Arrhythmia Revenue Dips; Quarterly Loss Plunges
Arrhythmia Research Technology of Fitchburg saw a 4.7 percent drop in revenue for the third quarter, but substantially cut its losses as the medical device manufacturer touted several victories from July through September, the company said today.
Arrhythmia reported total consolidated revenue from continuing operations of $4.7 million for the quarter ending Sept. 30, a drop of about $231,000 from the third quarter of 2012. Meanwhile, the net loss of $566,000 (21 cents per share) was far lower than the $2.9 million loss the firm declared in the third quarter of last year ($1.24 per share).
President and CEO Salvatore Emma Jr. said Arrhythmia has a “significant opportunity” to boost sales for its orthopedic implant components. Shipments of those products increased “dramatically” during the quarter, he said, “and further increases are expected in the fourth quarter and into 2014.”
Emma said the firm is looking to boost its production capabilities while targeting new leads in what it sees as a multi-million dollar market. He said the market “is growing rapidly worldwide and the company has unique expertise in quick-turn patient-specific implant components.”
The company also saw growth in its custom injection molding business due to strong demand in the medical, defense and automotive markets, Emma said.
Looking ahead, Emma said Arrhythmia expects growth in the fourth quarter and into 2014.
For the first nine months of 2013, revenue is off 2.1 percent to $15.3 million. Its net loss of just less than $3.5 million represents an improvement of nearly 30 percent from the $4.9 million Arrhythmia had lost from January through September 2012.
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