Competititve Technologies Inc. posted a first-quarter loss and sharply lower sales but the Fairfield firm is moving ahead with raising capital and boosting sales staff for its device for managing pain in cancer patients and the wounded.
For three months ended March 31, Competitive Tech lost $795,000, or a nickel a fully diluted share, reversing net income of $29,000, or zero cents a share, the same quarter last year.
First-quarter revenues plummeted to $330,000 vs. $1.8 million last year.
CEO Johnnie D. Johnson said the company has devised a three-point strategy to boost sales of its Calmare device, which includes hiring a small cadre of full-time seasoned salespeople. Johnson did not specify a number.
It also will use a seasoned consultant to work with private insurance medical directors to raise physicians' and clinics' Medicare reimbursement rates for using the Calmare device.
To implement those and other steps, Johnson said Competitive Tech is working on several fronts to raise additional capital. He said a firm announcement on its success with that is likely by month's end.