Sales, earnings jump at Arrhythmia in Fitchburg
Biotech firm Arrhythmia Research Technology of Fitchburg reported its second straight solid quarter, thanks to strong sales in its core product lines.
The company reported revenue of $6.3 million, a 28-percent jump from the $4.9 million reported for the same quarter a year ago. Year to date, meanwhile, sales16.7 percent, the company said.
Growth was driven by two major product lines, sensors and machined orthopedic implants, Arrhythmia said. Sales of sensors, the company's base product line, increased $803,437, or 32.7 percent, over the same period the prior year. Meanwhile, sales of machined orthopedic implants increased $732,067, or 81.7 percent over the same period of the prior year due to increased order volume, Arrhythmia reported.
The company also reported earnings growth for the quarter compared to the second quarter of last year.
Net income was $240,000 or 9 cents per share compared to a loss of $2.9 million, or $1.06 per share, for the second quarter of 2013, as the company reduced expenses along with the bump in sales, it said.
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