Fitchburg's Arrhythmia turns in another profitable quarter
Medical device manufacturer Arrhythmia Research Technology of Fitchburg (NYSE:HRT) turned in its third straight profitable quarter as revenue jumped nearly 28 percent over the third quarter of 2013, the company announced Wednesday.
Arrhythmia, which operates through its subsidiary, Micron Products, said net sales for the quarter, which ended Sept. 30, were $6.05 million, up from $4.73 million in the same quarter last year. Its net income, $129,645, represented a turnaround of nearly $700,000 following a loss of nearly $570,000 in the third quarter of 2013.
The company’s president and CEO, Salvatore Emma Jr., said Arrhythmia’s sales were strong across all its product lines as the company looks to increase market share. He also cited higher demand of its orthopedic implants.
Sales for the company’s contract manufacturing of its machined orthopedic implants jumped 24.5 percent due to higher order volume, while sales of sensors increased 26.6 percent. And despite an 8.1-percent decline in the price of silver, Arrhythmia saw higher sales for sensors that contain silver.
The company’s numbers through the first three quarters are also stronger compared with 2013. Revenue of $18.3 million represents an increase of 3 percent. Its net income, $628,601, is a turnaround of more than $4 million after the company accumulated $3.4 million in net losses through the first three quarters of last year.
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