SOURCE: Hypertension Diagnostics

Hypertension Diagnostics

Hypertension Diagnostics

May 06, 2009 17:00 ET

Hypertension Diagnostics Announces FY 2009 Third Quarter Results

ST. PAUL, MN--(Marketwire - May 6, 2009) - Hypertension Diagnostics, Inc. (OTCBB: HDII) today announced financial results for the third quarter of fiscal year 2009 (Q3 2009) ended March 31, 2009.

Revenue for Q3 2009 totaled $64,765 compared to $103,264 for the quarter ending March 31, 2008 (Q3 2008), which represents a 37.3% decrease. The Company's net loss was $18,989 for Q3 2009 or $.00 per share, compared with a net loss of $348,825 for Q3 2008, or $(.01) per share. Included in the net loss for Q3 2009 are total non-cash benefits (mainly deferred compensation, depreciation, stock options) of $122,123. In Q3 2008, total non-cash charges were $146,784. The decline in the Company's stock price during Q3 2009 resulted in a negative expense for the Q3 2009 deferred compensation expense of $147,000. This caused the company to report a smaller net loss than otherwise would have been reported without the negative deferred compensation expense in Q3 2009. The Company reported a cash balance on March 31, 2009 of $803,785.

For the nine month period ended March 31, 2009 (9 months FY 2009), total revenue was $338,484, compared to $395,278 for the nine month period ended March 31, 2008 (9 months FY 2008), a 14.4% decrease. For the 9 months FY 2009, the Company incurred a net loss of $88,549, including a non-cash benefit of $233,977, or $.00 per share, compared with a net loss of $639,585, including a non-cash charge of $210,890, or $(.02) per share (9 months FY 2008).

"We hope that the current quarter represents a bottoming out of sales and the severe economic environment will soon return to normal patterns of sales activity. The financial market turmoil has had a devastating impact on the ability of our prospective customers to obtain financing for the type of large capital equipment purchase that a sale of the CVProfilor DO-2020 represents," said Mark Schwartz, Chairman and CEO. "We are cautiously optimistic about the opportunity in the international markets, where prevention of cardiovascular disease is becoming standard of care. The Company has been working with new international distributors in the European and Asian markets to compete in the emerging vascular screening market where we believe our products have a compelling clinical advantage over our competitors."

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 2008 Annual Report on Form 10-KSB, 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       Nine Months Ended
                                   March 31                March 31
                            ----------------------  ----------------------
                               2009        2008        2009        2008
                            ----------  ----------  ----------  ----------

Revenue:
  Equipment sales           $   28,000  $   46,191  $  206,837  $  229,826
  Equipment rental              17,627      32,029      67,443     113,814
  Service/contract income       19,138      25,044      64,204      51,638
                            ----------  ----------  ----------  ----------
                                64,765     103,264     338,484     395,278
Cost of Sales                      200      19,772       7,707      34,213
                            ----------  ----------  ----------  ----------
    Gross Profit                64,565      83,492     330,777     361,065

Selling, general and
 administrative expenses        85,500     442,372     431,119   1,039,394
                            ----------  ----------  ----------  ----------
    Total Expense               85,500     442,372     431,119   1,039,394
                            ----------  ----------  ----------  ----------
    Operating Income (Loss)    (20,935)   (358,880)   (100,342)   (678,329)

  Interest income                1,946      10,055      11,793      38,744
                            ----------  ----------  ----------  ----------
    Net Income (Loss)       $  (18,989) $ (348,825) $  (88,549) $ (639,585)
                            ==========  ==========  ==========  ==========



Basic and Diluted Net Loss
 per Share                  $      .00  $     (.01) $      .00  $     (.02)
Weighted Average Shares
 Outstanding - Basic        40,795,820  39,674,348  40,650,494  39,663,461
Weighted Average Shares
 Outstanding - Diluted      40,795,820  39,674,348  40,650,494  39,663,461





Balance Sheet Data
                                                   March 31,     June 30,
                                                     2009          2008
                                                  -----------  -----------
Cash and cash equivalents                         $   803,785  $ 1,081,868
Total current assets                                1,094,100    1,408,379
Total assets                                        1,106,361    1,427,786
Total current liabilities                             280,246      585,280
Accumulated deficit                               (27,274,716) (27,186,167)
Total shareholders' equity                            797,057      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