of cardiac disease. Using innovative technologies, the company is addressing such key problems in cardiac diagnosis as the identification of those at risk of sudden cardiac arrest. The Company’s products incorporate its proprietary technology, Microvolt T-Wave Alternans, and are the only diagnostic tools cleared by the U.S. Food and Drug Administration to non-invasively measure microvolt levels of T-wave alternans. The Company, founded in 1990, is based in Bedford, Massachusetts and is traded on the OTCBB under the symbol CAMH. Cambridge Heart can be found on the World Wide Web at www.cambridgeheart.com
Statements contained
in this press release about obtaining third-party reimbursement for use of our
products, anticipated revenue growth, and all other statements that are not
purely historical, are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform Act of
1995. In some cases, we use words such
as “believes”, “expects”, “anticipates”, “plans”, “estimates” and similar
expressions that convey uncertainty of future events or outcomes to identify
these forward-looking statements.
Actual results may differ materially from those indicated by these
forward-looking statements. Factors
that may cause or contribute to such differences include failure to obtain
funding necessary to develop or enhance our technology, adverse results in
future clinical studies of our technology, failure to obtain or maintain patent
protection for our technology, failure to obtain or maintain adequate levels of
third-party reimbursement for use of our products and other factors identified
in our most recent Quarterly Report on Form 10‑Q under “Factors Which May
Affect Future Results”, which is on file with the SEC. In addition, any forward-looking statements
represent our estimates only as of today and should not be relied upon as
representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some
point in the future, we specifically disclaim any obligation to do so, even if
our estimates change.
-Financial information follows-