Hypertension Diagnostics, Inc. (Hypertension) has reported revenues of $503,175 for the fiscal 2009, down 9.2%, compared with the revenues of $554,454 in the previous year-end. It has also reported a net loss of $248,440, or $0.01 loss per share, for the fiscal 2009, compared with the net loss of $703,837, or $0.02 loss per share, in the previous year-end.
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 Schwartz.