FAIRFIELD, Conn., Aug. 21, 2012 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced today its financial results for the six months ended June 30, 2012. Revenues for the first half of 2012 were $0.5 million and expenses were $2.2 million producing a net loss for the first half of 2012 of $1.7 million.
The Company is focused on increasing sales of its Calmare® medical device with "Scrambler Therapy"® technology. CTTC plans to gain private health insurance reimbursement from enough private insurers to satisfy the financial needs of doctors and clinics, hire a dedicated, experienced sales force, and obtain a reasonable reimbursement rate from the Medicare system to provide income for medical practices and hospitals. These strategies can only be implemented with additional working capital and the Company has intensified its program for obtaining funding.
"Awareness of the benefit to patients from using the Calmare® medical device, with "Scrambler Therapy"® technology, to treat neuropathic and cancer pain continues to grow. We are receiving an increasing number of opportunities and inquiries from hospitals and from doctors interested in Calmare demonstrations," said Johnnie D. Johnson, CTTC's CEO.
"As previously indicated, 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 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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CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except per share amounts) (unaudited) |
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| June 30, 2012 | June 30, 2012 | June 30, 2011 | June 30, 2011 | |
| Revenue | ||||
| Product sales | $ 63 | $ 392 | $ 311 | $ 2,138 |
| Cost of product sales | 45 | 196 | 122 | 979 |
| Gross profit from product sales | $ 17 | $ 196 | $ 189 | $ 1,159 |
| Other revenue | $ 60 | $ 89 | $ 16 | $ 72 |
| Total expenses | 1,019 | 2,022 | 1,540 | 2,537 |
| Net income (loss) | $ (942) | $ (1,737) | $ (1,334) | $ (1,305) |
| Net income (loss) per share | ||||
| Basic and diluted | $ (0.06) | $ (0.12) | $ (0.10) | $ (0.09) |
| Weighted average number of common shares outstanding, basic and diluted(000) | 14,691 | 14,802 | 13,747 | 13,862 |
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BALANCE SHEET DATA (dollars in thousands) (unaudited) |
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| At June 30, 2012 | At December 31, 2011 | |
| Cash and equivalents | $ 20 | $ 28 |
| Restricted cash | $ -- | $ 750 |
| Total Assets | $ 4,661 | $ 5,145 |
| Total liabilities | $ 7,658 | $ 6,772 |
| Shareholders' equity | $ (2,997) | $ (1,627) |