Conference Call
CTI will host an earnings conference call on Monday, May 23, 2016 at 11:30 A.M. EDT. On the call, Management will discuss the first quarter 2016 results and recent company developments.
To participate in the conference call: Dial-in: 888.632.3384 and 785.424.1675 | ID: CALMARE. Please dial-in at least 5 minutes before the scheduled start time. Investor participation is limited. RSVP via email to: IR@calmaretherapeutics.com by 9:00 A.M. EDT, Monday, May 23, 2016 with “1Q2016” in the subject line.
Fairfield, CT – May 19, 2016 – Calmare Therapeutics Incorporated, (OTC: CTTC) (CTI), the pain mitigation company, reported results for the quarter ended March 31, 2016.
Revenues from the commercial sale and shipment of Calmare® pain therapy devices (Devices) for the three months ended March 31, 2016 were $56,000 as compared with $8,000 for the three months ended March 31, 2015.
Device sales for the three months ended March 31, 2016 were one (1) Device as compared with zero (0) Devices for the three months ended March 31, 2015. This sale was to the U.S. military, which has been the focus of the Company’s sales efforts for the past several quarters.
Total expenses for the three months ended March 31, 2016 were $923,000 as compared with $1,012,000 for the three months ended March 31, 2015. This decrease in total expenses was largely due to decreases in consulting costs and general & administrative expense offset by increases in personnel and interest expense.
General and administrative expenses for the three months ended March 31, 2016 were $175,000 as compared with $324,000 for the three months ended March 31, 2015. This decrease is primarily attributable to a significant decline in legal expense from the first quarter of 2015.
Net loss for the three months ended March 31, 2016 was $878,000 or $0.03 per basic and diluted share as compared with a net loss of $1,004,000 or $0.04 for the three months ended March 31, 2015.
Total capital raised over the past ten quarters was $3,717,000 and consisted of: $2,323,000 of hybrid debt and $1,394,000 of equity.
Cash-on-hand at March 31, 2016 was $126,000 as compared to $1,000 at March 31, 2015.
"CTI is moving forward," said CTI President & CEO Conrad Mir. "This quarter's results show modest progress. We continue to reduce our expenses and begin our corporate expansion with the help from our new Government contracts. Management is confident in the prospects the next few quarters of 2016 may bring."
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 (K081255) 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).
Forward-Looking Statement
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.
