ST. PAUL, MN--(Marketwire - September 18, 2009) - Hypertension Diagnostics, Inc. (OTCBB: HDII), today announced audited financial results for the fiscal year ended June 30, 2009.
Revenue for fiscal year 2009 totaled $503,175 compared to $554,454 in the prior year ended June 30, 2008, which represents a 9.2% decrease. The Company incurred a net loss of $248,440 for fiscal year 2009 or $(.01) per share, compared with a net loss of $703,837 for fiscal year 2008, or $(.02) per share. Included in the net loss for fiscal year 2009 are total non-cash benefits (mainly deferred stock compensation, depreciation, stock options) of $125,102. Included in the net loss for fiscal year 2008 are total non-cash charges of $187,078. The benefit for the twelve month period ended June 30, 2009 is a result of the decrease in the Company’s stock price, which caused the non-cash deferred compensation expense to become a non-cash benefit. The Company reported a cash balance on June 30, 2009 of $697,918.
Fourth quarter revenue of $164,691, for fiscal year 2009 compared to $159,176 for fiscal year 2008, represented a 3.5% increase. Revenue for the fourth quarter of fiscal year 2009 increased by 154.3% compared with $64,765 for the third quarter of fiscal year 2009.
“We are pleased with the rebound in our fourth quarter sales, most of which occurred in the month of June and which appears to be gaining momentum based on preliminary results for our first quarter of 2010,” said Mark Schwartz, Chairman and CEO. “Our fourth quarter sales results provide some encouragement that our market is recovering. We continue to add new distributors in the U.S. and in international markets.”
As previously reported the Company has been selected to have its research product used in 16 international sites for a study funded by the National Institutes of Health (NIH) to determine whether the measurement of arterial elasticity can assist in the prevention of cardiovascular disease in HIV patients. Most of the revenue from this sale will impact the Company’s first and second quarter fiscal year 2010 results. “Even without the revenue from the NIH funded trial, the preliminary sales results for the first quarter of 2010 are encouraging,” concluded Mr. Schwartz.
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 Twelve Months Ended June 30 June 30 ---------------------- ---------------------- 2009 2008 2009 2008 ---------- ---------- ---------- ---------- Revenue: Equipment sales $ 125,850 $ 112,479 $ 332,687 $ 342,305 Equipment rental 19,420 36,972 86,863 150,786 Service/contract income 19,421 9,725 83,625 61,363 ---------- ---------- ---------- ---------- 164,691 159,176 503,175 554,454 Cost of Sales 3,284 10,116 10,991 44,329 ---------- ---------- ---------- ---------- Gross Profit 161,407 149,060 492,184 510,125 Total Expenses 322,649 220,480 753,768 1,259,874 ---------- ---------- ---------- ---------- Operating Loss (161,242) (71,420) (261,584) (749,749) Other Income: Interest income 1,351 7,168 13,144 45,912 ---------- ---------- ---------- ---------- Total Other Income 1,351 7,168 13,144 45,912 ---------- ---------- ---------- ---------- Net (Loss) Income $ (159,891) $ (64,252) $ (248,440) $ (703,837) ========== ========== ========== ========== Basic and Diluted Net Loss per Share $ (.00) $ (.00) $ (.01) $ (.02) Weighted Average Shares Outstanding 40,939,193 39,771,500 40,722,471 39,690,323 Balance Sheet Data June 30, 2009 June 30, 2008 ------------- ------------- Cash and cash equivalents $ 697,918 $ 1,081,868 Total current assets 1,022,528 1,408,379 Total assets 1,032,787 1,427,786 Total current liabilities 340,384 585,280 Accumulated deficit (27,434,607) (27,186,167) Total shareholders’ equity 660,041 816,981
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
