Investor Conference Call: Monday, November 24, 2014 at 10:00 a.m. EST
Dial-in: (866) 952-1908 - Conference ID: CTI
Fairfield, Conn. - (November 11, 2014) - Calmare Therapeutics Incorporated (CTTC) (CTI), the pain mitigation company, reported results for the third quarter ended September 30, 2014.
Revenue from the sale and shipment of the Calmare® pain therapy devices (Device)for the quarter ended September 30, 2014 increased 28% or $110,000 to $400,000 as compared with $290,000 for the quarter ended September 30, 2013.
Device sales for the quarter ended September 30, 2014 doubled to eight (8) as compared with four (4) for the comparable quarter ended September 30, 2013 and as compared with four (4) for the prior quarter ended June 30, 2014. Devices sales for the quarter ended September 30, 2014 included five (5) international sales as compared with zero (0) for the comparable quarter ended September 30, 2013. International sales for the quarter ended September 30, 2014 were to distributors, and as such, had a lower sales price compared to non-international sales. Device sales can and will vary significantly from quarter to quarter due to the relatively long sales cycle.
Total expensesfor the quarter ended September 30, 2014 increased 68% or $607,000 to $1,416,000 as compared with $809,000 for the quarter ended September 30, 2013. This increase in total expenses for the quarter ended September 30, 2014 are largely attributable to an additional interest expense of approximately $510,000 related to the Company's 90 day Convertible Notes.
Total assets at September 30, 2014 decreased $27,000 to $4,539,000 as compared with $4,566,000 at December 31, 2013.
Total liabilities at September 30, 2014 increased $1,287,000 to $11,798,000 as compared with $10,511,000 at December 31, 2013.
Net loss for the quarter ended September 30, 2014 increased to $1,229,000 or $0.05 per basic and diluted share as compared with a net loss of $609,000 or $0.04 per basic and diluted share for the quarter ended September 30, 2013. The net loss for the quarter ended September 30, 2014 includes approximately $510,000 of additional interest expense related to the Company's 90 day Convertible Notes.
Total capital raised over the past four quarters was $1,251,000 and consisted of: $361,000 of hybrid debt and $890,000 of equity.
"The third quarter was a defining quarter for the Company," said CTI President & CEO Conrad Mir. "We sold five Calmare devices in the Middle East and North Africa, which helped increase overall sales; stood our ground in the erratic open market over the last quarter; and successfully raised enough funds to meet our short term goals. Management looks forward to posting stronger year-end numbers than those of 2013."
CTI will host an earnings conference call on Monday, November 24, 2014 at 10:00 a.m. EDT. To participate in the conference call, please dial the following telephone numbers and appropriate call code a few minutes before the start time: (888) 952-1908 - Conference ID: CTI.
As participation is limited, please RSVP via email to: firstname.lastname@example.org or FAX: (203) 368-5399 by 9:00 a.m. EST, Monday, November 24, 2014 with "Earnings Call 2014" in the subject line.
About the Company
Calmare Therapeutics Inc., the pain mitigation company, develops and commercializes innovative wound and pain mitigation products and technologies. CTI holds the 510k clearance on its flagship product, the non-invasive and non-addictive, Calmare® Pain Therapy Device, which grants it an exclusive right to sell, market, research and develop the medical device. The Company is the exclusive licensed global distributor of Calmare.
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may"," or "should", and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the failure of the business strategy, the integrity of the Company's patents, proprietary intellectual property, and competition. The Company cautions that the foregoing list of risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events, including the risk factors set out in the Company's 10K for the year ended December 31, 2013. See the sections entitled "Risk Factors" in the Company's quarterly and annual reports as filed by the Company from time to time with the Securities and Exchange Commission. The Company has assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events.
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