The cost-cutting measures Cambridge Heart Inc. (CAMH) put in place during the first quarter continued to help its bottom line during the third quarter. Despite posting a 29 percent slide in Q3 sales, the Tewksbury, Mass.-based cardiac monitor maker pared its net losses by 20 percent.
Cambridge Heart reported net losses of $1.7 million on sales of $798,000 for the three months ended Sept. 30, compared with net losses of $2.1 million on sales of $1.1 million during the same period last year. On a sequential-quarter basis, sales were relatively flat, rising 1 percent, and net losses were down 5.5 percent.
The company attributed the results in part to cost-cutting measures announced during the first quarter, when it laid off about 33 percent of its workforce. Total operating expenses were down 24.1 percent during the quarter, to $2 million compared with $2.7 million during Q3 2008.
And although research and development expenses were down as well (falling 12.8 percent to $92,000, compared with $105,000), Cambridge Heart still managed to finish a prototype microvolt T-wave alternans module as part of its development deal with Bothell, Wash.,-based Cardiac Science Corp. (CSCX).