Home Diagnostics reports revenue loss, gain in retail sales

FORT LAUDERDALE, Fla. Home Diagnostics, Inc. on Thursday posted total revenue of $24.6 million for the first quarter ended March 31, representing a decrease of 2.1%.

However, retail channel sales were up 25.2%, driven by the continued nationwide rollout of the TRUEresult and TRUE2go blood glucose monitoring systems and the rollout of TRUEtrack at Walmart, HDI stated.

“Our first quarter results are slightly better than our guidance,” stated Joseph Capper, HDI president and CEO. “While we are not satisfied with our current results, we are weathering the economic downturn substantially better than several of the larger branded companies in the industry, who reported double digit revenue declines in the first quarter. We view this as an indicator of the strength of our value offering, especially given the challenging economic environment, which we believe is driving patients to lower cost alternatives.”

In March 2009, the company received 510(k) clearance from the Food and Drug Administration for TRUEbalance, the company's new low-cost, no-coding meter. TRUEbalance broadens the company's no-code product portfolio to meet the specific needs of certain segments of the market. HDI anticipates launching TRUEbalance in the second quarter of 2009.