Arrhythmia Revenue Falls, Losses Increase
Fitchburg-based defense and medical technology maker Arrhythmia Research Technology saw its revenue fall and losses increase in its second quarter, as defense sales fell and expenses outpaced revenue at one of its subsidiaries.
Revenue for the quarter ending June 30 was $4.97 million compared to $6 million in the second quarter of 2011. Arrhythmia lost $1 million, compared to a loss of $255,000 a year ago.
Losses in the second quarter were primarily the result of the company’s investment in WirelessDx, its startup medical services subsidiary, where expenses continue to outpace revenue. Arrhythmia said it’s exploring strategic alternatives for WirelessDx, including a possible sale of all or some of its assets.
For the first half of the year, the company’s revenue is off just under $1 million at $11.2 million, while losses are $1.4 million compared to $227,400 during the same period last year.
The company’s wholly-owned subsidiary, Micron Products Inc., which is Arrhythmia’s primary source of consolidated revenue, saw its custom molding and manufacturing sales fall 11 percent and 10 percent, respectively, during the quarter. That decrease was “caused solely by the dramatic decline, 75% and 62%, respectively, in the second quarter and year to date, in defense-related product sales,” the company said in a statement.
Read more
Arrhythmia's Fourth Quarter Revenues Dip
Arrhythmia Q1 Revenue Up From 2011
WBJ Web Partners
Most Recent
Most Recent
0 Comments