May 12, 2011
Arrhythmia Research Profits Down
Despite an increase in revenues, Fitchburg medical device maker Arrhythmia Research Technology Inc. saw its profits fall 74 percent in the first quarter of 2011 as it ramped up spending on its not-yet-profitable Wireless Dx business.
The company's quarterly revenues rose to $6.2 million for quarter, compared to $5.6 million in the same period last year. Its net income fell to $27,133 from $102,611.
The company said its WirelessDx outpatient diagnostic product is beginning to find a place in the market, but hiring and capital expenses for the business pushed profits down.
It said its taxable income for the first quarter would have been $400,000 higher than it was in the same period last year if WirelessDx results were excluded.
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