FOR IMMEDIATE RELEASE Contact: David A. Garrison
Website: http://www.arthrt.com (978) 602-1436
ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
ANNOUNCES FOURTH QUARTER AND 2011 YEAR END RESULTS
Increase of 40% in sensor sales
Investment of $3 million in higher margin software and medical technology services
WirelessDx enrollment as IDTF and VA contract revenues in 4th quarter
Expansion of WirelessDx into four major urban centers
Arrhythmia Research Technology, Inc. (NYSE AMEX:HRT) and its subsidiaries (the “Company”) reported total consolidated revenue of $24,256,373 for the year ended December 31, 2011 compared to $23,359,283 for the year ended December 31, 2010, an increase of $897,090 or 4%. Net loss was $1,337,472 for the year ended December 31, 2011 as compared to net income of $515,282 for the year ended December 31, 2010. Net loss per share for the year ended December 31, 2011 was $0.48 per share compared to net income of $0.19 per share in 2010.
For the quarter ended December 31, 2011, total consolidated revenue decreased $837,363 to $5,266,004 compared to total consolidated revenue of $6,103,367 for the quarter ended December 31, 2010. Net loss for the quarter ended December 31, 2011 was $1,036,048 compared to income of $74,456 for the quarter ended December 31, 2010. Net loss per share for the quarter ended December 31, 2011 was $0.37 per share compared to income of $0.03 per share in 2010.
James E. Rouse, the Company's President and CEO commented, “2011 was a year of major investment for the Company. We dedicated over $3 million and countless man hours to the high potential WirelessDx service model because we see both long-term growth and revenue in this business. Adding the WirelessDx service model to our low margin OEM components and device manufacturing, while adversely impacting our otherwise strong consolidated financial results for the year, confers great opportunity for the future.
Micron Product's sensor business achieved the highest sales in its history, and 2011 consolidated revenues were at the second highest level since the Company's inception in 1987. Revenues associated with Micron's sensor business increased over forty percent in 2011 as compared to 2010. This increase was attributable to higher volume of silver coated sensors and to the higher price of silver. Micron expects silver and non-silver coated sensor sales to continue to grow in 2012.
Micron's MIT division experienced a 34% net decrease in revenue due to the completion of a defense related project and an overall slowdown in sales of other defense related products. Sales of orthopedic devices were flat in 2011 but are expected to increase in 2012. We are pleased that our investment in sales and engineering personnel to focus on new business resulted in a 13% increase in sales of other custom products manufactured by MIT, including medical, electronic and consumer products year over year. Although sales of defense-related products are expected to be soft in 2012, revenue growth for MIT's non-defense customers is expected to accelerate.
The following information was filed by Arrhythmia Research Technology Inc (HRT) on Thursday, April 26, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.