SOURCE: Hypertension Diagnostics

Hypertension Diagnostics

Hypertension Diagnostics

September 18, 2009 11:37 ET

Hypertension Diagnostics Announces Fiscal Year 2009 Results

Strong Fourth Quarter Revenue and Encouraging Outlook for First Quarter

ST. PAUL, MN--(Marketwire - September 18, 2009) - Hypertension Diagnostics, Inc. (OTCBB: HDII), today announced audited financial results for the fiscal year ended June 30, 2009.

Revenue for fiscal year 2009 totaled $503,175 compared to $554,454 in the prior year ended June 30, 2008, which represents a 9.2% decrease. The Company incurred a net loss of $248,440 for fiscal year 2009 or $(.01) per share, compared with a net loss of $703,837 for fiscal year 2008, or $(.02) per share. Included in the net loss for fiscal year 2009 are total non-cash benefits (mainly deferred stock compensation, depreciation, stock options) of $125,102. Included in the net loss for fiscal year 2008 are total non-cash charges of $187,078. The benefit for the twelve month period ended June 30, 2009 is a result of the decrease in the Company's stock price, which caused the non-cash deferred compensation expense to become a non-cash benefit. The Company reported a cash balance on June 30, 2009 of $697,918.

Fourth quarter revenue of $164,691, for fiscal year 2009 compared to $159,176 for fiscal year 2008, represented a 3.5% increase. Revenue for the fourth quarter of fiscal year 2009 increased by 154.3% compared with $64,765 for the third quarter of fiscal year 2009.

"We are pleased with the rebound in our fourth quarter sales, most of which occurred in the month of June and which appears to be gaining momentum based on preliminary results for our first quarter of 2010," said Mark Schwartz, Chairman and CEO. "Our fourth quarter sales results provide some encouragement that our market is recovering. We continue to add new distributors in the U.S. and in international markets."

As previously reported the Company has been selected to have its research product used in 16 international sites for a study funded by the National Institutes of Health (NIH) to determine whether the measurement of arterial elasticity can assist in the prevention of cardiovascular disease in HIV patients. Most of the revenue from this sale will impact the Company's first and second quarter fiscal year 2010 results. "Even without the revenue from the NIH funded trial, the preliminary sales results for the first quarter of 2010 are encouraging," concluded Mr. Schwartz.

Forward-looking statements in this press release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company wishes to caution readers not to place undue reliance on any forward-looking statements and to recognize that the statements are not a prediction of actual future results. Actual results could differ materially from those presented and anticipated in the forward-looking statements due to the risks and uncertainties set forth in the Company's 2009 Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q, all of which were filed with the U.S. Securities and Exchange Commission, as well as others not now anticipated.

                                  Hypertension Diagnostics, Inc.
                                      Summary Financial Data

Statements of Operations

                              Three Months Ended      Twelve Months Ended
                                    June 30                 June 30
                            ----------------------  ----------------------
                               2009        2008        2009        2008
                            ----------  ----------  ----------  ----------
Revenue:
   Equipment sales          $  125,850  $  112,479  $  332,687  $  342,305
   Equipment rental             19,420      36,972      86,863     150,786
   Service/contract income      19,421       9,725      83,625      61,363
                            ----------  ----------  ----------  ----------
                               164,691     159,176     503,175     554,454
Cost of Sales                    3,284      10,116      10,991      44,329
                            ----------  ----------  ----------  ----------
       Gross Profit            161,407     149,060     492,184     510,125

       Total Expenses          322,649     220,480     753,768   1,259,874
                            ----------  ----------  ----------  ----------
Operating Loss                (161,242)    (71,420)   (261,584)   (749,749)

Other Income:
   Interest income               1,351       7,168      13,144      45,912
                            ----------  ----------  ----------  ----------
       Total Other Income        1,351       7,168      13,144      45,912
                            ----------  ----------  ----------  ----------
       Net (Loss) Income    $ (159,891) $  (64,252) $ (248,440) $ (703,837)
                            ==========  ==========  ==========  ==========

Basic and Diluted Net Loss
 per Share                  $     (.00) $     (.00) $     (.01) $     (.02)
Weighted Average Shares
 Outstanding                40,939,193  39,771,500  40,722,471  39,690,323



Balance Sheet Data
                             June 30, 2009  June 30, 2008
                             -------------  -------------
Cash and cash equivalents    $     697,918  $   1,081,868
Total current assets             1,022,528      1,408,379
Total assets                     1,032,787      1,427,786
Total current liabilities          340,384        585,280
Accumulated deficit            (27,434,607)   (27,186,167)
Total shareholders' equity         660,041        816,981

CVProfilor is a registered trademark of Hypertension Diagnostics, Inc.

Hypertension Diagnostics, HDI/PulseWave, PulseWave and CVProfile are trademarks of Hypertension Diagnostics, Inc. All rights reserved.

Website: www.hdii.com

Contact Information

  • Contact:
    Mark N. Schwartz
    CEO
    (651) 687-9999