Fitchburg's Arrhythmia cuts losses for 2013
Medical device manufacturer Arrhythmia Research Technology of Fitchburg drastically lowered its losses in the last quarter of 2013 and for all of the year and expects to return to profitability in 2014, the company said.
Arrhythmia reported a 20.4-percent increase in revenue for the quarter, to $6.1 million, and a 3.4-percent jump for the year, to $21.3 million. But the company, which said it experienced “significant” challenges in 2012 tied largely to discontinuing operations of WirelessDx, a change in executive management and the search for a new banking relationship, cut deeply into its net losses for 2013.
After declaring a loss of more than $1.2 million in the final quarter of 2012, net losses for the last quarter of 2013 came in at just under $77,000, an improvement of nearly 94 percent.
Salvatore Emma Jr., the company's president and CEO, said the company also improved its liquidity in 2013, while expanding its offerings in orthopedic implant manufacturing and improving its market share in sensor products.
Emma said Arrhythmia expects the company to become profitable again this year.
(CORRECTION: In the original version, the third paragraph incorrectly stated the length of time the net losses covered.)
WBJ Web Partners
Most Recent
Most Recent
0 Comments