CTI will host an earnings conference call on Monday, March 7, 2016 at 11:00 A.M. EST. On the call, Management will discuss the third quarter and nine-month of 2015, and recent company developments.
To participate in the conference call: Dial-in: 888-632-3384 | Reference ID: CALMARE Please dial-in at least 5 minutes before the scheduled start time. Investor participation is limited. Kindly RSVP via email to: IR@calmaretherapeutics.com by 6:00 P.M. EST, Friday, March 4, 2016 with “3Q2015” in the subject line.
Fairfield, CT – March 2, 2016 – Calmare Therapeutics Incorporated, (OTC: CTTC) (CTI), the pain mitigation company, reported results for the quarter ended September 30, 2015.
Three Months Ended September 30, 2015
Revenues from the commercial sale and shipment of Calmare® pain therapy devices (Devices) for the three months ended September 30, 2015 were $197,000 as compared with $400,000 for the three months ended September 30, 2014.
Device sales for the three months ended September 30, 2015 were two (2) Devices as compared with eight (8) Devices for the three months ended September 30, 2014. This decrease was attributable to the longer than normal sales cycle in the period, whereby the critical mass of sales initiated in the period, closed and were booked in the following quarter.
Total expenses for the three months ended September 30, 2015 were $1,216,000 as compared with $1,416,000 for the three months ended September 30, 2014. This decrease in total expenses was largely due to a decline in interest expense.
General and administrative expenses for the three months ended September 30, 2015 were $362,000 as compared with $433,000 for the three months ended September 30, 2014. This decrease is attributable to the cost-cutting measures taken in continuance to the Company’s corporate reengineering effort that started and was announced in the fourth quarter of 2013.
Net loss for the three months ended September 30, 2015 was $1,063,000 or $0.04 per basic and diluted share as compared with a net loss of $1,229,000 or $0.05 for the three months ended September 30, 2014.
Total capital raised over the past eight quarters was $2,717,000 and consisted of: $1,232,000 of hybrid debt and $1,394,000 of equity.
Cash-on-hand at September 30, 2015 was $45,000 as compared to $6,000 at September 30, 2014.
Nine Months Ended September 30, 2015
Revenues from the commercial sale and shipment of the Calmare® pain therapy devices for the nine months ended September 30, 2015 were $405,000 as compared with $937,000 for the nine months ended September 30, 2014. This decrease is largely attributable to the atypical lengthy sales cycle with Device sales in the third quarter, which negatively impacted the nine-month figure. Over the last four calendar years, Device sales and related consumables in the second half have lagged sales in the corresponding first half.
Device sales for the nine months ended September 30, 2015 were four (4) as compared with fifteen (15) Devices for the comparable nine months ended September 30, 2014. This slow-down in Device sales was largely due to the fact that most resources and human capital were shifted to the effectuation of a substantial government contract that is transformational in scope with respect to the ratio of short-term and long-term revenue realization.
Total expenses for the nine months ended September 30, 2015 were $3,189,000 as compared with $3,324,000 for the nine months ended September 30, 2014.
General and administrative expenses for the nine months ended September 30, 2015 were $1,012,000 as compared with $944,000 for the nine months ended September 30, 2014.
Net loss for the nine months ended September 30, 2015 was $2,846,000 or $0.10 per basic and diluted share as compared with a net loss of $2,746,000 or $0.12 per basic and diluted share for the nine months ended September 30, 2014.
"Third quarter 2015 was a testament to the reshuffling of resources in order to focus on attaining a significant U.S. Government contract," said CTI President & CEO Conrad Mir. "The results realized for the third quarter and nine-month period of 2015 were anticipated, to a large degree. Historically, our third quarter results have lagged all other quarters. This period however, with respect to the overall financial wherewithal of the Company, felt the brunt of our concerted efforts to transform the complexion of the Company. We anticipate reporting some of the new revenues in the first quarter of 2016, as discussed."
About the Company
Calmare Therapeutics Incorporated, the Calmare Pain Mitigation Therapy™ company, researches, develops and commercializes chronic, neuropathic pain and wound affliction devices. Our flagship medical device – the Calmare® Pain Therapy Device – is the world's only non-invasive and non-addictive modality that can successfully treat chronic, neuropathic pain. The Company holds a U.S. Food & Drug Administration 510k clearance designation on its flagship device, which grants it the exclusive right to sell, market, research and develop the medical device in the United States. Calmare Devices are commercially sold to medical practices throughout the world. They are also found in U.S. military hospitals, clinics and on installations via CTI’s General Services Administration (GSA) military contract (V797P-4300B).
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company’s current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.