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Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results

PETACH-TIKVA, Israel, August 16 /PRNewswire-FirstCall/ -- Healthcare Technologies Ltd. (NASDAQ: HCTL), today announced unaudited results for the second quarter and six months period ended June 30, 2007.

Revenues for the first six months of 2007 were $7.75 million, compared to $7.05 million for the first six months of 2006. The gross profit for the first half of the year was $2.43 million versus $2.57 million for the same period in 2006. The net loss for such period was $(319) thousand, versus a net profit of $523 thousand for the first half of 2006.

Revenues for the second quarter of 2007 were $3.67 million, as compared to $3.46 million for the corresponding quarter last year. The second quarter gross profit was $1.08 million, as compared to $1.18 million in the second quarter of 2006. The net loss for the second quarter was $(432) thousand, compared to a net profit of $171 thousand for the second quarter of last year. Healthcare's loss in Q2 2007 is mainly due to the following: (i) a decrease of approximately $300 thousand in sales to the clinical diagnostics market vs. the first quarter; (ii) financial expenses relating to the depreciation of the NIS versus the US dollar; and (iii) one time legal settlement expenses amounting to approximately $155 thousand. The net loss was decreased by the creation of deferred tax income amounting to $119 thousand, which was recorded by the company.

Shareholders' equity on June 30, 2007 was $6.9 million, compared to $7.3 million on December 31, 2006. Current assets net of current liabilities at the end of the period were $1.5 million, compared to $2.6 million on December 31, 2006.

About Healthcare Technologies

Healthcare Technologies Ltd. through it subsidiaries and affiliate Gamidor Diagnostics (1984) Ltd. ,Danyel Biotech Ltd. and Savyon Diagnostics Ltd., specializes in the development, manufacturing and marketing of clinical diagnostic test kits and provides services and tools to diagnostic and biotech research professionals in laboratory and point of care sites worldwide.

Healthcare Technologies Ltd.

Condensed Consolidated Statement of Operations

(U.S. Dollars in Thousands, Except Profit (Loss) Per Share Information)

Three Months Ended Six Months Year

Ended Ended

06/30/07 06/30/06 06/30/07 06/30/06 12/31/06

Sales 3,672 3,459 7,754 7,050 13,656

Gross profit 1,083 1,182 2,430 2,387 4,775

Net (Loss)

profit (432) 171 (319) 523 210


(Loss) per

share (0.06) 0.02 (0.04) 0.07 0.03



number of

shares and





Thousands) 7,793 7,703 7,793 7,703 7,715

Consolidated Balance Sheet,

(U.S $ in thousands)

June 30, June December

2007 30, 31, 2006


Cash and cash equivalents 337 1,105 361

Total current assets 7,434 7,302 7,672

Total current liabilities 5,903 4,807 5,055

Shareholder's equity 6,924 7,453 7,315

SAFE HARBOR: This press release contains certain forward looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward looking statement made by or on behalf of Healthcare Technologies Ltd. Readers are referred to the documents filed by the company with the Securities Exchange Commission, specifically the most recent report on Form 20F that identifies important risks which could cause actual results to differ from those contained in the forward looking statements.

For Healthcare Technologies Ltd.

Contact: Eran Rotem CFO


SOURCE Healthcare Technologies Ltd

Copyright©2007 PR Newswire.

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