CTI will host an earnings conference call on Thursday, April 21, 2016 at 11:00 A.M. EDT. 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: 877-876-9177 | Call Code: 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 9:00 A.M. EDT, Thursday, April 21, 2016 with “10K 2015” in the subject line.
Fairfield, CT – April 19, 2016 – Calmare Therapeutics Incorporated, (OTC: CTTC) (CTI), the pain mitigation company, reported results for the quarter and year ended December 31, 2015.
Three Months Ended December 31, 2015
Revenues from the commercial sale and shipment of Calmare® pain therapy devices (Devices) for the three months ended December 31, 2015 were $694,000 as compared with $645,000 for the three months ended December 31, 2014.
Device sales for the three months ended December 31, 2015 were five (5) Devices as compared with two (2) Devices for the three months ended December 31, 2014. This increase was attributable to the longer than normal sales cycle in the previous quarter, whereby the critical mass of sales initiated in the previous quarter, closed and were booked in the current quarter.
Total expenses for the three months ended December 31, 2015 were $3,178,000 as compared with $2,718,000 for the three months ended December 31, 2014. This increase in total expenses was largely driven by an increase in consulting costs and fees associated with furthering our presence in the military contractor space.
General and administrative expenses for the three months ended December 31, 2015 were $1,101,000 as compared with $939,000 for the three months ended December 31, 2014. This increase is primarily due to an increase in legal fees associated with litigation and the addition of one senior executive.
Net loss for the three months ended December 31, 2015 was $2,615,000 or $0.09 per basic and diluted share as compared with a net loss of $2,182,000 or $0.09 for the three months ended December 31, 2014.
Year Ended December 31, 2015
Revenues from the commercial sale and shipment of the Calmare® pain therapy devices for the year ended December 31, 2015 were $892,000 as compared with $1,045,000 for the year ended December 31, 2014. Although the number of Devices sold declined from 2014 to 2015 by nearly 50%, the average Device sales price increased.
Device sales for the year ended December 31, 2015 were nine (9) as compared with seventeen (17) Devices for the comparable year ended December 31, 2014. The primary reason for this decline was the absence of international sales in 2015 as the Company focused on domestic and military sales. Gross margin increased slightly to $612,000 in 2015 from $604,000 in 2014 due to the higher gross margin associated with U.S. private sector sales.
Total expenses for the year ended December 31, 2015 were $4,394,000 as compared with $4,134,000 for the year ended December 31, 2014.
General and administrative expenses for the year ended December 31, 2015 were $1,463,000 as compared with $1,371,000 for the year ended December 31, 2014. The increase is primarily due to an increase in legal fees associated with litigation.
Net loss for the year ended December 31, 2015 was $3,678,000 or $0.13 per basic and diluted share as compared with a net loss of $3,411,000 or $0.15 per basic and diluted share for the year ended December 31, 2014.
Total capital raised over the past year was $1,623,000 and consisted of: $1,257,000 of hybrid debt and $366,000 of equity.
Cash-on-hand at December 31, 2015 was $50,000 as compared to $6,000 at December 31, 2014.
"Calmare successfully navigated through an extremely challenging year," said CTI President & CEO Conrad Mir. "With 2015 behind us, our corporate plan for 2016 focuses on the successful roll-out of our Calmare Pain Therapy Device and its related sensory electrodes, and Calmare Pain Mitigation Therapy™ within the U.S. Veterans Administration. Management is strongly optimistic about where the Company is positioned and its current business opportunities, and what can be accomplished over the next twelve months."
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. 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.