CardioDynamics Q1 net loss narrows to $1.46m

CardioDynamics, a developer and manufacturer of noninvasive ICG diagnostic and monitoring devices and ICG sensors, has reported a net loss of $1.46m, or $0.20 per share for the first quarter of 2009, compared to $1.49m, or $0.21 per share, for the same period of 2008.

The company has reported net sales of $5.07m for the first quarter of 2009 compared to $5.76m for the same period of 2008.

A 2% reduction in operating expenses was achieved through a 4% decrease in sales and marketing expenditures, partially offset by a 26% increased investment in research and development during the period.

Michael Perry, chief executive officer of CardioDynamics, said: We were encouraged by continued growth in the business excluding the large international opportunity that we recorded in the first quarter, 2008. We were particularly pleased with the increased growth in our sensor business which was up 12% during the quarter.

In an effort to augment overall revenue growth, we launched a pilot sales program for a new partner product midway through the quarter with a small group of our sales team. We will evaluate the progress in the pilot program during the second quarter to decide whether to introduce the product to the entire sales force during the second half of 2009.