Hypertension Diagnostics, Inc. (Hypertension) has reported revenues of $0.13 million for the second quarter of fiscal 2009, down 5.8%, compared with the revenue of $0.14 million in the year-ago quarter. It also reported a net loss of $0.19 million for the second quarter of fiscal 2009, compared with the net income of $0.16 million in the year-ago quarter.
Included in the net loss for second quarter of fiscal 2009 are total non-cash charges (mainly deferred compensation, depreciation, stock options) of $92,178. In Q2 2008, total non-cash benefits were $252,870. The decline in the company’s stock price during Q2 2008 resulted in a negative expense for the second quarter of fiscal 2008 deferred compensation expense of $283,500. This caused the company to report net income, which would not have occurred without the negative deferred compensation expense in Q2 2008. The company reported a cash balance on December 31, 2008 of $914,741.
For the six month period ended December 31, 2008, total revenue was $273,719, against $292,014 for the six month period ended December 31, 2007, a 6.3% decrease. For the six month period ended December 31, 2008, the company incurred a net loss of $69,560, including a non-cash benefit of $111,854, or $.00 per share, compared with a net loss of $290,760, including a non-cash charge of $64,106, or $(.01) per share, for the six month period ended December 31, 2007.
“While the current quarter shows a decline in revenues from the comparable quarter in the last fiscal year, we are excited by the opportunity in the international markets, where prevention of cardiovascular disease is becoming standard of care,” said Mark Schwartz, chairman and chief executive officer. “The Company has been working with new international distributors in the European and Asian markets to compete in the emerging vascular screening market where we believe our products have a compelling clinical advantage over our competitors.”