FAIRFIELD, Conn., May 17, 2012 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced today its financial results for the first quarter 2012. Revenues for the quarter were $0.2 million and expenses were $1.0 million producing a net loss for the quarter of $0.8 million.
The Company is focusing on increasing sales of its Calmare® medical device with "Scrambler Therapy"™ technology. To accomplish this goal, it has developed a three-point strategy which it began implementing during the quarter just ended. Increased sales will require (1) hiring a dedicated, experienced sales force, (2) private health insurance reimbursement from enough private insurers to satisfy the financial needs of doctors and clinics, and (3) a reasonable reimbursement rate from the Medicare system to provide income for those medical practices and hospitals where a high percentage of the clients are Medicare patients.
The Company is actively seeking to hire a small cadre of full-time seasoned medical device salespeople as well as planning to utilize a consultant with knowledge and experience working with private insurance medical directors. These strategies can only be implemented with additional working capital. The Company has several funding programs in process and expects to be able to announce funding success by the end of this month.
"The benefit to patients from using the Calmare® medical device, with 'Scrambler Therapy'™ technology, to treat neuropathic and cancer pain continues to grow. Of devices sold this quarter, two were for a U.S. military hospital and our medical devices are now at 13 locations for treating wounded warriors," said Johnnie D. Johnson, CTTC's CEO.
Competitive Technologies continues to make progress with obtaining insurance reimbursement from private insurers as shown by the increasing number of private insurance companies which have made payments. CTTC is providing additional information to the Medicare system to seek the appropriate level of insurance coverage for the use of the Calmare/Scrambler Therapy and to allow patients to avoid the use of opioids or habit-forming medication for pain therapy.
"The Medicare system only sets and changes the official reimbursement pricing schedule once per year, in January. Our objective is to have fully met the Medicare information needs before the next price schedule update on January 1, 2013," Mr. Johnson added. "We are confident that the results being reported from ongoing clinical trials over the next several months and billing data collected from our customers will provide the details needed."
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, providing distribution, patent and technology transfer, sales and licensing services. CTTC's staff is focused on the needs of customers and matching those requirements with commercially viable products or technology solutions.
CTTC is the licensed worldwide distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy™" technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. (The official "Scrambler Therapy™" technical website is at http://www.scramblertherapy.org/english.htm.) The Calmare® device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC's website: www.competitivetech.net.
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on April 16, 2012, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
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COMPETITIVE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except per share amounts) (unaudited) |
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| Three months ended | Three months ended | |
| March 31, 2012 | March 31, 2011 | |
| Revenue | ||
| Product sales | $ 330 | $ 1,827 |
| Cost of product sales | 151 | (857) |
| Gross profit from product sales | $ 179 | $ 970 |
| Other revenue | $ 29 | $ 56 |
| Total expenses | 1,003 | 997 |
| Net income (loss) | $ (795) | $ 29 |
| Net income (loss) per share | ||
| Basic | $ (0.05) | $ 0.00 |
| Weighted average number of common shares outstanding, basic (000) |
14,752 |
13,827 |
| Net income (loss) per share | ||
| Diluted | $ (0.05) | $ 0.00 |
| Weighted average number of common shares outstanding, Diluted (000) |
14,752 |
14,467 |
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BALANCE SHEET DATA (dollars in thousands) (unaudited) |
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| At March 31, 2012 | At December 31, 2011 | |
| Current Assets | $ 4,610 | $ 5,101 |
| Total Assets | $ 4,670 | $ 5,144 |
| Total liabilities | $ 6,825 | $ 6,772 |
| Shareholders' interest (deficit) | $ (2,155) | $ (1,627) |