Fitchburg's Arrhythmia finishes Q1 in the black
Biotech firm Arrhythmia Research Technology of Fitchburg reported its first quarterly profit in three years, aided by a nearly 7-percent jump in revenue.
Arrhythmia reported revenue of $6 million for the quarter ending March 31, an increase of 6.9 percent over the first quarter of 2013. The company said the higher sales were driven by its Micron Products' precision-machined orthopedic implants, as well as $250,000 in sales of licenses for Predictor, a proprietary and customizable software used to help assess a patient's risk of certain heart arrhythmias.
Net income grew to $257,000 for the quarter compared to a loss of $5,700 for the same period a year ago. Overall, Arrhythmia’s gross profits for the first quarter grew 38 percent to $1.3 million, or 21.7 percent of sales. Last year's first-quarter gross profit was $952,000, or 16.9 percent of sales.
"We had a solid first quarter that reflects the many changes we have been making in the company, including realigned product focus, cost discipline, lean production processes and identifying new opportunities for our specialized engineering design and manufacturing capabilities,” President and CEO Salvatore Emma Jr. said in a statement
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