Tuesday August 14, 6:01 am Eastern Time
Press Release
SOURCE: Hypertension Diagnostics, Inc.
Hypertension Diagnostics Announces Significant Increase in Fiscal Year 2001 Revenue; CVProfilor(R)
DO-2020 Placements Hit 35 in Fourth Quarter
ST. PAUL, Minn., Aug. 14 /PRNewswire/ --
Hypertension Diagnostics, Inc. (Nasdaq: HDII - news), announced today that revenue for the fiscal year ended June 30, 2001 was $2,047,304, representing nearly a five-fold increase in revenue as compared to $423,490 for the prior fiscal year ended June 30, 2000. The Company recorded revenue of $90,500 in the fourth quarter ended June 30, 2001 compared to $129,249 in the fourth quarter ended June 30, 2000. Full results for the fourth quarter and fiscal year ending June 30, 2001 are expected to be released in the week ended August 24, 2001.
"HDI has accomplished several critical milestones during fiscal year 2001," said Greg H. Guettler, President. "The HDI/PulseWave(TM) CR-2000 Research CardioVascular Profiling System market acceptance accounted for a record setting $2,047,304 in revenue derived from pharmaceutical companies and university research centers both domestically and internationally. Research investigators throughout the world continue to rely on the HDI/PulseWave(TM) CR-2000 System to deliver accurate and repeatable research data useful in assessing the impact of clinical variables on their subjects' cardiovascular system." During the fiscal year 2001, worldwide pharmaceutical leader Pfizer, Inc. and the National Institutes of Health/National Heart, Lung and Blood Institute were two of the organizations that elected to incorporate the HDI/PulseWave(TM) CR-2000 System into their most recent clinical trials (involving thousands of subjects and over several years).
"As significant as this increase in HDI/PulseWave(TM) CR-2000 revenue is for HDI, the fourth quarter of fiscal year 2001 has been equally as significant,'' said Guettler. "Beginning in March of 2001, HDI began a Phase I launch of its FDA cleared CVProfilor® DO-2020 CardioVascular Profiling System into the U.S. physician market. All of our efforts during the fourth quarter have been directed at validating key strategic marketing assumptions through an initial, controlled launch of the CVProfilor® into the U.S. physician and cardiovascular disease health care marketplace. The launch of our CVProfilor® puts HDI on a new strategic direction almost entirely devoted to U.S. physicians whose practices focus on the prevention and treatment of patients with hypertension, diabetes and other cardiovascular diseases. This new direction has also shifted our focus away from capital equipment sales of the HDI/PulseWave(TM) CR-2000 Research System and toward the nationwide launch of the CVProfilor®. Consistent with our original planned market rollout, the CVProfilor® is being promoted to physicians on a per-patient-tested fee basis. We believe that this approach allows physicians low financial risk access to our unique non-invasive cardiovascular disease screening products which should accelerate physician market acceptance," added Guettler.
"The CVProfilor® DO-2020 System introduction is focused on U.S. physicians' offices and medical clinics. To that end, we are pleased to announce that our Phase I launch resulted in 35 System placements as of June 30, 2001. As of June 30, 2001, our cash and cash equivalents available to further support our product introduction amounted to approximately $3.9 million. Our Phase II launch, beginning July 1, 2001, focuses on expanding geographic placements and market penetration via increases in field sales staffing. As we proceed with the Phase II nationwide marketing stage of our plan, increased product utilization and third party reimbursement will be primary objectives and important to our continuing success," Guettler stated.
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biz.yahoo.com
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Thirty-five Profilor placements BEFORE nationwide marketing?
Seems they launched from the starting blocks in fine form.
Clearly the company appreciates the strength of this initial response and has directed its focus almost entirely on domestic (U. S.) marketing of the Profilor. The feedback from the demonstrations at the various meetings this summer suggests the number of placements could accelerate significantly from here. And since the research revenue appears to oscillate from the sublime (last quarter) to the ridiculous (this quarter), the revenues for the foreseeable future will likely be trending substantially higher (as the research income becomes a much smaller fraction of overall revenue).
In any event this report represents why well managed and innovative medical device manufacturers can offer a welcome haven during cyclical economic contractions: with proper execution, such companies can grow rapidly in the midst of very difficult conditions present in many other markets. |
