Hypertension Diagnostics has reported a revenue of $458,325 for the second quarter (Q2) of fiscal year 2010 which ended December 31, 2009, an increase of 234% compared to Q2 2009 that ended December 31, 2008.
Q2 revenue from the sale of the company’s research product used in the Start sub-study on Arterial Elasticity that is examining blood vessel function and cardiovascular risk during HIV infection and funded by the National Institutes of Health (NIH) was $106,340. As December 31, 2009, 13 of the 15 total Start units have been shipped; therefore Hypertension Diagnostics does not expect any material recurring revenue from Start.
Q2 revenue from non-Start sources was $351,985, a 157% increase from the prior year’s second quarter total revenue and a 73% increase from Q1 2010’s non-Start revenue of $203,330. Total revenue for Q2 2010 increased 52% from total revenue for Q1 2010 of $302,076.
The net loss for Q2 2010 was $233,129, compared to a net loss of $191,165 for Q2 2009. Total non-cash charges (deferred compensation, depreciation, stock options expense) of $328,817 are included in the net loss for Q2 2010.
In Q2 2009, total non-cash charges were $92,178. Excluding deferred compensation expense, which is largely influenced by changes in the company’s stock price, it generated non-GAAP pro-forma net income of $126,495 for Q2.
Mark Schwartz, chairman and CEO, said: “We are pleased by the magnitude of our second quarter sales growth. For the first half of fiscal year 2010, HDI has generated 150% of the revenue generated for the entire fiscal year 2009. We are on track to have one of our best years in recent memory.”