Cambridge Heart Inc. managed to shave 30.5 percent from its net losses for the second quarter, even as revenues declined 14.5 percent.
The Tewksbury, Mass.-based cardiac monitoring device maker posted a net loss of $1.8 million on sales of $793,000 for the three months ended June 30, compared with a net loss of $2.6 million on sales of $927,000 during the same period last year.
The narrowed net losses largely stemmed from cuts to the company’s sales force — selling general and administrative expenses were down more than 53 percent during the quarter, compared with Q2 2008.
Cambridge Heart slashed other costs as well, reducing its total operating expenses by more than 60 percent.
CEO Ali Haghighi-Mood said the company managed to increase sales of its Microvolt T Wave Alternans during the quarter, despite the cratering of the medical capital equipment market and damaging decisions to deny coverage of the technology by several large health insurance providers.
U.S. sales of the device and the sensors it uses rose 4 percent to $531,000 during the quarter, compared with the same period last year, and 2 percent compared with Q1 2009.
Sales of the MTWA module could get another boost next year if Cambridge Heart can maintain that trend until Q3 2010, when it expects the first OEM version of the device to hit the market as part of a development and distribution deal it inked with “a leading U.S. stress manufacturer.”
Cambridge Heart ended the period with $3.8 million in unrestricted cash and cash equivalents.