Message #52 From:
NewsBot Date: April 11, 2008 07:41:56 AM
Cambridge Heart Reports Results for Fourth Quarter and Full Year 2007
Cambridge Heart, Inc. (OTCBB: CAMH), today reported total revenue of
$2,191,000 for the quarter ended December 31, 2007, compared to total
revenue of $2,223,000 for the same period in 2006. The operating loss
for the fourth quarter of 2007 was $2,224,000, compared to an operating
loss of $2,517,000 for the comparable 2006 period. Included in the
operating loss for the fourth quarter of 2007 was $682,000 of non-cash
stock-based compensation expense. The net loss for the quarter was
$2,048,000, or $0.03 per share, compared to a net loss of $2,412,000, or
$0.04 per share, for the same period in 2006.
The Company reported total revenue for the year ended December 31, 2007
of $10,106,000, an increase of 36% compared to total revenue of
$7,438,000 for the year 2006. The operating loss for the full year of
2007 was $9,895,000, compared to an operating loss of $4,731,000 for the
year ended December 31, 2006. The operating loss for the year 2007
included $3,731,000 in non-cash stock-based compensation expense. The
net loss for the year ended December 31, 2007, was $9,210,000, or $0.14
per share, compared to a net loss of $10,609,000, or $0.18 per share, in
year 2006. The net loss for the full year of 2006 included $1,052,000 of
severance-related charges, $1,089,000 in non-cash stock-based
compensation expense and a non-cash charge of $6,265,000 related to the
change in value of Series B warrants. As of March 31, 2006, all of the
Series B warrants had been exercised and converted into shares of the
Company’s common stock.
Revenue for the fourth quarter from the sale of the Company’s
Microvolt T-Wave Alternans (“Alternans”)
products was $1,908,000, consistent with the same period in 2006. For
the full year of 2007, revenue from Alternans products was $8,910,000,
an increase of 43%, compared to revenue of $6,246,000 in the same period
in 2006.
The Company’s cash used by operations was
$1,617,000 and $7,668,000, respectively, for the three and twelve months
ended December 31, 2007. Cash use is expected to remain consistent in
future quarters as the Company implements its sales plans throughout
2008. The Company had cash and marketable securities of $12,567,000 at
December 31, 2007.
The Company currently has a total of 68.9 million shares of common stock
and common stock equivalents issued and outstanding, including the
effect of converting the Series C preferred stock purchased by St. Jude
Medical in March 2007. In addition, there are options and warrants
outstanding to purchase 8.7 million common equivalent shares, bringing
the fully diluted share count to 77.6 million common equivalent shares.
“Despite the year-over-year revenue growth
and significant increase in our install base, we faced certain
challenges in Q3 and Q4 as we transitioned more sales responsibilities
to St. Jude Medical,” stated Ali
Haghighi-Mood, President and Chief Executive Officer of Cambridge Heart,
Inc. “We are currently in the process of
developing and implementing Sales and Marketing enablers to specifically
address those challenges. The company expects revenue to ramp in 2008 as
we work to implement these initiatives."
Conference Call Information
The Company will hold a conference call scheduled for February 22, 2008,
at 4:30 p.m. Eastern Time to discuss the Company’s
2007 fourth quarter and full year financial results, as well as recent
corporate developments. The call will be hosted by Ali Haghighi-Mood,
the Company’s Chief Executive Officer.
Interested parties may participate by dialing (888) 679-8035, or (617)
213-4848 from outside the U.S., utilizing Passcode 55180531.
Persons unable to participate may listen to a recorded replay at any
time during the 14 days following the conference call by dialing (888)
286-8010, or (617) 801-6888 from outside the U.S. The code for the
replay is 83933003. The replay will be available beginning 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.
Pre-registration is available at the following web site: www.theconferencingservice.com/prereg/key.process?key=PLH4CVW87.
About Cambridge Heart, Inc.
Cambridge Heart (www.cambridgeheart.com)
is engaged in the development and commercialization of products for the
non-invasive diagnosis of cardiac disease, particularly the
identification of those at risk of sudden cardiac arrest. The Company's
products incorporate its proprietary Microvolt T-Wave Alternans
measurement technologies, coupled with its patented Spectral Analytic
Method and ultra-sensitive disposable electrode sensors. Only Spectral
Analytic Method MTWA tests are reimbursed by Medicare under its National
Coverage Policy that covers patients with a wide variety of cardiac
symptoms. Other major insurers in the U.S. also have coverage policies
for the test. The T-Wave Alternans test is included in the Guideline for
Management of Patients with Ventricular Arrhythmias and the Prevention
of Sudden Cardiac Death jointly developed by the American College of
Cardiology (ACC), the American Heart Association (AHA), and the European
Society of Cardiology (ESC). The Company, founded in 1990, is based in
Bedford, Massachusetts, and is traded on the OTCBB under the symbol CAMH.
