Cambridge Heart Inc. (OTC:CAMH) managed to narrow its third-quarter losses by cutting back its expenses.
The Tewksbury, Mass.-based company reported a loss of $1.1 million, or 2 cents per diluted share, on revenue of $792,734 during the three months ended Sept. 30. That compares with a loss of $1.7 million, or 3 cents per diluted share, on sales of $798,345 during the same period last year.
The operating expense dropped from $2.0 million to $1.4 million, or 32 percent, the company reported. Cambridge Heart moved some of its extra cash to research & development, boosting its spend from $91,561 to $119,924, or 31 percent, according to its earnings statement.
"We are very pleased with the initial level of activity in promoting and marketing the MTWA Module, and the cooperation between our respective sales and marketing teams. While it is too early to comment on the ultimate rate of adoption, we are encouraged by the activity level seen to date and the growth of the sales pipeline,” said Cambridge Heart CEO Ali Haghighi-Mood in prepared remarks.
Haghighi-Mood also hinted that Opto Circuits (India) Ltd.’s (BSE:532391) plans to acquire Bothell, Wash.-based Cardiac Science could be a boon for his company.
“We believe that the outstanding brand recognition of Cardiac Science’s product lines, when combined with a larger global presence and greater financial strength is a positive development for our partnership,” he said.