Hypertension Diagnostics, Inc. (OTCBB: HDII) (www.hdii.com), today announced financial results for the third quarter of fiscal year 2010 ended March 31, 2010 (Q3 2010).

Revenue for Q3 2010 totaled $126,261 compared to $64,765 for the quarter ended March 31, 2009 (Q3 2009), which represents a 95% increase. The Company's net loss was $334,377 for Q3 2010 or $(.01) per share, compared with a net loss of $18,989 for Q3 2009, or $(.00) per share. Included in the net loss for Q3 2010 are total non-cash charges (deferred compensation, depreciation, stock options) expenses of $229,317. In Q3 2009, total non-cash benefits were $122,123. The increase in the Company's stock price during Q3 2010 resulted in a deferred compensation charge of $198,750. The decrease in the Company's stock price during Q3 2009 resulted in a deferred compensation benefit of $147,000. When deferred compensation expense, which is largely influenced by changes in the Company's stock price, is excluded the Company generated a non-GAAP pro-forma net loss of $135,267 for Q3 2010 and a net loss of $165,989 for Q3 2009.

For the nine month period ended March 31, 2010 (9 months FY 2010), total revenue was $886,661 compared to $338,484 for the nine month period ended March 31, 2009 (9 months FY 2009), a 162% increase. For the 9 months FY 2010, the Company incurred a net loss of $1,347,573, including a non-cash charge of $1,400,324, or $.03 per share, compared with a net loss of $88,549, including a non-cash benefit of $234,643, or $(.00) per share, for the 9 months FY 2009. When deferred compensation expense, which is largely influenced by changes in the Company's stock price, is excluded the Company generated a non-GAAP pro-forma net loss of $25,323 for the 9 months FY 2010 and $398,299 for the 9 months FY 2009. The Company reported a cash balance on March 31, 2010 of $942,976.

"We are pleased with the continued rebound in our sales," said Mark Schwartz, Chairman and CEO. "Our third quarter sales results provide encouragement that our market is recovering. We are implementing a plan to aggressively expand our U.S. independent distribution network. Over the next nine months, the Company's objective is to double the number of our independent distributor groups in the U.S.," said Schwartz.

About Hypertension Diagnostics, Inc.

Hypertension Diagnostics, Inc. ("HDI") manufactures and markets medical devices for early detection and management of cardiovascular disease in the U.S. and in 37 countries. Its main product, the CVProfilor® DO-2020 CardioVascular Profiling System, has been approved by the Food and Drug Administration (FDA), and is being marketed to primary care physicians in the U.S. HDI's CardioVascular Profiling Systems non-invasively measure both large and small artery elasticity. Small artery elasticity has been shown to be predictive of cardiovascular disease. Several large pharmaceutical manufacturers have used HDI's CardioVascular Profiling Systems in their multi-site clinical research trials. There are over 300 published, peer-reviewed scientific articles and presentations on HDI's methodology, which provides evidence on the validity, accuracy and reproducibility of HDI's CardioVascular Profiling technology. The technology was developed at the University of Minnesota by a team led by world-renown cardiologist, Dr. Jay N. Cohn.

Safe Harbor Statement

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           Nine Months Ended
                             March 31                     March 31
                    --------------------------  --------------------------
                        2010          2009          2010          2009
                    ------------  ------------  ------------  ------------
Revenue:
   Equipment sales  $     71,000  $     28,000  $    730,825  $    206,837
   Equipment rental       15,092        17,627        60,335        67,443
   Warranty, parts
    & supplies
    income                40,169        19,138        95,501        64,204
                    ------------  ------------  ------------  ------------
                         126,261        64,765       886,661       338,484

                    ------------  ------------  ------------  ------------
Cost of Sales             23,586        27,369        99,564        99,155
                    ------------  ------------  ------------  ------------
Gross Profit             102,675        37,396       787,097       239,329

Selling, general
 and administrative
 expenses                440,388        58,331     2,141,895       339,671
                    ------------  ------------  ------------  ------------

                    ------------  ------------  ------------  ------------
Operating Income
 (Loss)                 (337,713)      (20,935)   (1,354,798)     (100,342)

                    ------------  ------------  ------------  ------------
Interest income            3,336         1,946         7,225        11,793
                    ------------  ------------  ------------  ------------

Net loss before
 income taxes           (334,377)      (18,989)   (1,347,573)      (88,549)
   Income Taxes                -             -             -             -
                    ------------  ------------  ------------  ------------
      Net loss      $   (334,377) $    (18,989) $ (1,347,573) $    (88,549)
                    ============  ============  ============  ============

Basic and Diluted
 Net Loss per Share $       (.01) $        .00  $       (.03) $        .00
Weighted Average
 Shares Outstanding
 Basic & Diluted      41,238,664    40,795,820    41,142,729    40,650,494

Net income (loss)   $   (334,337) $    (18,989) $ (1,347,573) $    (88,549)
Deferred
 compensation
 expense                 198,750      (147,000)    1,322,250      (309,750)
                    ------------  ------------  ------------  ------------
Non-GAPP Pro-forma
 net income (loss)
(excluding deferred
 compensation
 expense)           ($   135,627) ($   165,989) ($    25,323) ($   398,299)



Balance Sheet Data
                                             March 31, 2010  June 30, 2009
                                             --------------  -------------
Cash and cash equivalents                    $      942,976  $     697,918
Total current assets                              1,244,369      1,022,528
Total assets                                      1,252,554      1,032,787
Total current liabilities                           246,778        340,384
Accumulated deficit                             (28,782,180)   (27,434,607)
Total shareholders' equity                         (609,882)       660,041

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

Hypertension Diagnositc (CE) (USOTC:HDII)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Hypertension Diagnositc (CE) Charts.
Hypertension Diagnositc (CE) (USOTC:HDII)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Hypertension Diagnositc (CE) Charts.