Arrhythmia Research Technology, Inc (HRT) saw its loss narrow to $0.32 million, or $0.11 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.39 million, or $0.14 a share. Revenue during the quarter went up marginally by 1.29 percent to $4.81 million from $4.75 million in the previous year period. Gross margin for the quarter contracted 346 basis points over the previous year period to 9.52 percent. Operating margin for the quarter stood at negative 6.32 percent as compared to a negative 6.26 percent for the previous year period.
Operating loss for the quarter was $0.30 million, compared with an operating loss of $0.30 million in the previous year period.
“In 2016, the Company fell short of its sales and profit goals largely due to lower demand from one large orthopedic customer and continued price competition in sensor products,” commented Salvatore Emma Jr., President and Chief executive officer.
Operating cash flow drops significantly
Arrhythmia Research Technology, Inc has generated cash of $0.66 million from operating activities during the year, down 55.01 percent or $0.81 million, when compared with the last year. The company has spent $1.37 million cash to meet investing activities during the year as against cash outgo of $1.15 million in the last year.
Cash flow from financing activities was $0.81 million for the year as against cash outgo of $0.25 million in the last year period.
Cash and cash equivalents stood at $0.38 million as on Dec. 31, 2016, up 39.70 percent or $0.11 million from $0.27 million on Dec. 31, 2015.
Debt moves up
Arrhythmia Research Technology, Inc has witnessed an increase in total debt over the last one year. It stood at $4.78 million as on Dec. 31, 2016, up 19.89 percent or $0.79 million from $3.99 million on Dec. 31, 2015.
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