Quarterly Revenues Double | Expenses Down 15% | Net Loss Per Share Cut in Half
FAIRFIELD, CT / ACCESSWIRE / January 3, 2017 / Calmare
Therapeutics Incorporated (CTTC) (CTI), the pain mitigation company, reported results for the three-months and nine-months ended September 30, 2016.
Conference Call
CTI will host an earnings conference call on Wednesday, January 4, 2017 at 11:00 A.M. EST. On the call, Management will discuss the Third Quarter 2016 results and recent company developments.
To participate in the conference call: Dial-in: 877.876.9176 and 785.424.1667 | ID: CALMARE. Please dial-in at least 5 minutes before the scheduled start time. Investor participation is limited.
RSVP via email to: IR@calmaretherapeutics.com by 5:00 P.M. EST,
Tuesday, January 3, 2017 with "3Q2016" in the subject line.
Three Months Ended September 30, 2016
Revenues from the commercial sale and shipment of Calmare® pain therapy devices (Devices) for the three months ended September 30, 2016 were $465,000, as compared with $197,000 for the three months ended September 30, 2015.
Device sales for the three months ended September 30, 2016 were Five (5) Devices, as compared with Two (2) Devices for the three months ended September 30, 2015. All Five sales were to the U.S. private sector.
Total expenses for the three months ended September 30, 2016 were $1,023,000, as compared with $1,216,000 for the three months ended September 30, 2015. This decrease in total expenses was largely due to decreases in selling, personnel, consulting, and general and administrative expenses offset by an increase in interest expense.
General and administrative expenses for the three months ended September 30, 2016 were $168,000, as compared with $362,000 for the three months ended September 30, 2015. This decrease is primarily attributable to a significant decline in legal expense from the second quarter of 2015.
Net loss for the three months ended September 30, 2016 was $648,000 or $0.02 per basic and diluted share, as compared with a net loss of $1,063,000 or $0.04 for the three months ended September 30, 2015.
Nine Months Ended September 30, 2016
Revenues from the commercial sale and shipment of Calmare® pain therapy devices (Devices) for the nine months ended September 30, 2016 were $716,000, as compared with $405,000 for the nine months ended September 30, 2015.
Device sales for the nine months ended September 30, 2016 were Eight (8) Devices, as compared with Four (4) Devices for the nine months ended September 30, 2015. Seven (7) Devices were sold to the U.S. private sector while the other was sold to the U.S. military.
Total expenses for the nine months ended September 30, 2016 were $3,224,000, as compared with $3,189,000 for the nine months ended September 30, 2015. This slight increase in total expenses was largely due to increases in personnel and interest expense offset by decreases in consulting costs and general and administrative expense.
General and administrative expenses for the nine months ended September 30, 2016 were $654,000, as compared with $1,012,000 for the nine months ended September 30, 2015. This decrease is primarily attributable to a significant decline in legal expense from the first nine months of 2015.
Net loss for the nine months ended September 30, 2016 was $2,638,000 or $0.09 per basic and diluted share, as compared with a net loss of $2,846,000 or $0.10 for the nine months ended September 30, 2015.
Total capital raised over the past twelve quarters was $4,317,000 and consisted of: $2,923,000 of hybrid debt and $1,394,000 of equity.
"We had a good quarter," said CTI President & CEO Conrad Mir. "We were successful in cutting our loss per share in half and doubling sales, as compared with the third quarter of last year. We look forward to ending our year on a positive note."
About the Company
Calmare Therapeutics Incorporated, the Calmare Pain Mitigation Therapy™ company, researches, develops, and commercializes chronic, neuropathic pain and wound affliction devices. Our flagship medical device - the Calmare® Pain Therapy Device - is the world's only non-invasive and non-addictive modality that can successfully treat chronic, neuropathic pain. The Company holds a U.S. Food & Drug Administration 510k clearance designation (K081255) on its flagship device, which grants it the exclusive right to sell, market, research, and develop the medical device in the United States. Calmare Devices are commercially sold to medical practices throughout the world. They are also found in U.S. military hospitals, clinics, and on installations via CTI's General Services Administration (GSA) military contract (V797P-4300B).
