Cambridge Heart (NSDQ:CAMH) remained in the red in its 3rd quarter after the company restructured its operations in July, but narrowed its losses by 16.6%.
The Tewksbury, Mass.-based healthcare company posted $1.1 million in net loss, or 1¢ per share on sales of $420,000 million for the 3 months ended Sept. 30. That compared with a net loss of $1.3 million, or 1¢ per share on sales of $480,000 million during the same period last year. The earnings per share met analysts’ estimate.
That represents an 11.8% decline in sales as well and narrowed losses, driven by a 38% reduction in operating expense, Cambridge Heart said.
"The decline in revenue and reduction in expenses in the third quarter were a reflection of the restructuring of our operations that we announced in July," president & CEO Ali Haghighi-Mood said in prepared remarks, "In regards to exploring the company’s strategic alternatives, we continue to push the process forward and we’ll provide an update as events develop."
Cambridge Heart in July restructured its operations to reduce its cash burn, including reductions in personnel and overhead costs, and restructured managerial compensation, according to the 2nd quarter regulatory filings.
CAMH opened today at $0.01 and closed at $0.02., up 35.2 % on the day.