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NewCardio Announces Financial Results for Its 2010 Third Quarter
Date:11/15/2010

eaders and regulators, with management presenting data, speaking at or chairing events at a variety of conferences, including the Cambridge Healthtech Institute (CHI) inaugural conference entitled "Mitigating Safety Risks in Early Clinical Development," and the Diabetic Drug Safety Conference meeting entitled "Development of Type 2 Diabetes Mellitus Drugs: State-of-the-Art Cardiovascular Safety Assessments." In addition, a clinical study of the my3KG titled "Vectorcardiographic and Electrocardiographic Criteria to Distinguish New and Old Left Bundle Branch Block," has been published in the August 2010 issue of the peer-reviewed journal, Heart Rhythm, the official journal of the Heart Rhythm Society.

Financial ResultsNewCardio generated revenue, derived from professional services associated with the deployment of QTinno for use in the cardiac safety component of a drug development study, as well as initial per ECG revenues from the first two studies, totaling $99,210 with no corresponding revenue in the prior year quarter. Net cash used in operating activities was $852,000 in the current quarter, which is a decrease of 43% compared to $1.5 million in both the third quarter last year and the immediately prior quarter of this year, as the Company implemented an initiative to reduce its cash usage by 30-35%. For the quarter, the Company reported a net loss attributable to common shareholders of $2.5 million, or $(0.08) per fully diluted share, compared to a net loss attributable to common shareholders of $3.4 million, or $(0.14) per fully diluted share, in the third quarter last year. The net loss per share was based on 29.5 million and 23.9 million weighted average shares outstanding, respectively.

For the nine months ending September 30, 2010, the Company reported revenue of $169,328, compared to no revenue in the prior year. For the nine months ending September 30, 2010, the Company's net loss attributable to common shareholders was $8.3 millio
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SOURCE NewCardio, Inc.
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