FAIRFIELD, CT / ACCESSWIRE / August 24, 2016 / Calmare Therapeutics Incorporated, CTTC (CTI), the pain mitigation company, reported results for the six months and three months ended June 30, 2016.
Six Months Ended June 30, 2016
Revenues from the commercial sale and shipment of Calmare® pain therapy devices (Devices)for the six months ended June 30, 2016 were $251,000 as compared with $208,000 for the six months ended June 30, 2015.
Device sales for the six months ended June 30, 2016 were three (3) Devices as compared with two (2) Devices for the six months ended June 30, 2015. Two Devices were sold to the U.S. private sector while the other was sold to the U.S. military.
Total expenses for the six months ended June 30, 2016 were $2,201,000 as compared with $1,973,000 for the six months ended June 30, 2015. This increase in total expenses was largely due to increases in personnel, and interest expense offset by decreases in consulting costs and general & administrative expense.
General and administrative expenses for the six months ended June 30, 2016 were $486,000 as compared with $650,000 for the six months ended June 30, 2015. This decrease is primarily attributable to a significant decline in legal expense from the first six months of 2015.
Net loss for the six months ended June 30, 2016 was $1,990,000 or $0.07 per basic and diluted share as compared with a net loss of $1,783,000 or $0.07 for the six months ended June 30, 2015.
Total capital raised over the past eleven quarters was $4,317,000 and consisted of: $2,923,000 of hybrid debt and $1,394,000 of equity.
Cash-on-hand at June 30, 2016 was $65,000 as compared with $75,000 at June 30, 2015.
Three Months Ended June 30, 2016
Revenues from the commercial sale and shipment of Calmare® pain therapy devices (Devices)for the three months ended June 30, 2016 were $195,000 as compared with $200,000 for the three months ended June 30, 2015.
Device sales for the three months ended June 30, 2016 were two (2) Devices as compared with two (2) Devices for the three months ended June 30, 2015. Both sales were to the U.S. private sector.
Total expenses for the three months ended June 30, 2016 were $1,277,000 as compared with $953,000 for the three months ended June 30, 2015. This increase in total expenses was largely due to increases in selling, personnel and interest expense offset by decreases in consulting costs and general & administrative expense.
General and administrative expenses for the three months ended June 30, 2016 were $311,000 as compared with $327,000 for the three months ended June 30, 2015. This decrease is primarily attributable to a significant decline in legal expense from the second quarter of 2015.
Net loss for the three months ended June 30, 2016 was $1,112,000 or $0.04 per basic and diluted share as compared with a net loss of $779,000 or $0.03 for the three months ended June 30, 2015.
"The Company is moving forward and making headway with our legacy matters," said CTI President & CEO Conrad Mir. "This quarter's results were overshadowed by the progress we have made with legal matters and cleaning up pending operational issues. We expect to see more progress on both fronts in the coming months. We are looking forward to the third and fourth quarters."
Conference Call
CTI will host an earnings conference call on Thursday, August 25, 2016 at 4:30 P.M. EDT. On the call, Management will discuss the Second Quarter 2016 results and recent company developments.
To participate in the conference call: Dial-in: 877 876 9173 and 785 424 1670 | ID: CALMARE. Please dial-in at least 5 minutes before the scheduled start time. Investor participation is limited.
RSVP via email to: IR@calmaretherapeutics.com by 3:00 P.M. EDT, Thursday, August 25, 2016 with "2Q2016" in the subject line.
About the Company
Calmare Therapeutics Incorporated, the Calmare Pain Mitigation Therapy™ company, researches, develops and commercializes chronic, neuropathic pain and wound affliction devices. Our flagship medical device - the Calmare® Pain Therapy Device - is the world's only non-invasive and non-addictive modality that can successfully treat chronic, neuropathic pain. The Company holds a U.S. Food & Drug Administration 510k clearance designation (K081255) on its flagship device, which grants it the exclusive right to sell, market, research and develop the medical device in the United. Calmare Devices are commercially sold to medical practices throughout the world. They are also found in U.S. military hospitals, clinics and on installations via CTI's General Services Administration (GSA) military contract (V797P-4300B).
Forward-Looking Statement
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
Contacts:
Calmare Therapeutics Incorporated
Conrad Mir
President and CEO
cmir@calmaretherapeutics.com
203.368.6044
JV Public Relations
Janet Vasquez
Managing Director
jvasquez@jvprny.com
212.645.5498
SOURCE: Calmare Therapeutics Incorporated
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